Our readers at Reuters picked up today where we left off yesterday, and apparently had more luck in getting through to someone at the company than just the switchboard...However, not much information was gleaned: "It is our policy to not comment on our creditor obligations other than what we disclose in our public filings" according to some PR-sensitive individual at the company. On the other side of the border, mark to market-sensitive portfolio managers decided they didn't have enough patience to see this nail biter thru its exciting end and sold off bonds, with NT floaters and 10.75% notes dropping to 23 and 24.5 respectively. The skittish elements seems to share the outlook of Duncan Stewart, an analyst for DSAM Consulting: "The issue is not whether or not they can pay it. It's the idea of: if you know you're eventually going to default anyway, why not do it now and keep the ... interest payments you would have shelled out?"As most credit traders are by now at their local 2-for-1 special watering hole, if you are reading this, it may be too late to do anything today. But tomorrow presents another opportunity to buy or sell at your heart's content... even if it means with due bill, or flat...
Bookmark this post with:
0 comments:
Post a Comment