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$126 Million Loan OWIC Cancalled, Trader Called In Sick
The funnest news of the day comes from LoanConnector, that follows up on the story of a previously scheduled $126 MM cash loan OWIC due today at 3pm, which was supposed to take place today. The reason for the cancellation: the trader running the auction is out sick. Of course, the dramatic market reversal has nothing to do with it.
The $126 million cash loan OWIC originally due today was cancelled, sources said. The trader running the auction is said to be out sick.
As reported earlier, the portfolio contained 40 names, including Graphic Packaging, Cablevision Systems, Michaels Stores, HealthSouth, TRW Automotive, Constellation Brands and Del Monte. Notional amounts on offer range from $1 million to $7 million.
Offers were originally due at 3:00 pm today.
As a reminder, an OWICs (Offers Wanted in Competition) is the opposite of a BWIC, and represents a solicitation of offers for a given portfolio name from managers who want to offload existing positions or as a hedge to existing short LCDX exposure. There was a time in 2007 when the emergence of a single index or CDO BWICs could push the market up or down by half a percent. These days, the relationship seems to have flipped.
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I quit trading last summer because the market made me sick too.
Belly laughs all around!
My damn dog ate the loan documents, my computer crashed and I can't reprint it and my car broke down on my way to Best Buy to purchase a new computer.
Let's try it again on Monday, OK?
BTW when I worked in the corporate world, I was constantly reminded that I was always replaceable at a moments notice. Looks like we've found the one person who isn't.
Man, that is just soooo last millenium. You need to tap into what the kids of today are doing.
On Monday, it will be "The Dog ate my USB stick".
That ought to delay things until mid-week, when the USB stick is recovered, and is in a shape appropriate for this auction.
LOL
"That ought to delay things until mid-week, when the USB stick is recovered, and is in a shape appropriate for this auction."
Shall I assume that the appropriate shape is that of an anal suppository? :>)
;)
Great point - no one (save one) is really indispensable.
30 years into the "War on Drugs" and the untrained and uneducated drug syndicates have no problem replacing the upper management of their billion dollar enterprises but the MSM and the acolytes have no trouble accepting that billion in bonuses need to be issued to the bankers that collapsed the system because of their uni-queen-ness - I mean uniqueness.
*LOL*
That's beautiful.
Phil Gramm was right... some people just need to suck it up. *LOL*
If one is to assume some sort of compensation was in order for the trader upon the eventual auction, could we not also assume that any trader would drag their arse to work short of a major organ transplant?
Having worked in that sector there is no way one guy being sick cancels an OWIC or a BWIC, as ZH was hinting at, this is certainly market conditions creating cold feet. Would you come to work today if it generated you $1 million of revenue?
Awesome excuse though, I'm sure people got a good laugh out of it.
Me or the company?
Market is bipolar. Broad market can maintain gain and sells off, banks still higher. Still too easy to get your shorts in a squeeze until the whole thing rolls over. Then its too late.