Fenway Funding LLC Money Market Failure

Illustrating the distress embroiling the short term funding market, The Depository Trust and Clearing Corporation today released an important notice announcing a Money Market Instrument Issuer Failure for Fenway Funding LLC. A portion of the notice is cited below with a link to source.

Subject: Money Market Instrument (MMI) Issuer Failure – Fenway Funding LLC (FDG*)

DTC has received notification from Deutsche Bank (#1503), the issuing/paying agent for Fenway Funding LLC (FDG*), base issuer CUSIPs 31464U, 31464T, 31464W, 31464X, 31465B, 31465E, and 31465D that ___________ refuses to pay interest and maturity proceeds for this issuer’s Commercial Paper that are due and payable through DTC. Therefore, in accordance with DTC’s rules and procedures, all interest and maturity presentments will not be completed.

Source (pdf file): Fenway Funding LLC Money Market Failure

Tags: Credit Crisis, Money Market

This entry was posted on Thursday, September 25th, 2008 at 8:49 pm and is filed under Credit, Crisis. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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