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 …



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