French Bank Suspends Fund NAVs

A unit of French bank BNP Paribas suspended net asset value calculations for three funds Aug. 9, citing "the complete evaporation of liquidity in certain market segments of the U.S. securitization market" in reaction to subprime mortgage market concerns.BNP Paribas Investment Partners said the affected funds are Parvest Dynamic ABS, BNP Paribas ABS Euribor, and BNP Paribas ABS Eonia. The situation in segments of the U.S. market is such that it is "impossible to value certain assets fairly regardless of credit rating," the company said. "The valuation of these funds and the issue/redemption process will resume as soon as liquidity returns to the market allowing NAV to be calculated." BNP Paribas can be found on the Web at http://www.bnpparibas.com.