Archive
January 29th
Intelsat New Bond Issue Faring Very Well In Weak Credit Market
Submitted by Tyler Durden on 01/29/2009 20:27 -0500
Intelsat came to market in a Goldman Sachs syndicated bond offering for $400 million of 8.875% Senior Notes due 1/2015. The B3/BB- issue for reference entity Intelsat Subsidiary Holding Company, had been upsized from $200 million, and was snapped up due to its original issue discount, pricing at 88.5% for an 11.6% yield. The proceeds will be used to pay down existing debt.
Intelsat New Bond Issue Faring Very Well In Weak Credit Market
Submitted by Tyler Durden on 01/29/2009 20:27 -0500
Intelsat came to market in a Goldman Sachs syndicated bond offering for $400 million of 8.875% Senior Notes due 1/2015. The B3/BB- issue for reference entity Intelsat Subsidiary Holding Company, had been upsized from $200 million, and was snapped up due to its original issue discount, pricing at 88.5% for an 11.6% yield. The proceeds will be used to pay down existing debt.
Why Gasparino Is the True Heart and Soul of CNBC
Submitted by Tyler Durden on 01/29/2009 20:04 -0500Earlier today Charlie got into a heated discussion over bonuses and after blowing his lid threw a nice juicy F-bomb in prime time TV to accentuate his point. For those who missed the amusing exchange, check this Clusterstock link. Next up, MC Cabrera wardrobe malfunction? We recommend a CNBC 15 second delay.
Treasury Update: 30-Year Massacre V2
Submitted by Tyler Durden on 01/29/2009 19:13 -050030 Year down 200bps to 117.25, for 3.52%. TBT longs happy again
Private Jet Maker Textron Down 30% on Horrendous Results and Outlook
Submitted by Tyler Durden on 01/29/2009 18:30 -0500Textron, the owner of business jet maker Cessna, posted atrocious results early today. Stock was down 30% at last check... This is unfortunately in line with our expectations that nothing good awaits the private jet maker and its peers.
What Is Perella Weinberg's Compensation Structure?
Submitted by Tyler Durden on 01/29/2009 18:09 -0500
As Dealbook reported previously, Perella Weinberg, the advisory/investing company headed by former Morgan Stanley Chairman of Investment Banking Joe Perella, has been retained by the FDIC to "advise on transactions and strategies to stabilize the banking system, and also on the proper way to dispose failed institutio
What Is Perella Weinberg's Compensation Structure?
Submitted by Tyler Durden on 01/29/2009 18:09 -0500
As Dealbook reported previously, Perella Weinberg, the advisory/investing company headed by former Morgan Stanley Chairman of Investment Banking Joe Perella, has been retained by the FDIC to "advise on transactions and strategies to stabilize the banking system, and also on the proper way to dispose failed institut
Bill Gross Saying U.S. Should Buy Cheap Assets, Maybe Even PIMCO Bonds
Submitted by Tyler Durden on 01/29/2009 17:31 -0500
Bill Gross, manager of PIMCO, the largest bond fund in the U.S., issued his February investment outlook today.
Breaking News: SVPs and MDs at UBS To Get No Bonuses
Submitted by Tyler Durden on 01/29/2009 17:23 -0500CNBC just broke the news that Senior VPs and Managing Directors will get no bonuses this year, and next year the bulk of bonuses will be in stock. Lastly, there will be a bonus clawback provision: If UBS has a loss over a three year period, no bonuses at all will be paid.
RIP Wall Street
Death Watch: Ruble
Submitted by Tyler Durden on 01/29/2009 16:45 -05005 day Ruble chart presented without comment.
Death Watch: Ruble
Submitted by Tyler Durden on 01/29/2009 16:45 -05005 day Ruble chart presented without comment.
Artridis On A Cool-Sounding Roll
Submitted by Tyler Durden on 01/29/2009 16:06 -0500
When we inducted Artridis Barracuda in our "coolest name of all time" hall of fame, we had no clue just what a powerhouse this fund is.
New Issuance Negative Basis Trades at All Time Wides
Submitted by Tyler Durden on 01/29/2009 15:11 -0500In another take on the previously discussed basis trade topic, a curious statistic that few have paid attention to is the significant premia new issues have offered to existing comparable CDS spreads on the same issuer. The definition of the new issue premium is the spread of the new issue versus the matched maturity CDS spread.
New Issuance Negative Basis Trades at All Time Wides
Submitted by Tyler Durden on 01/29/2009 15:11 -0500In another take on the previously discussed basis trade topic, a curious statistic that few have paid attention to is the significant premia new issues have offered to existing comparable CDS spreads on the same issuer. The definition of the new issue premium is the spread of the new issue versus the matched maturity CDS spread.
December New Home Sales Insanely Low: 331,000 Annualized
Submitted by Tyler Durden on 01/29/2009 15:00 -0500"New home sales drop to lowest level on record", down 14.7% from 388,000 in November (revised)
