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Treasury Update: 30-Year Massacre V2
Submitted by Tyler Durden on 01/29/2009 20:13 -040030 Year down 200bps to 117.25, for 3.52%. TBT longs happy again
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Blackstone Sued for Penny Pinching
Submitted by Tyler Durden on 01/30/2009 18:14 -0400Dealbreaker reports of an amusing cityfile artile, in which it seems the Financial Times is suing Blackstone scion Stevie of duplex 15/16B at 740 Park, for abusing FT.com login privileges. This is so funny cause it's true for so many.
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January Auto Sales Bloodbath Preview
Submitted by Tyler Durden on 02/02/2009 16:48 -0400
Tomorrow the D(istreesed)-3 post their January sales numbers. It will come as no surprise as GM, Ford and Chrysler "shock" the market with the latest batch of horrendous news which may likely serve as a preamble to more Detroit-to-DC panhandling daytrips.
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More about Wall Street's Deluded Distressed Investing Crowd
Submitted by Tyler Durden on 01/28/2009 17:57 -0400
Overpriced, rumormongerous tabloid Debtwire (just kidding, we love our competition) apparently had a little extra free time and did a survey in which it polled "100 hedge fund managers, prop desk traders and other asset managers" to forecast how they perceived distressed debt opportunities in 2009 (we were not aware there are 100 specimens of this endangered species left out in the wild...it might make sense to put them
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Treasury Discloses Secret TARP Documents
Submitted by Tyler Durden on 01/29/2009 05:32 -0400Tim Geithner is moving fast. In this addition to the US Treasury's website made available literally hours ago, he discloses a variety of TARP-related documents that had not been publicly available previously, most notable among them being this disclosure about the Targeted investment program that the Treasury has established w/r/t keeping Citi alive.
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Why Gasparino Is the True Heart and Soul of CNBC
Submitted by Tyler Durden on 01/29/2009 21:04 -0400Earlier 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.
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Breaking News: Fresh Start Foiled at Fannie
Submitted by Tyler Durden on 01/30/2009 18:32 -0400
Breitbart reports that the Feds foiled an attempt by a disgruntled former employee to destroy all the data on Fannie Mae's 4,000 computer servers nationwide.
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California To Run Out Of Cash By Mid March
Submitted by Tyler Durden on 02/02/2009 17:17 -0400According to CNBC. And this includes the previously mentioned moratorium on state tax refunds. Then again, in December people were saying Cali would be out of cash right now, so the governator seems to have eeked out at least one more month of life for his state.
Apparently Vermont has also joined the Death Watch fray.
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More about Wall Street's Deluded Distressed Investing Crowd
Submitted by Tyler Durden on 01/28/2009 17:57 -0400
Overpriced, rumormongerous tabloid Debtwire (just kidding, we love our competition) apparently had a little extra free time and did a survey in which it polled "100 hedge fund managers, prop desk traders and other asset managers" to forecast how they perceived distressed debt opportunities in 2009 (we were not aware there are 100 specimens of this endangered species left out in the wild...it might make sense to put th
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Intelsat New Bond Issue Faring Very Well In Weak Credit Market
Submitted by Tyler Durden on 01/29/2009 21:27 -0400
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.
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The Non-Premature Death of the U.S. Consumer
Submitted by Tyler Durden on 01/30/2009 19:05 -0400Paul Kedrosky has captured some great statistical data from mint.com about how the average U.S. consumer is faring. In a nutshell - plain horrible.
Straight from the horse's mouth (Aaron Patzer, CEO of Mint):
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Lehman Bankruptcy Judge James Peck Arrested for Beating Wife
Submitted by Tyler Durden on 02/02/2009 18:47 -0400
The stress of the "biggest bankruptcy in history" and all those fee applications must really be getting to him.
Ari Kiev On CNBC Right Now, Providing Profound Psych Insight For Free
Submitted by Tyler Durden on 01/28/2009 18:45 -0400"Don't focus on the drawdown... The market will rebound...Look for the ephemeral truth."
This stuff is priceless.
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Who Says Nobody is Issuing Debt
Submitted by Tyler Durden on 01/29/2009 15:11 -0400A statistic that may surprise some, is that January 2009 has seen a record amount of new Investment Grade issues: $104 billion so far. This easily surpasses the 2008 total of $83 billion. Granted, of this tally $61 billion is FDIC-guaranteed paper, but the $43 billion non-financial balance is still much higher than the $28 billion comparable in 2008 and $11 billion in 2007. Even more surprising is that 56% of new issues were BBB rated, up from 25% in December. This is summarized below:
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