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BNP Paribas Investment Partners temporaly suspends the calculation of the Net Asset Value of the following funds : Parvest Dynamic ABS, BNP Paribas ABS EURIBOR and BNP Paribas ABS EONIA
Ecouter Paris, 9th Aug. 2007
The complete evaporation of liquidity in certain market segments of the US securitisation market has made it impossible to value certain assets fairly regardless of their quality or credit rating. The situation is such that it is no longer possible to value fairly the underlying US ABS assets in the three above-mentioned funds. We are therefore unable to calculate a reliable net asset value (“NAV”) for the funds.
In order to protect the interests and ensure the equal treatment of our investors, during these exceptional times, BNP Paribas Investment Partners has decided to temporarily suspend the calculation of the net asset value as well as subscriptions/redemptions, in strict compliance with regulations, for the following funds:
- Parvest Dynamic ABS effective 7 August 2007, 3pm (Luxembourg time)
- BNP Paribas ABS Euribor and BNP Paribas ABS Eonia effective 7 August 2007, 1pm (Paris time)
The valuation of these funds and the issue/redemption process will resume as soon as liquidity returns to the market allowing NAV to be calculated.
In the continued absence of liquidity, additional information on the envisaged measures will be communicated to investors in these funds within one month of today.