On sait le marché immobilier plutôt tendu dans les économies ‘à taux zéro’, c’est-à-dire à peu près toutes les économies ‘cœur’ de la planète.
C’est particulièrement le cas du ‘bloc dollar’ qui, on s’en souviendra, reste dépendant du destin des matières premières – softs ou moins softs : le Canada, l’Autralie et la Nouvelle-Zélande.
Le lien entre matières premières, carry et solvabilité financière, sujet abordé à plusieurs reprises dans ce blog, retient une nouvelle fois notre attention.
Le marché immobilier Canadien illustre le propos. La période semble en effet plutôt difficile pour les sociétés immobilières canadiennes :
Source : ZeroHedge
Alors que Bloomberg parle de ‘crise existentielle’, ZeroHedge, dont le graphique ci-dessus est extrait, ne mâche pas ses mots:
Today, all those warnings came true, when the stock of Home Capital Group cratered by over 60%, its biggest drop on record, after the company disclosed that it struck an emergency liquidity arrangement for a C$2 billion ($1.5 billion) credit line to counter evaporating deposits at terms that will leave the alternative mortgage lender unable to meet financial targets, and worse, may leave it insolvent in very short notice. |
Home Capital relies on deposits to fund their mortgage loans; following today’s announcement the company’s liquidity is certain to get even worse as all nondistressed sources of cash are pulled. |
Et Bloomberg d’ajouter :
Home Capital’s “steep” commitment fee and the interest rate on the loan “are surprising numbers for a company that was ostensibly investment-grade,” said Andrew Torres, founding partner and chief investment officer at Toronto-based Lawrence Park Asset Management, which holds Home Capital’s notes maturing next month. “We’ll refrain from commenting further until we get more details.” |
Liquidity crunch?
Le secteur en a malheureusement tous les atours : une communication pour le moins discutable et des symptôme contagieux faciles à identifier. Via Bloomberg :
Ontario’s securities regulator last week accused the company of misleading investors and breaking securities laws. On Wednesday, Home Capital shares dropped as much as 64 percent in Toronto to C$6.11, their lowest since 2003 after their biggest ever one-day drop. Other home lenders’ shares declined as well, with Equitable Group Inc. falling 32 percent, Street Capital Group Inc. down 7.5 percent, and First National Financial Corp., 8.5 percent. |
Et ZH :
“They did what appears to be to us a very expensive deal,” said David Baskin, president and founder of Baskin Wealth Management in Toronto, a former investor in Home Capital stock. “Basically they blew up the income statement in order to save the balance sheet, which I guess if you’re facing an existential crisis is what you have to do.” |
‘Which I guess if you’re facing an existential crisis is what you have to do’
Les leçons de la crise n’ont décidément pas été tirées …
Jacques
