Home Capital (HCG.TO) (HMCBF)

Healthcare of Ontario Pension Plan CEO Jim Keohane appeared on BNN late Friday afternoon.

"For every dollar we lend Home Capital they are going to provide us with 2 dollars of mortgages as collateral"
https://twitter dot com/Keubiko/status/858043490344849408

"It is more akin to a DIP deal"
https://twitter dot com/Keubiko/status/858044129678381057

Video link:
http://www.bnn.ca/video/home-capital-not-a-risky-investment-for-us-hoopp-ceo~1111585

Article:
http://www.bnn.ca/home-capital-depo...ion-from-savings-accounts-in-one-day-1.737275



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Martinghoul said:
So Hempton wrote a post on this, which is good, as usual...
http://brontecapital.blogspot.co.uk/2017/04/home-capital-group-it-is-time-for.html

I have to say, the whole thing stinks, big-time.
More...

It's good to see Hempton addressing the issue of deposit insurance - which allows entities like Home Capital and Equitable Group to fund themselves for much longer than they could in a free market.

Which then becomes even more farcical when Home Capital does this deal for a $100 million fee plus interest of up to $200 million.

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Liquid assets:
April 24: $1.5 billion + $200 million (April 26 announcement)
April 25: $1.3 billion + $200 million (April 27 announcement)
April 27: $750 million + $200 million (April 28 announcement)
Not reported in May 1 announcement

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HISA balances:
March 28: $1.991 billion (26 April announcement)
April 24: $1.4 billion (26 April announcement)
April 27: $814 million (27 April announcement)
April 28: $521 million (28 April announcement)
May 1: $391 million (May 1 announcement)

GIC deposits:
March 28: $13.06 billion (26 April announcement)
April 24: $13.01 billion (26 April announcement)
April 25: $12.98 billion (27 April announcement)
April 26: $12.97 billion (28 April announcement)
April 28: $12.86 billion (1 May announcement)

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After the close on 2 May, Home Capital postponed the reporting of its financial results to after the close on Thursday 11 May.
https://finance.yahoo.com/news/home-capital-release-first-quarter-211100149.html

The conference call will be held on Friday 12 May at 8am.

Separate to that, after the close on 2 May, S&P downgraded Home Capital's long term credit rating to B- from B+.
http://www.reuters.com/article/homecapital-results-delay-idUSL1N1I502Y
https://www.standardandpoors.com/en_US/web/guest/ratings/press-releases

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