Archive - Apr 27, 2009 - Story
GM Bondholders Said To Find Debt Offer Unlikely To Succeed
Submitted by Tyler Durden on 04/27/2009 14:56 -0500Bloomberg out on the issue:
General Motors Corp. bondholders find the automaker’s offer to exchange their $27 billion in debt for equity unlikely to succeed, according to a person familiar with the committee representing creditors.
GM Is In "Defacto Default"
Submitted by Tyler Durden on 04/27/2009 14:34 -0500Egan Jones calling it like it is:
$10.5 Trillion Of U.S. Economy Backstopped by U.S. Government
Submitted by Tyler Durden on 04/27/2009 14:14 -0500CNN picks up on a theme that Zero Hedge started several weeks back in analyzing the guarantees that the U.S. government has established to make sure the economy does not collapse. The net result according to Turner's organization: $10.5 Trillion out of the entire $14 Trillion U.S. economy (this number is likely smaller now) is backstopped by the United States itself.
Loans Versus Bonds Relative Value: Week Of April 23
Submitted by Tyler Durden on 04/27/2009 13:09 -0500Tightening continues in the universe of 30 tracked names although at a much more moderated pace compared to the prior week. The average loan spread tightened by 24 bps to 674 bps while bonds tightened by 64 bps to 1,317 bps from the prior week.
Loans Versus Bonds Relative Value: Week Of April 23
Submitted by Tyler Durden on 04/27/2009 13:09 -0500Tightening continues in the universe of 30 tracked names although at a much more moderated pace compared to the prior week. The average loan spread tightened by 24 bps to 674 bps while bonds tightened by 64 bps to 1,317 bps from the prior week.
Loans Versus Bonds Relative Value: Week Of April 23
Submitted by Tyler Durden on 04/27/2009 13:09 -0500Tightening continues in the universe of 30 tracked names although at a much more moderated pace compared to the prior week. The average loan spread tightened by 24 bps to 674 bps while bonds tightened by 64 bps to 1,317 bps from the prior week.
A View On Optimistic Groupthink
Submitted by Tyler Durden on 04/27/2009 11:51 -0500One would expect nothing less from David Rosenberg than to enjoy the wholesale brainwashing as demonstrated by Barron's Big Money Poll (part of Zero Hedge weekend reading links). And, sure enough, David does not disappoint.
When all the experts agree, sometime else will happen
GM Files Updated "Restructuring" S-4
Submitted by Tyler Durden on 04/27/2009 11:28 -0500Link here. Perusing the bondholder pillaging plan now. Looks like GM is being nationalized (at least U.S. getting majority stake).
Summary:
- U.S. would get 51% pro forma stake with debt conversion
- Bondholders would represent 10% of new pro forma stock
- Existing common stock would represent 1% of new pro forma stock
Frontrunning: April 27
Submitted by Tyler Durden on 04/27/2009 11:13 -0500- Goldman Sachs boosts risk-taking at fastest pace on Wall Street (Bloomberg)
- Can a rally last on a diet of junk?
FAZ - FAS < 0?
Submitted by Tyler Durden on 04/27/2009 03:22 -0500For a recap of what happens when there is too much "endogenous" risk in any given system (same sided bets), see Rosenfeld presentation... and career
And again, this time in terms of averages and VWAPs. Indicative purposes only.
FAZ - FAS < 0?
Submitted by Tyler Durden on 04/27/2009 03:22 -0500For a recap of what happens when there is too much "endogenous" risk in any given system (same sided bets), see Rosenfeld presentation... and career
And again, this time in terms of averages and VWAPs. Indicative purposes only.
FAZ - FAS < 0?
Submitted by Tyler Durden on 04/27/2009 03:22 -0500For a recap of what happens when there is too much "endogenous" risk in any given system (same sided bets), see Rosenfeld presentation... and career
And again, this time in terms of averages and VWAPs. Indicative purposes only.
