National Bank Of Greece: Trading Halts Between May 24-30 [View article]
I think the preferreds are a good play on the survival of the bank. I am waiting for a comeback after the straight move from $6.50 to $10 without looking back. Since they are still trading they could be a short at current levels.
Cliffs Natural Resources Preferred: A 10% Return [View article]
I do not like mandatory convertibles, since you can't calculate a fair value and a bond floor. You need to be very optimistic on the common stock. I am following the corporates of the company, spread is not large enough to push me to take a position yet. In case of a demand revival in China MCP (real distressed situation) might provide a better R/R.
Vivus Heats Up, Shorts Discouraged On Possible Bidding War [View article]
In the model of BAC they forecast an EPS for 2015 of $3.47. It seems a goldilocks scenario for the company. Anyway the new convertible notes ($220mn of 7-yr 4.5%) may be interesting for those who are bullish long-term.
KEG corporate bond is very interesting. I find quite strange a a BB- with a duration of 5.29 is still selling at a yield of 6% in the current environment where junks are flying. That is a premium of 500bp over Treasuries. Unwarranted IMO since leverage is just above 2x and ebitda covers interests expenses quite well (5.6x).
I don't think you are well informed about Pascua Lama project. Under its contract with SLW, Barrick is required to achieve 75% of design capacity at the Pascua Lama project by 31 December 2015. During 2014 and 2015 Silver Wheaton is entitled to silver production from the currently producing mines to the extent of any production shortfall at Pascua Lama. If the completion test guarantee is not achieved the agreement may be terminated by Silver Wheaton.
RAIT Financial: Misunderstood And Undervalued [View article]
National Bank Of Greece: Trading Halts Between May 24-30 [View article]
American Greetings Waiting To Greet A Higher Bid [View article]
National Bank Of Greece: Trading Halts Between May 24-30 [View article]
I am waiting for a comeback after the straight move from $6.50 to $10 without looking back. Since they are still trading they could be a short at current levels.
Cliffs Natural Resources Preferred: A 10% Return [View article]
Vivus Heats Up, Shorts Discouraged On Possible Bidding War [View article]
Anyway the new convertible notes ($220mn of 7-yr 4.5%) may be interesting for those who are bullish long-term.
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Distressed prices, buy opportunity?
Is Key Energy Services Now A Buy? [View article]
That is a premium of 500bp over Treasuries. Unwarranted IMO since leverage is just above 2x and ebitda covers interests expenses quite well (5.6x).
Bear Of The Day: Silver Wheaton [View article]
During 2014 and 2015 Silver Wheaton is entitled to silver production from the currently producing mines to the extent of any production shortfall at Pascua Lama.
If the completion test guarantee is not achieved the agreement may be terminated by Silver Wheaton.
Bear Of The Day: Silver Wheaton [View article]
Bear Of The Day: Silver Wheaton [View article]
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