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CDO have never been liquid or meant for trading, bids and final exit price can be significantly different as seen in the Balthazar story.
Here is another example of a workout of a CDO from the same firm and the result for the equity tranche, bid initially in the low 50s, the final exit price went over 150.
From N…
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5 December, 2007| Economy | Comments (0) @ 15:09

Fed Funds To Go Below 3% : Bill Gross

From Bill Gross in The Shadow Knows
Forward-looking bond investors should understand that the shadow banking system has been built on leverage and cheap financing and that to keep it from imploding, a return to Fed Funds levels closer to those of 2003 may be required. While the Fed is not likely to repeat its 1% “deflation insurance” levels of that year, current Fed Funds futures which predict a 3¼% bottom are not likely to be correct either. S…
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5 December, 2007| Economy | Comments (0) @ 14:30

ADP National Employment Report : +189k

+189k, more than triple expectations.[50k]
“Nonfarm private employment grew 189,000 from October to November of 2007 on a seasonally adjusted basis, according to the ADP National Employment Report,” said Joel Prakken, Chairman of Macroeconomic Advisers, LLC.
“November’s increase of 189,000 marked a further acceleration of nonfarm p…
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5 December, 2007| Economy | Comments (0) @ 13:31

Walking the (Beta) Line

Like Johnny Cash, are hedge funds also “walking the line” by staying true to their mandate to produce alpha?…
Original Source: allaboutalpha.com

5 December, 2007| Economy | Comments (0) @ 1:00

Two more hedge fund industry estimates…

Last week, we reviewed a series of estimates for the size of the global hedge fund industry that pegged it anywhere between $1.25 trillion and $2.68 trillion a range of error that, if it were an annual GDP figure, would rank as the 11th largest economy in the world.
Today, we add two new estimates to the list. […]…
Original Source: allaboutalpha.com

5 December, 2007| Economy | Comments (0) @ 0:59

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