Crane Data Subscribers
Janus Capital Removes Victoria Finance SIVs From Money Market Funds. Janus Capital said in a Dec. 21 SEC filing that it has "purchased at amortized cost plus accrued interest approximately $109 million of securities" from Janus Institutional Money Market Fund, Janus Institutional Cash Management Fund and Janus Money Market Fund. The "Securities were issued by Victoria Finance Ltd and Victoria Finance LLC through Stanfield Victoria Funding LLC", which were recently downgraded by Moody's from A-1 to Baa3/Not Prime. The company has "not received the valuation of the Securities following the downgrade and is unable to provide a preliminary estimate of any potential write-down," the 8-K filing says. Janus Capital adds, "Although the Securities remain investment grade, the Company is taking this action to protect investors in the Funds from possible losses associated with this downgrade.... The Securities are scheduled to mature between March 27, 2008 and May 7, 2008." Janus becomes the ninth advisor to purchase securities from its money market funds in order to shield investors from possible losses on troubled structured investment vehicles. Also, see Bloomberg's story.
