Archive - May 2009

Now that the issue of those pesky first lien hold outs has been dealt with once and for all, the Chrysler saga audience can turn their attention to the more relevant question of how the bankruptcy will actually affect not only upstream suppliers' production and their employment levels, but the overall domestic and global economy.

Now that the issue of those pesky first lien hold outs has been dealt with once and for all, the Chrysler saga audience can turn their attention to the more relevant question of how the bankruptcy will actually affect not only upstream suppliers' production and their employment levels, but the overall domestic and global economy.

Now that the issue of those pesky first lien hold outs has been dealt with once and for all, the Chrysler saga audience can turn their attention to the more relevant question of how the bankruptcy will actually affect not only upstream suppliers' production and their employment levels, but the overall domestic and global economy.

A frail attempt to explain some of the stranger performance reported previously on Zero Hedge.

SPY heatmap: New (financial) trash leads the way, inflation up, deflation down.

Just like a Swiss watch, bank failure #33 for the year is Westsound Bank, of Bremerton, Washington. The bank's assets will be assumed by Kitsap Bank of Port Orchard.

Combined with the 18.7% underperformance for the month of April, RenTec's external fund is
now down 27% versus the S&P since April 1.

Combined with the 18.7% underperformance for the month of April, RenTec's external fund is
now down 27% versus the S&P since April 1.

Combined with the 18.7% underperformance for the month of April, RenTec's external fund is
now down 27% versus the S&P since April 1.

Just like yet another posthumous multi-platinum Tupac record, David Rosenberg resurfaces on Zero Hedge... Although, unlike Tupac, this is almost guaranteed the last incarnation of Rosie while a Merrill employee, doing what he does best - talking about employment trends and the consumer.

This is a boom compared to the post-Lehman collapse

Spreads were mixed in the US with IG tighter, HVOL improving, ExHVOL weaker, XO wider, and HY rallying (although IG decompressed most of the day). Indices generally outperformed intrinsics with skews widening in general as IG's skew decompressed as the index beat intrinsics, HVOL outperformed but widened the skew (seems like single-name shorts being placed with HVOL hedge), ExHVOL's skew widened as it underperformed, XO's skew increased as the index outperformed, and HY outperformed but narrowed the skew.

Every now and then the general public gets a chance to see just how valid the green shoots theory really is. Next Friday may prove to be just such a case. On this date, 20 of some of the gnarliest and most troubled stressed and distressed high yield credits have a simultaneous IOU due to their respective lenders, either in the form of an interest payment or outright maturity. Zero Hedge has compiled the list of the 20 most interesting suspects to watch carefully.

At the end of the day fund flows talk and TV propaganda walks (and both have a 30 day grace period).

Every now and then the general public gets a chance to see just how valid the green shoots theory really is. Next Friday may prove to be just such a case. On this date, 20 of some of the gnarliest and most troubled stressed and distressed high yield credits have a simultaneous IOU due to their respective lenders, either in the form of an interest payment or outright maturity. Zero Hedge has compiled the list of the 20 most interesting suspects to watch carefully.

At the end of the day fund flows talk and TV propaganda walks (and both have a 30 day grace period).

Every now and then the general public gets a chance to see just how valid the green shoots theory really is. Next Friday may prove to be just such a case. On this date, 20 of some of the gnarliest and most troubled stressed and distressed high yield credits have a simultaneous IOU due to their respective lenders, either in the form of an interest payment or outright maturity. Zero Hedge has compiled the list of the 20 most interesting suspects to watch carefully.

At the end of the day fund flows talk and TV propaganda walks (and both have a 30 day grace period).

Dealbook has announced that the Chrysler dissident group will likely disband after Stairway Capital and Oppenheimer Funds folded under pressure.

A group of Chrysler creditors opposing the carmaker’s reorganization is likely to disband after two more investment firms withdrew from its membership, a person briefed on the matter told DealBook on Friday.

This is the chart they don't want you to see: the purchasing power of the dollar over the past 76 years has declined by 94%. And based on current monetary and fiscal policy, we have at least another 94% to go. The only question is whether this will be achieved in 76 months this time.

Hat tip Teddy