Friday, April 02, 2010 12:52:19 AM
Money has a trail, ALWAYS..
If the funds are originating in Europe, the bond would likely would go thru Euroclear, one of the worlds largest clearing house's (loans/market trades/international bonds/funding etc).
As of mid Dec. ‘09 /early ’10 they revamped the system, enacting a DvP settlement system a delivery-versus-payment (DvP) settlement service. The old fashioned way of "paper work" was not working, so they went electronic mainly for purposes of expediting "syndicated loans" with accuracy for both parties.
The old paper process is too slow, especially for LARGE $$ amounts, a few days late or the two currencys-paired ill-favored at the wrong moment can mean a million dollars. Easy, especially when your talking $350 million.
This is my first DD link from Dec.16 th 2009 hinting a delay:
http://commercial.banking-business-review.com/news/euroclear_bank_to_automate_syndicated_loan_settlement_091216/
This is my most recent link from Feb 22, 2010 hinting a target date:
http://www.securitiesindustry.com/issues/22_4/-24729-1.html?zkPrintable=true
"DTCC and Euroclear are also working on "delivery versus payment" (DVP) settlement systems for syndicated loans that will allow the buyers and sellers to simultaneously exchange ownership of the loans, rather than processing the two sides of the transaction separately. Markit will link ClearPar to LoanServ to allow ClearPar to transfer ownership of the loans between buyers and sellers while DTCC moves the cash.
Markit officials declined to provide a timetable but DTCC says it expects a launch date for the second quarter of 2010. Loret de Mola says it would be to DTCC and TSI's advantage to link DTCC to TSI."
And I have a TON inbetween, but there is the simple truth/facts/transparancy of Euro Financing, if Bond is funded from overseas somewhere
Coincidence last PR & the Second Quarter is here at same time?
But, I still am looking for "Inver Finance" phone number!?!
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