For the second time in the last few months, Santander private banking arm Banif Banca Privada finds itself at odds with its client base. The same entity that was apparently flogging Lehman Brothers structured paper to its faithful up to a month prior to the latter's collapse is now seeking to block redemptions from its in-house managed real estate fund, Santander Banif Inmobilario. Showing a loss of 4.21% in 2009 (and 3.42% yoy), Cotizalia reports that investors have solicted the withdrawal of some 2.6 billion euros, of the 3.5 billion total invested in the fund, for the next exit date - March 1st. In response, Santander has announced that, for lack of liquidity, it will freeze this facility until the end of February of 2011.The fund, through its 51,000 investors, holds about one half of the total placed in this type of vehicle in Spain. As what will not be seen as a gesture of good faith, Santander has offered to lend money to customers in need against the value of their investments - at market rates.
----------------------
Readers can keep track of eurozone government bond interest rates, including Ireland, and spreads in a new table in the sidebar. The intention is to update it once a week.
----------------------
1 Comments:
Oh thank you: that is a useful table.
Sorry to do the usual blogger thing of asking for more, but if it's easy, could you add CDS spreads too? The basis between sovereign CDS and the bonds would be quite interesting.
Italy vs. Germany looks interesting at the current levels. Yes of course Italy is economically screwed, but they have been for years, and they always find a convenient lie which allows them to muddle through. I wonder what coupon you'd get on one year first to default basket of the PIGS plus Italy...
Post a Comment