alingtonsky
Forumer storico
Contrariamente al caso Lehman il cui fallimento era stata una sorpresa, la bancarotta di General Motors non avrebbe impatto sul mercato del credito, perchè il mercato già sconta per le obbligazioni GM il rischio fallimento dell' emittente.
GM failure already priced in by credit market-Citi
11.14.08, 12:56 PM EST
NEW YORK, Nov 14 (Reuters) - A default or bankruptcy of General Motors (nyse: GM - news - people ) would have little impact on credit markets because the risk of failure by the automaker is already priced into the market ...
In contrast to Lehman Brothers (nyse: LEHMQ - news - people ), which collapsed practically overnight, the troubles at GM, the largest U.S. automaker, have been years in the making.
Investors and dealers already have priced in the risk of any failure based on trading of GM bonds and credit default swaps, said Marc Heimowitz, a director at Citigroup Global Markets.
'A GM failure would have very little effect on the CDS market,' Heimowitz said at a distressed investment conference in New York. 'It's been a slow, big car wreck. Citi has already marked our books, other dealers have marked their books. The incremental loss is not that large.'
http://www.forbes.com/afxnewslimited/feeds/afx/2008/11/14/afx5696176.html
GM failure already priced in by credit market-Citi
11.14.08, 12:56 PM EST
NEW YORK, Nov 14 (Reuters) - A default or bankruptcy of General Motors (nyse: GM - news - people ) would have little impact on credit markets because the risk of failure by the automaker is already priced into the market ...
In contrast to Lehman Brothers (nyse: LEHMQ - news - people ), which collapsed practically overnight, the troubles at GM, the largest U.S. automaker, have been years in the making.
Investors and dealers already have priced in the risk of any failure based on trading of GM bonds and credit default swaps, said Marc Heimowitz, a director at Citigroup Global Markets.
'A GM failure would have very little effect on the CDS market,' Heimowitz said at a distressed investment conference in New York. 'It's been a slow, big car wreck. Citi has already marked our books, other dealers have marked their books. The incremental loss is not that large.'
http://www.forbes.com/afxnewslimited/feeds/afx/2008/11/14/afx5696176.html