Archive - Jun 15, 2009

Yet another market test: real estate company CB Richard Ellis just announced that it has priced $450 million of Senior Sub Notes due 2017 at 96.873% of par, with a 11.625% annual interest, yielding around 12%.

In a surprising development on the REIT scene, today the Omaha World Herald announced that Merrill REIT group darling Simon Property Group is selling the Crossroad Mall in Omaha on 72nd and Dodge Streets.

In a surprising development on the REIT scene, today the Omaha World Herald announced that Merrill REIT group darling Simon Property Group is selling the Crossroad Mall in Omaha on 72nd and Dodge Streets.

In a surprising development on the REIT scene, today the Omaha World Herald announced that Merrill REIT group darling Simon Property Group is selling the Crossroad Mall in Omaha on 72nd and Dodge Streets.

Spreads were broadly wider in the US as all the indices deteriorated (as IG underperformed HY and made new June wides). Indices generally outperformed intrinsics with skews mostly narrower as IG underperformed but narrowed the skew, HVOL outperformed but widened the skew, ExHVOL intrinsics beat and narrowed the skew, XO's skew increased as the index outperformed, and HY outperformed but narrowed the skew.

The San Fran Fed continues to voice a dissenting tone from the Ben Bernanke Inflation Party Line. Authors Weidner and Williams try to reconcile the lack of major deflationary pressure borne by significant unemployment. Their conclusion: the output gap is the likely variable, and could potentially be less then estimated by the CBO.

For all curious about events in Iran who have access to Twitter, especially now that western journalists have all been deported, please follow persiankiwi

Some of his most recent tweets below:

khamenei website is back online - waas hacked before - #Iranelection
2 minutes ago from web

were attacked in streets by mob on motorbikes with batons - firing guns into air - streetfires all over town - roads closed; #Iranelection
4 minutes ago from web

Crikey, the VIX is on fire intraday, and is on the verge of channel breakout.

Curiously, the combined drop in the Dow and Gold, indicate that the market is actually completely unchanged from the perspective of the Dow's weight in gold.

Crikey, the VIX is on fire intraday, and is on the verge of channel breakout.

Curiously, the combined drop in the Dow and Gold, indicate that the market is actually completely unchanged from the perspective of the Dow's weight in gold.

Crikey, the VIX is on fire intraday, and is on the verge of channel breakout.

Curiously, the combined drop in the Dow and Gold, indicate that the market is actually completely unchanged from the perspective of the Dow's weight in gold.

Zero Hedge favorite soap opera extraordinaire is about to enter the final season. Porsche, which as we noted in the past doesn't have either the cash to exercise its massively profitable Volkswagen options, nor the cash to actually stave off bankruptcy for long, has bypassed the hedge fund investor rescue route completely (no surprise there) and instead is trying to sell an unknown stake (likely at least 25%) to the Qatar Investment Authority.

The easiest way to refute CNBC, it seems, these days, is by presenting the facts. Contrary to repeated statements from the likes of Pisani that the market is down on small to no volume today, maybe the GE-subsidiary talking heads are thinking they are still stuck in Friday. Whereas the Friday major move up (especially in the last minute of trading - TM and All Rights Reserved, JPMorganChase ETF department) was, indeed, on abnormally low volume, today's selloff in the SPY is tracking exactly the average volume for the ETF.

The easiest way to refute CNBC, it seems, these days, is by presenting the facts. Contrary to repeated statements from the likes of Pisani that the market is down on small to no volume today, maybe the GE-subsidiary talking heads are thinking they are still stuck in Friday. Whereas the Friday major move up (especially in the last minute of trading - TM and All Rights Reserved, JPMorganChase ETF department) was, indeed, on abnormally low volume, today's selloff in the SPY is tracking exactly the average volume for the ETF.

The easiest way to refute CNBC, it seems, these days, is by presenting the facts. Contrary to repeated statements from the likes of Pisani that the market is down on small to no volume today, maybe the GE-subsidiary talking heads are thinking they are still stuck in Friday. Whereas the Friday major move up (especially in the last minute of trading - TM and All Rights Reserved, JPMorganChase ETF department) was, indeed, on abnormally low volume, today's selloff in the SPY is tracking exactly the average volume for the ETF.

Privately held group Extended Stay Hotels, which was acquired in June 2007 by NJ-based Lightstone Group LLC for an ungodly amount of money of which $7.4 billion was funded through debt (and the bulk of it was apparently securitized), has thrown in the towel and under the wise tutelage of Lazard and Harvey Miller (who is poised to become the best paid lawyer in the history of the world) - a dynamic duo putting bondholders in their place ever since Judge Peck decided to sell Lehman's brokerage group to Barclays for $0.69,