Archive - Feb 11, 2009
Woori Credit Risk Soars as Bank Fails to Call $400 Million Tier-2 Notes
Submitted by Tyler Durden on 02/11/2009 21:28 -0500South Korea's second-largest bank Woori spooked it debt investors today after announcing it would not exercise a widely anticipated call of its $400 million of Tier-2 sub notes due 2014. As a result the company's CDS spiked 100 points wider to 830, while concurrently the price on its Tier-2 Notes due 2014 dropped from 89.5 to a record low 79.5. Woori is the third bank to not call a Tier-2 note, after German Deutsche Bank in December and Spanish Banco Sabadell on February 4.
January Hedge Fund Performance
Submitted by Tyler Durden on 02/11/2009 20:09 -0500Some strong January numbers from mostly tech names as the bloodbath in Russia and Eastern Europe persists. Many funds continue to not report YTD numbers for obvious reasons.
Some other January notables:
Basso: 1.29%
Brevan Howard: 4.67%
Canyon: 3.78%
Castlerigg (Sandell): 2.89%
Caxton Global: 3.03%
Cobalt Offshore: 3.96%
Davidson Kempner: 1.39%
Drawbridge: 1.24%
January Hedge Fund Performance
Submitted by Tyler Durden on 02/11/2009 20:09 -0500Some strong January numbers from mostly tech names as the bloodbath in Russia and Eastern Europe persists. Many funds continue to not report YTD numbers for obvious reasons.
Some other January notables:
Basso: 1.29%
Brevan Howard: 4.67%
Canyon: 3.78%
Castlerigg (Sandell): 2.89%
Caxton Global: 3.03%
Cobalt Offshore: 3.96%
Davidson Kempner: 1.39%
Drawbridge: 1.24%
Pliant Files Bankruptcy, Cannot Find External DIP Investor
Submitted by Tyler Durden on 02/11/2009 19:35 -0500Earlier today, maker of film and packaging products, Pliant Corporation, filed for prepackaged bankruptcy, which was not a surprise to anyone following the company. And, despite Aladdin Capital's claims to the contrary, the company was unable to find a 3rd party sourced DIP. The $75 million DIP which comes at L+1200 is provided by existing 1st lien lenders Wayzata and DDJ Capital.
Dan Zwirn's Attempt To Join The Lazarus Line
Submitted by Tyler Durden on 02/11/2009 18:14 -0500
Meriwether, Zimmerman, Gendell, Weinstein...
Dan Zwirn's Attempt To Join The Lazarus Line
Submitted by Tyler Durden on 02/11/2009 18:14 -0500
Meriwether, Zimmerman, Gendell, Weinstein...
Summary of The Finance Stability Plan
Submitted by Tyler Durden on 02/11/2009 17:35 -0500While Tim Geithner provided more questions than answers yesterday in his presentation of the latest version of the "Finance System Bailout Plan", it makes sense to analyze the data that was in fact given to the general public.
Summary of The Finance Stability Plan
Submitted by Tyler Durden on 02/11/2009 17:35 -0500While Tim Geithner provided more questions than answers yesterday in his presentation of the latest version of the "Finance System Bailout Plan", it makes sense to analyze the data that was in fact given to the general public.
Cuomo Unleashes Unholy Wrath On All Banker Bonuses
Submitted by Tyler Durden on 02/11/2009 16:32 -0500Andrew Cuomo just will not let this one go. The scandal over the $4 billion in Merrill Lynch bonuses that was paid in December (paid out just days ahead of the BofA merger conclusion, and in advance of disclosing a $15 billion quarterly loss, and a $27 billion annual loss), is reaching epic proportions, and rightfully so. Cuomo is particularly incensed over the allocation of the bonuses, which he notes does not come down to $91,000 per Merrill employee, but has a very skewed pyramidal structure, with 696 people receiving bonuses of over $1 million.
Paging Lazard: Aladdin Capital For All Your DIP Needs
Submitted by Tyler Durden on 02/11/2009 15:40 -0500
Realizing there is an unmet need for DIP and rescue financing as well as for more oddly named hedge funds, Aladdin Capital has recently launched a Debtor-In-Possession only fund.
Paging Lazard: Aladdin Capital For All Your DIP Needs
Submitted by Tyler Durden on 02/11/2009 15:40 -0500
Realizing there is an unmet need for DIP and rescue financing as well as for more oddly named hedge funds, Aladdin Capital has recently launched a Debtor-In-Possession only fund.
Istithmar Lucky To Get Half Its Cost For Barneys
Submitted by Tyler Durden on 02/11/2009 15:18 -0500
It was only three weeks ago that Istithmar had put Barney's on the chopping block expecting to get not less than its full cost of $942 million.
Russian Bond Market Facing 80% Yields
Submitted by Tyler Durden on 02/11/2009 14:18 -0500Despite some muddled explanations from its administration on how Russia may or may not be in fact filing for private sector (but definitely not sovereign) bankruptcy, this story shows why some sort of default is imminently unavoidable as essentially the entire Russian private sector is now shut out from the primary bond market, with no foreign bond issues since August 2008.
Early Feb 11 Headlines
Submitted by Tyler Durden on 02/11/2009 13:55 -0500- Roubini more on the N-Word, or N-Process as he calls it (RGE Monitor)
- Buffett's infinite investment horizon in need of lengthening (Bberg
Late Tuesday News
Submitted by Tyler Durden on 02/11/2009 03:05 -0500- Bonuses alive and well for U.S.




