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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Aug-04-08 09:57 AM
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85. Wowie Zowie! GM debt protection costs hit record 47.5 percent upfront
http://www.reuters.com/article/bondsNews/idUSN044752632...

NEW YORK (Reuters) - The cost of insuring the debt of General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) against default hit a record high on Monday in the wake of a $15.5 billion quarterly loss reported by the automaker on Friday.

GM's five-year credit default swaps rose to 47.5 percent of the sum insured as an upfront payment from 46.5 percent at Friday's close, plus 500 basis points in annual payments, according to Phoenix Partners Group. This means it would cost $4.75 million to insure $10 million in debt for five years, plus $500,000 a year.

GM's benchmark bonds with an 8.375 percent coupon due in 2033 were unchanged at 47.5 cents on the dollar, according to MarketAxess. They had dipped to an all-time low of 46 cents on Friday after GM reported its second-quarter loss.

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  -STOCK MARKET WATCH, Monday August 4 ozymandius  Aug-04-08 06:05 AM   #0 
  - Market WrapUp: Doscientos Mes  ozymandius   Aug-04-08 06:34 AM   #1 
  - Maybe I'm a bit dense today, but...  Zenlitened   Aug-04-08 11:05 AM   #94 
  - They like to use catchy titles IMO...  slipslidingaway   Aug-04-08 08:01 PM   #123 
  - Well, Take a Good Guess! If It Looks Like 1929, and It Smells Like 1929, and It Feels LIke  Demeter   Aug-04-08 05:18 PM   #117 
  - Morning Marketeers......  AnneD   Aug-04-08 06:35 AM   #2 
  - Good morning Anne  ozymandius   Aug-04-08 06:40 AM   #4 
  - Hubby just came home...  AnneD   Aug-04-08 07:20 AM   #25 
     - So "packing" means "bring stuff"? Who knew?  JNelson6563   Aug-04-08 07:27 AM   #27 
     - I remember a Baby Blues cartoon...  AnneD   Aug-04-08 08:00 AM   #38 
     - My wife insists on doing all the packing.  Dr.Phool   Aug-04-08 07:58 AM   #37 
        - Sounds like a battle of the sexs pack off....  AnneD   Aug-04-08 08:02 AM   #39 
           - Life was sure a lot easier back in the hippie days  Warpy   Aug-04-08 09:20 AM   #70 
              - Right now...  AnneD   Aug-04-08 01:28 PM   #102 
                 - I see the damned thing slowed to 6KPH. That's not good.  Warpy   Aug-04-08 09:06 PM   #124 
                    - I remembered.....  AnneD   Aug-04-08 09:23 PM   #125 
  - g'morning AnneD!  UpInArms   Aug-04-08 07:10 AM   #21 
     - Thanks ....  AnneD   Aug-04-08 07:20 AM   #26 
  - Today's Reports  ozymandius   Aug-04-08 06:36 AM   #3 
  - U.S. PCE inflation up 4.1% in past year, most in 17 years  UpInArms   Aug-04-08 07:44 AM   #30 
  - Worst inflation in 27 years trumps tax rebates  UpInArms   Aug-04-08 09:15 AM   #69 
  - Real spending falls in June despite rebates  UpInArms   Aug-04-08 07:47 AM   #32 
  - Factory Orders up on Higher Prices  UpInArms   Aug-04-08 09:07 AM   #68 
  - dollar watch  UpInArms   Aug-04-08 06:41 AM   #5 
  - Dollar flat as traders eye central banks  ozymandius   Aug-04-08 07:41 AM   #29 
  - Citigroup to be charged by Cuomo, faces SEC probe  UpInArms   Aug-04-08 06:42 AM   #6 
  - Citigroup to shut rest of Tribeca fund: report  UpInArms   Aug-04-08 06:53 AM   #15 
  - They learned this recycling trick from our friends in the White House  xyouth   Aug-04-08 12:10 PM   #101 
  - Oil steady near $125 on Gulf of Mexico storm  ozymandius   Aug-04-08 06:43 AM   #7 
  - Big Oil's biggest quarter ever: $51.5B in all  UpInArms   Aug-04-08 06:43 AM   #9 
  - There is no excuse for the price to go up....  AnneD   Aug-04-08 07:06 AM   #19 
     - Do they really need an excuse anymore?  Dr.Phool   Aug-04-08 07:38 AM   #28 
        - We had a beautiful red sunrise....  AnneD   Aug-04-08 01:41 PM   #103 
  - Fannie, Freddie seen boosting loss estimates, again  UpInArms   Aug-04-08 06:43 AM   #8 
  - Humana reports slight drop in 2Q earnings  ozymandius   Aug-04-08 06:45 AM   #10 
  - U.S. retailer Boscov's files bankruptcy, may be sold  UpInArms   Aug-04-08 06:45 AM   #11 
  - HSBC says too soon to call peak of U.S. bad debts  UpInArms   Aug-04-08 06:47 AM   #12 
  - ha! the storm is just starting, check out this graph  AZDemDist6   Aug-04-08 07:08 AM   #20 
  - Housing Lenders Fear Bigger Wave of Loan Defaults  ozymandius   Aug-04-08 07:56 AM   #35 
  - HSBC Profit Fell 29% in First Six Months  ozymandius   Aug-04-08 08:17 AM   #42 
  - Fed likely to hold rates steady amid crosscurrents  ozymandius   Aug-04-08 06:49 AM   #13 
  - Stagflation stifles Fed, ECB, BoE  UpInArms   Aug-04-08 06:50 AM   #14 
  - S&P emails slammed mortgage debt products: report (hat-tip UpInArms)  ozymandius   Aug-04-08 06:54 AM   #16 
  - My rubber stamp  Tansy_Gold   Aug-04-08 09:06 AM   #66 
     - Seven Stock Blunders (a good ITYS file from the Big Picture)  ozymandius   Aug-04-08 09:44 AM   #81 
  - Weird sort of autopsy on Bear Stearns  UpInArms   Aug-04-08 06:59 AM   #17 
  - Rhetorical question: Do we think the Fed knows what it is doing? n/t  antigop   Aug-04-08 08:53 AM   #57 
  - Rich begin feeling the pain in down economy (cross-post)  UpInArms   Aug-04-08 07:01 AM   #18 
  - US STOCKS-Futures drop as bank jitters weigh  UpInArms   Aug-04-08 07:12 AM   #22 
  - Yes, That's $2 Trillion of Debt-Related Losses  UpInArms   Aug-04-08 07:15 AM   #23 
  - Asian Stocks Fall to Lowest Since Oct. 2006  Ghost Dog   Aug-04-08 09:56 AM   #84 
     - European shares fall at midday  Ghost Dog   Aug-04-08 10:04 AM   #89 
  - July planned layoffs rise 26 pct vs. June: survey  UpInArms   Aug-04-08 07:19 AM   #24 
  - He'll give you a daisy a day, dear  radfringe   Aug-04-08 07:45 AM   #31 
  - That puts McSame's obfuscation into black-and-white terms.  ozymandius   Aug-04-08 07:53 AM   #34 
  - Companies Tap Pension Plans To Fund Executive Benefits  UpInArms   Aug-04-08 07:50 AM   #33 
  - This makes me sick.  ozymandius   Aug-04-08 08:10 AM   #40 
  - Ozy, Private Gain+Social Loss=Grand Theft  Demeter   Aug-04-08 05:25 PM   #118 
  - This should be illegal  DemReadingDU   Aug-04-08 08:12 AM   #41 
  - This is absolutely criminal.  Dr.Phool   Aug-04-08 08:21 AM   #44 
  - Greedy ass bastards. We need hearings on this!  Joanne98   Aug-04-08 08:26 AM   #47 
  - yes we do!  wordpix   Aug-04-08 09:23 AM   #72 
  - What? Not ready for torches and pitchforks YET?  MattSh   Aug-04-08 09:35 AM   #77 
     - I like your approach  wordpix   Aug-04-08 09:36 AM   #78 
  - More info on QSERPs here....  antigop   Aug-04-08 08:43 AM   #55 
  - "taxpayers helped finance Intel's executive compensation." So what else is new? n/t  antigop   Aug-04-08 08:55 AM   #58 
  - not surprised but still OMG re these fucking corporate greedmongers!  wordpix   Aug-04-08 09:22 AM   #71 
  - Housing Lenders Fear Bigger Wave of Loan Defaults  UpInArms   Aug-04-08 07:58 AM   #36 
  - Layoffs 8/4  Finnfan   Aug-04-08 08:17 AM   #43 
  - From the blog "Newspaper Death Watch": Many more newspaper layoffs.  Finnfan   Aug-04-08 09:04 AM   #65 
  - Fortis profits fall 41% in first half  ozymandius   Aug-04-08 08:22 AM   #45 
  - WSJ: Companies tap pension plans to fund executive benefits  antigop   Aug-04-08 08:25 AM   #46 
  - See post #33 for further details. n/t  ozymandius   Aug-04-08 08:28 AM   #49 
     - Sorry, I think we were posting around the same time. But the WSJ link requires a subscription  antigop   Aug-04-08 08:33 AM   #51 
        - I frequently run into that issue too.  ozymandius   Aug-04-08 08:38 AM   #52 
        - That's how I found the efinancialnews copy. But then I had the same problem when I went back to it.  antigop   Aug-04-08 08:40 AM   #53 
        - For now, I can access the entire WSJ article  DemReadingDU   Aug-04-08 08:58 AM   #60 
           - OK, now the link works for me, too, w/o subscription required. GEEZ!  antigop   Aug-04-08 09:03 AM   #64 
  - big banking losses = futures down by a wink  ozymandius   Aug-04-08 08:27 AM   #48 
  - opening bell  ozymandius   Aug-04-08 08:31 AM   #50 
  - 9:40 numbers and blather  ozymandius   Aug-04-08 08:41 AM   #54 
  - Disney theme park ticket prices to rise  Finnfan   Aug-04-08 08:43 AM   #56 
  - Disney theme park attendance numbers to fall  ozymandius   Aug-04-08 08:59 AM   #61 
     - Oh.. looky! Evidence!  ozymandius   Aug-04-08 09:06 AM   #67 
     - why would travelers want to visit tacky, ugly Parking Lot Nation with its miles of strips and malls?  wordpix   Aug-04-08 09:26 AM   #74 
        - Also hard to get across the border  CatholicEdHead   Aug-04-08 10:03 AM   #88 
        - And Psychotic Law Enforcement at All Levels  Demeter   Aug-04-08 05:28 PM   #119 
     - Do you have any idea what cheese costs nowadays?  Dr.Phool   Aug-04-08 09:39 AM   #80 
        - I hear he's stuffing his big gob with domestic only.  ozymandius   Aug-04-08 09:45 AM   #83 
  - Standard & Poors predicts a further...loss of $60,000 dollars per average home  ozymandius   Aug-04-08 08:57 AM   #59 
  - More about Meredith Whitney  DemReadingDU   Aug-04-08 09:00 AM   #62 
     - Meredith Whitney: Credit crunch far from over  DemReadingDU   Aug-04-08 01:49 PM   #104 
  - Royal Bank of Scotland poised for biggest loss in UK banking history  ozymandius   Aug-04-08 09:03 AM   #63 
  - Divine retribution for shunning Pat Robertson a couple of years ago.  Dr.Phool   Aug-04-08 09:44 AM   #82 
     - I am such a contrarian.  ozymandius   Aug-04-08 10:14 AM   #92 
  - 10-ishAM EDT Commodities Markets  Tandalayo_Scheisskopf   Aug-04-08 09:23 AM   #73 
  - stocks keep falling  ozymandius   Aug-04-08 09:33 AM   #75 
     - updating blather  ozymandius   Aug-04-08 09:37 AM   #79 
  - down indices at 10;33  wordpix   Aug-04-08 09:34 AM   #76 
  - Wowie Zowie! GM debt protection costs hit record 47.5 percent upfront  UpInArms   Aug-04-08 09:57 AM   #85 
  - They are getting a taste of what someone with a 400 credit score  ozymandius   Aug-04-08 10:09 AM   #90 
  - Even worse for the bottom line: GM lost $6,756 per vehicle sold  ozymandius   Aug-04-08 10:30 AM   #93 
  - Analysts widen 2008 loss estimates for GM  UpInArms   Aug-04-08 05:39 PM   #122 
  - LA foreclosures spread to Malibu, Santa Monica  UpInArms   Aug-04-08 09:58 AM   #86 
  - Interesting... I did a loan in Malibu just recently  Juneboarder   Aug-04-08 12:00 PM   #100 
  - WCI Communities files Chapter 11 bankruptcy  UpInArms   Aug-04-08 10:01 AM   #87 
  - Florida housing bust forces another builder into bankruptcy  UpInArms   Aug-04-08 10:10 AM   #91 
     - FL developers, here's a clue: you overbuilt and wrecked FL's environment  wordpix   Aug-04-08 11:14 AM   #97 
  - lunchtime update  ozymandius   Aug-04-08 11:05 AM   #95 
  - Oil Tumbles Toward $120 as Gulf Storm Fears Ease  PM7nj   Aug-04-08 11:07 AM   #96 
  - Once punch bowl-monitor,Fed now designated driver  UpInArms   Aug-04-08 11:30 AM   #98 
  - Noon-Thirty EDT Commodities.  Tandalayo_Scheisskopf   Aug-04-08 11:40 AM   #99 
  - From our DUH department.....  AnneD   Aug-04-08 02:01 PM   #105 
  - West Texans jaded instead of giddy during this oil boom  AnneD   Aug-04-08 02:09 PM   #106 
  - Greenspan warns of more bank bail-outs  antigop   Aug-04-08 03:09 PM   #107 
  - To whom? she asks...  Karenina   Aug-04-08 03:14 PM   #108 
  - how about some conditions on those bailouts? This POS pResident gives bailouts carte blanche  wordpix   Aug-04-08 04:47 PM   #115 
  - "governments...might try to reassert their grip on economic affairs"  ozymandius   Aug-04-08 05:36 PM   #120 
  - Top U.S UBS lawyer Aufhauser resigns  antigop   Aug-04-08 03:19 PM   #109 
  - Does it occur to anyone else that without the burst of the commodiites bubble,  Finnfan   Aug-04-08 03:21 PM   #110 
  - how long?  radfringe   Aug-04-08 03:57 PM   #113 
  - that's right, pellets and pellet stoves are selling brikly. Bought one 2 yrs. ago  wordpix   Aug-04-08 04:50 PM   #116 
  - I am thinking the potential is for...  Tandalayo_Scheisskopf   Aug-04-08 03:58 PM   #114 
  - 4:15 Commodities Market Report  Tandalayo_Scheisskopf   Aug-04-08 03:21 PM   #111 
  - Hey T_S  Finnfan   Aug-04-08 03:24 PM   #112 
  - Fin  ozymandius   Aug-04-08 05:38 PM   #121 
  - Hong Kong down nearly 2% right now  Wednesdays   Aug-04-08 10:59 PM   #126 
 

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