Financial Standard- Two of BNP Paribas\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 re-opened fixed income funds have been spared the guillotine and emerged with minor scratches after the company announced official valuations yesterday.<\/p>\n
BNP\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s funds defied expectations by returning smaller than expected losses, with the Euribor fund losing 0.97 per cent and the ABS Eonia down 1.78 per cent. A previous BNP Paribas release showed expected losses of between 2 per cent and 3 per cent for the Euribor fund, and 2.5 per cent to 3.5 per cent for the Eonia fund.<\/p>\n
Results for the Parvest Dynamic ABS fund will be released this evening Australian time. Previous loss expectations varied between 4 and 5 per cent.<\/p>\n
A BNP spokesperson said the assets owned, mostly AAA and AA rated, did not suffer any default in payments or downgrading, which explained the result.<\/p>\n
\u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cThis confirmed that BNP Paribas Investment Partners\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 decision was both totally transparent and protected investors\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2 interests,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d the spokesperson said.<\/p>\n