Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA (5 lettori)

[stockuccio]

continuare a considerare la DTCC come l'esaustiva fonte di informazioni sui cds è a parer mio errato ...
avevo già riportato una fonte (Satyajit Das) che parlava di 400 miliardi di CDS esistenti per Lehman mentre la DTCC ci ha raccontato di 72 miliardi in camera compensazione con movimento concreto di soli 5,5 ... qui si parla di 33,6 miliardi con netting di 2,4 ... le proporzioni con il caso Lehman sono state mantenute mi pare ... dubito si tratti del totale reale ... nel caso lo fosse stato si sarebbe potuto risolvere meglio il caso in questione
nel caso GM Das (forse il massimo esperto mondiale di derivati ) dice a pagina 8 di questo documento 'General Motors (GM) is a widely traded name in the CDS market. The volume of CDS outstanding on GM is many times the value of deliverable GM debt. We actually don’t know how many times over. This is the OTC derivatives market where there is no transparency at all. It is all a secret.'

la verità ... come nel caso Lehman, secondo me non la sapremo MAI

 

[troppidebiti]

Dealers vote B&B is not a CDS credit event -ISDA

Mon Feb 23, 2009 7:05pm IST

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LONDON, Feb 23 (Reuters) - Dealers decided a recent rule change on coupon payments for Bradford & Bingley (BB_p.L: Quote, Profile, Research) subordinated debt will not trigger payment under credit default swap contracts, the International Swaps and Derivatives Association (ISDA) said on Monday.
A dealer vote followed a change last week in the UK government's rules around its bailout of the failed mortgage lender, which allowed it to skip coupon payments on around 850 million pounds ($1.2 billion) worth of subordinated bonds without triggering a default [ID:nLK292944].

http://in.reuters.com/article/newIssuesNews/idINLN57813420090223

paolo la news che ho postata è apparsa pochi minuti fa tra le news fineco...però magari è errata non so

 

[troppidebiti]

Unclear if B&B missed payment is CDS event - ISDA

Wed May 27, 2009 2:19pm BST

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LONDON, May 27 (Reuters) - A decision as to whether Bradford & Bingley's (BB_p.L) move not to pay interest on three bonds will trigger payments on credit default swaps (CDS) contracts had not yet been taken, the ruling trade body said.
"So far, nobody has referred the question of a B&B trigger to the DC (Determinations Committee)," the International Swaps and Derivatives Association (ISDA) said on Wednesday.
"If a question were to be referred, it would be reflected immediately on the DC homepage and subsequent actions reported there," ISDA said.
(Reporting by Douwe Miedema)

 

[paologorgo]

paolo la news che ho postata è apparsa pochi minuti fa tra le news fineco...però magari è errata non so

l'ho solo postata per curiosità, avevo fatto un google, ed era venuta fuori quella... - è materia che non conosco, è che mi piacerebbe capirci di più...

spero che dopo mark ripulisca, io a parte mettere il mio shark in cazzeggio, non saprei cosa fare...

 

[paologorgo]

continuare a considerare la DTCC come l'esaustiva fonte di informazioni sui cds è a parer mio errato ...
avevo già riportato una fonte (Satyajit Das) che parlava di 400 miliardi di CDS esistenti per Lehman mentre la DTCC ci ha raccontato di 72 miliardi in camera compensazione con movimento concreto di soli 5,5 ... qui si parla di 33,6 miliardi con netting di 2,4 ... le proporzioni con il caso Lehman sono state mantenute mi pare ... dubito si tratti del totale reale ... nel caso lo fosse stato si sarebbe potuto risolvere meglio il caso in questione
nel caso GM Das (forse il massimo esperto mondiale di derivati ) dice a pagina 8 di questo documento 'General Motors (GM) is a widely traded name in the CDS market. The volume of CDS outstanding on GM is many times the value of deliverable GM debt. We actually don’t know how many times over. This is the OTC derivatives market where there is no transparency at all. It is all a secret.'

la verità ... come nel caso Lehman, secondo me non la sapremo MAI

può darsi, come dicevo, è un "settore" che non conosco.

la fonte che ho citato tende ad essere tra i catastrofisti, quindi mi sembra strano che scelga a sua volta una fonte "che tende a minimizzare"...

però non posso credere che nel caso di GM sia una notizia inattesa, siamo seri...

 

[stockuccio]

anche io sto cercando di capirci qualcosa ... ma pare che tutti stiano facendo di tutto per impedirmelo
per GM se tu riesci ad andare più a fondo di me ... magari anche per Lehman http://www.dtcc.com/news/press/releases/2008/dtcc_processes_lehman_cds.php e http://www.glgroup.com/News/Lehman-CDS-Settlement-%E2%80%93-The-Dog-that-Didnt-Bark--28832.html

io non è che credo troppo alla favola dei 374 londinesi di AIG che non capivano un'acca e affossavano inconsapevolmente e senza che nessuno se ne accorgesse l'azienda

 

[paologorgo]

I’m not sure how often you feel sorry for a judge, but after years of handling the nightmare that is the litigation surrounding Argentina’s sovereign debt situation, the Southern District’s Thomas Griesa is now finding himself making key decisions in the Chrysler litigation, too. So far he seems to have avoided anything Lehman-related, but GM is coming down the pike — and the lack of available bankruptcy lawyers might start being matched only by a lack of available bankruptcy judges. How many monster litigations can any one judge handle simultaneously?

http://blogs.reuters.com/felix-salmon/2009/05/26/judges-soaring-bankruptcy-workload/

 

[paologorgo]

Visteon files for Chapter 11 bankruptcy protection

Auto parts supplier Visteon files for bankruptcy protection in wake of automakers' woes

VAN BUREN TOWNSHIP, Mich. (AP) -- Auto parts supplier Visteon Corp. said Thursday it -- along with some of its U.S. units -- has filed for Chapter 11 bankruptcy protection, as the company struggles with reduced demand from automakers amid plans for extended plant shutdowns this summer.

The company filed its petition in the U.S. Bankruptcy Court for the District of Delaware. The company's Visteon UK Ltd. unit separately filed for bankruptcy protection last month and closed three British plants.
The Van Buren Township, Mich.-based auto parts supplier earlier this month posted a sharp drop in first-quarter revenue as automakers cut back on their output in the face of dwindling car sales. According to Visteon's latest quarterly filing with regulators, the company had total liabilities of $3.96 billion and total assets of $4.56 billion at March 31. Cash and short-term investments totaled $625 million.
"During the reorganization period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment," said Donald J. Stebbins, chairman and chief executive, in a statement.
Visteon expects to fund its operations with cash on hand, cash flows from operations and a debtor-in-possession facility. Former parent Ford Motor Co., from which Visteon was spun off in 2000, has committed to support such debtor-in-possession financing for Visteon's restructuring efforts and to ensure long-term continuous supplies. Ford accounted for about 31 percent of the company's first-quarter product sales.
Concurrent with its Chapter 11 filing, Visteon filed a first day motion request seeking the authority to continue serving customers and paying suppliers and employees. The company has facilities in 27 countries and employs approximately 31,000 people.
Visteon's legal adviser is Kirkland & Ellis LLP; its restructuring adviser is Alvarez & Marsal and Rothschild Inc. is serving as financial adviser.


http://finance.yahoo.com/news/Visteon-files-for-Chapter-11-apf-15365945.html?.v=1

 

[paologorgo]

WOW...

U.S. Treasury 363 Sale Proposal
As previously announced, GM's exchange offers for $27.2 billion of its unsecured public notes (the Notes) and the related consent solicitations expired on May 26, 2009 and the exchange offers will not be consummated. GM's Board of Directors will be meeting to discuss GM's next steps.
The U.S. Department of the Treasury (U.S. Treasury), GM's largest lender, has indicated to GM that if GM decides to seek relief under the U.S. Bankruptcy Code and seek bankruptcy court approval for the sale of substantially all of its assets pursuant to section 363(b) of the U.S. Bankruptcy Code, the U.S. Treasury currently anticipates that a new company sponsored by the U.S. Treasury (New GM) would agree to acquire such assets (the 363 Sale) from GM (following the 363 Sale, GM is referred to as Old GM) substantially on the indicative terms set forth below under the heading U.S. Treasury 363 Sale Proposal (the Proposal).
As provided in the Proposal, the U.S. Treasury has indicated that if holders of Notes of an amount satisfactory to the U.S. Treasury have provided (prior to 5:00 pm EDT on Saturday, May 30, 2009) statements of support satisfactory to the U.S. Treasury indicating that they will not oppose the 363 Sale (if conducted on terms substantially consistent with the Proposal), the U.S. Treasury currently would propose that New GM issue to Old GM as a portion of the consideration offered in connection with the 363 Sale 10% of the common equity of New GM and warrants to purchase an aggregate of 15% of the equity of New GM. The U.S. Treasury has indicated that if these statements of support are not received, the amount of common equity and warrants that it would propose be issued by New GM to Old GM would be substantially reduced or eliminated.
We have been informed by the advisors to the unofficial committee of unsecured GM Noteholders, Houlihan Lokey Howard & Zukin Capital, Inc. (financial advisors) and Paul, Weiss, Rifkind, Wharton & Garrison LLP (legal counsel), that the unofficial committee and other large Noteholders (who collectively hold approximately 20% in aggregate principal amount of the Notes) support the economic terms of the Proposal.

 

[paologorgo]

Immagino che la Consob autorizzerà i detentori Italiani a sottoscrivere lo statement of support in un giorno e mezzo...