Archive - Apr 27, 2009

Full statement from GM Bondholder Group

GM Bondholder Statement - Free Legal Forms

In other news, Bondholders preparing counter offer to GM debt exchange...

Spreads were mixed in the US today (as volumes remained light) with IG worse, HVOL improving, ExHVOL weaker, XO wider, and HY selling off (and off the run indices seeing a rise in activity).

Rupert Murdoch has joined the choir of somewhat rational voices trying to get heard over the Treasury's printing presses.

Another retail casualty about to hit, this time clothing chain Filene's Basement. Bloomberg cites two people familiar with the situation, who claim a Chapter 22 (that is a repeat 11 for the less than cynical) may be filed as soon as tomorrow.

Well there's a shocker. The United States Treasury just announced that is will need to borrow $361 billion for the April-June Quarter, higher by $196 billion that announced previously in February, and is miles more than the same period last year when the Treasury had to borrow "only" $13 billion. This is traditionally the cash heavy tax-receipt quarter in which borrowing needs should be the lowest.

In a development out of left field today, which caught the CDS market largely unaware, ISDA came out with a release in which it is seeking broker feedback on whether there has been a succession event at MBIA Insurance corporation on February 17, and that MBIA Illinois and MBIA Corp are successors.

By way of explanation:

In a development out of left field today, which caught the CDS market largely unaware, ISDA came out with a release in which it is seeking broker feedback on whether there has been a succession event at MBIA Insurance corporation on February 17, and that MBIA Illinois and MBIA Corp are successors.

By way of explanation:

In a development out of left field today, which caught the CDS market largely unaware, ISDA came out with a release in which it is seeking broker feedback on whether there has been a succession event at MBIA Insurance corporation on February 17, and that MBIA Illinois and MBIA Corp are successors.

By way of explanation:

Every time selling intensifies, the market rips higher in gaps and leaps... Don't think it about it for more than 5 seconds or your head will explode.

Every time selling intensifies, the market rips higher in gaps and leaps... Don't think it about it for more than 5 seconds or your head will explode.

Seems like New York air traffic controllers are unaware of the ploy by the powers that be to not generate even one iota of negative sentiment. Recreating September 11 tends to have the opposite effect, and has gotten none other than Mayor Bloomberg "furious." Of course the market response of a 10 point overshoot on the S&P after the news was "clarified" may have been considered as well.

An attentive reader provides real time pics of the "photo op" as well as the immediate response by high-rise office inhabitants.

In a release last week, the International Swaps and Derivatives Association has determined that collateral in circulation has essentially doubled from its 2008 estimate of $2.1 Trillion to $4 Trillion. Not surprisingly most of this collateral is in cash.

Cash continues to grow in importance among most firms, and now stands at over 84 percent of collateral received and 83 percent of collateral delivered.

Another bizzaro day on Wall Street. Up volume breadth on the NYSE almost half of down volume.

Another bizzaro day on Wall Street. Up volume breadth on the NYSE almost half of down volume.

Another bizzaro day on Wall Street. Up volume breadth on the NYSE almost half of down volume.