Archive - Jan 2009
January 23rd
Overview Of Implied Default Rates and Probabilities
Submitted by Tyler Durden on 01/23/2009 14:30 -0500It is always entertaining to listen to Mark "Hogan's Bottom" Haines speculate about implied defaults, recoveries and what not... So we decided to dispel some ambiguity and speculation by presenting a brief overview of what the implied bankruptcy rate is, at least mathematically.
Bank of Countrywide Lynch Layoff Update
Submitted by Tyler Durden on 01/23/2009 14:20 -0500Yesterday all of the F/X research desk
Today virtually all the F/X sales and traders
New York Times in Sale Leaseback Talks with W.P. Carey
Submitted by Tyler Durden on 01/23/2009 03:56 -0500
In one of those nauseating mirror-in-a-mirror type of news events, NYT reports that the NYT is in advanced sale-leaseback talks with W.P. Carey.
Official Employment Rate: 7.2%; Real Unemployment Rate 17.5%... And Rising
Submitted by Tyler Durden on 01/23/2009 02:59 -0500This Makes No Sense: LIBOR By Bank
Submitted by Tyler Durden on 01/23/2009 02:07 -0500Everyone knows there is something very screwy about LIBOR, with opinion ranging from it's way too high to the opposite. We also have been quite vocal in our opinion of the TED Spread but that's irrelevant for the time being. Lately we have been looking at the most recent BBA data for the 3 month LIBOR submission by bank and while the average is 1.122%, the range is quite wide: 1.04% at the tight end to 1.204% at the wide.
Latest Housing Starts and Unemployment Claims
Submitted by Tyler Durden on 01/23/2009 01:52 -0500Presented without comment
January 22nd
Carlos Slim NYT 13/G Filed: Owns 16.21% Of New York Times Stock
Submitted by Tyler Durden on 01/22/2009 22:29 -0500According to the SEC filing, Carlos is now the proud owner of 25,754,000 shares of Class A NYT stock, or 16.21% of the outstanding stock.
$100MM Loan BWIC Lurking in Shadows
Submitted by Tyler Durden on 01/22/2009 22:19 -0500A $100 million loan BWIC made the rounds today. Roughly a third of the names in the list are € denominated, with the biggest among them is MacDermid 2.25% TL at 9 million.
In the dollar denominated space most names are relatively obscure with the most sizable being Sensus 2% TL-B1 at $8.7 million and Grant Forest 1st Lien at $7 million.
Deleveraging over? Not so much.
Greenlight down 22.7% for 2008; Starting New Fund: Redlight (J/K We Love David). 2008 Letter Here
Submitted by Tyler Durden on 01/22/2009 22:07 -0500"2008 was the first year that we lost money since we opened our doors in May 1996. We are disappointed about our 2008 result, and we are sure you are as well."
....
"We don't know where the bottom will be and don't want to bet the farm on guessing, so we did our buying with restraint."
....
All this, and a very personal vendetta with the German authorities on how the Volkswagen bandwagon could have been allowed to lose money, you can read here.
Univision Settles Lawsuit with Mexicans; Bonds Spike
Submitted by Tyler Durden on 01/22/2009 21:47 -0500
After a long and costly battle between highly leveraged Hispanic TV company Univision, which was LBOed in late 2006 by a consortium of billionaire Haim Saban, Madison Dearborn, Providence, Tommy Lee and TGP, for $13.7, and has a bout $10 billion of mostly covenant lite debt, and Mexican soap opera maker Televisa, the two have finally decided to settle this afternoon.
Univision Settles Lawsuit with Mexicans; Bonds Spike
Submitted by Tyler Durden on 01/22/2009 21:47 -0500
After a long and costly battle between highly leveraged Hispanic TV company Univision, which was LBOed in late 2006 by a consortium of billionaire Haim Saban, Madison Dearborn, Providence, Tommy Lee and TGP, for $13.7, and has a bout $10 billion of mostly covenant lite debt, and Mexican soap opera maker Televisa, the two have finally decided to settle this afternoon.
Univision Settles Lawsuit with Mexicans; Bonds Spike
Submitted by Tyler Durden on 01/22/2009 21:47 -0500
After a long and costly battle between highly leveraged Hispanic TV company Univision, which was LBOed in late 2006 by a consortium of billionaire Haim Saban, Madison Dearborn, Providence, Tommy Lee and TGP, for $13.7, and has a bout $10 billion of mostly covenant lite debt, and Mexican soap opera maker Televisa, the two have finally decided to settle this afternoon.
Dow Jones Will Not Change Constituents
Submitted by Tyler Durden on 01/22/2009 21:27 -0500Index director John Prestbo comments that the Dow Jones Index has no intention of kicking out JPM and Bank of Financial Lynch. No reindexing for now.
Adding Insult to Pink Slip
Submitted by Tyler Durden on 01/22/2009 21:06 -0500CNBC reports John Thain had bought 84,600 shares yesterday. This translates to a loss of over $70,000 in one day. Enough to buy two commodes on legs or about 14 port-a-potties, which may be more prudent as the New York Unemployment Benefits hotline is still off the hook for the 4th week running.
****UPDATE****
The purchase apparently was at$5.71 so no major commode loss
