BNP Paribas Unit Suspends Funds
Amid Credit-Market TroublesBy NICOLAS PARASIE
August 9, 2007 8:48 a.m.
PARIS -- BNP Paribas Investment Partners, a unit of French bank BNP Paribas Thursday said it temporarily suspended three of its funds as a result of a current lack of liquidity in the market.
The market in these types of investment has come under pressure recently because of problems in the subprime mortgage market.
"The complete evaporation of liquidity in certain market segments of the U.S. securitization market has made it impossible to value certain assets fairly regardless of their quality or credit rating," BNP Paribas said in a statement.
As a result, the bank said it would suspend three funds, Parvest Dynamic ABS, BNP Paribas ABS Euribor and BNP Paribas ABS Eonia, which are in total valued at around |