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$268 Million BWIC On Deck, Another Credit Fund Casualty

Tyler Durden's picture





 

An "anonymous and confidential" seller (aka imploded smallish credit hedge fund) has bitten the bullet and is circulating a $268 million BWIC consisting of 84 loan tranches. The largest pieces in the BWIC include a $9.2 million Term B by Select Medical, $8.5 million TL from Cambium, $8.3 million TL from Envirosolutions, $7.8 million TL from Clientlogic, and a bunch of other CIT and GECC specials, including a $6.1 million TL by BCBG Max Azria. According to LCD News, total BWIC volume year to date has hit a paltry $3 billion, likely a function of loan values skyrocketing as a result of the continued parabolic high beta, garbage stock move in equities.

Full list attached.

 

 


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Tue, 08/25/2009 - 13:08 | Link to Comment pivot
pivot's picture

how do you blow up now? you made it through the tough part already.

Tue, 08/25/2009 - 13:14 | Link to Comment Anonymous
Tue, 08/25/2009 - 14:37 | Link to Comment pivot
pivot's picture

agreed, but its weird to do a bwic into a strong mkt.  they can't / haven't been able to sell any of this stuff and now are flushing the whole thing?  its weird

Tue, 08/25/2009 - 13:14 | Link to Comment amarshall
amarshall's picture

For other idiots like me...

http://www.investopedia.com/terms/b/bwic.asp

Tue, 08/25/2009 - 13:19 | Link to Comment Anonymous
Tue, 08/25/2009 - 14:20 | Link to Comment I need more cowbell
I need more cowbell's picture

Dude, ZH has me flying all over the internet trying to keep up. This is the best thing here, no dumbing down- I have been forced to learn more here than in 4 years of university.

Good tunes too.

Tue, 08/25/2009 - 13:18 | Link to Comment wes9876
wes9876's picture

$5.5mil of Fountainebleu LV

Tue, 08/25/2009 - 13:26 | Link to Comment Anonymous
Tue, 08/25/2009 - 14:43 | Link to Comment Gilgamesh
Gilgamesh's picture

And yet CalP is buying into CRE again; trying to double-down on a 6, I guess.

Tue, 08/25/2009 - 13:28 | Link to Comment gmak
gmak's picture

Possibly a forced liquidation from a significant client of the fund. i.e. "Give us our money back, or else".

 

Maybe management wants out..... [lol]

Tue, 08/25/2009 - 13:45 | Link to Comment Anonymous
Tue, 08/25/2009 - 14:18 | Link to Comment Anonymous
Tue, 08/25/2009 - 14:31 | Link to Comment Anonymous
Tue, 08/25/2009 - 15:00 | Link to Comment Anonymous
Tue, 08/25/2009 - 15:09 | Link to Comment Anonymous
Wed, 08/26/2009 - 03:07 | Link to Comment i.knoknot
i.knoknot's picture

Absorbing this BWIC? sure, but that's not the point. The forerunners of a tsunami are only a foot high, but have a lot of momentum.

Tue, 08/25/2009 - 16:22 | Link to Comment Anonymous
Do NOT follow this link or you will be banned from the site!