Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (32555)	10/31/2000 10:51:35 AM
From: LLCF	Read Replies (2) of 436258

<the market sure seems intent on ignoring faltering liquidity in bond land > Ho ho ho... FT today: "Markets uneasy as ATT seeks $25bln credit facility" "Marks what would be the largest facility of it's kind ever arranged." I was wondering why the market was rallying... party on! "By arranging a large stand-by bank facility, ATT would be less dependent on the vagaries of the short-term commercial paper markets..." In other words, we can't borrow anywhere else. "The company is believed to have indicated to it's bankers that it plans to draw down part of the facility as soon as it is in place." Ho ho ho.... something smell? DAK PS, their 10 year is now 228bp over treasuries... looks like that's about to widen even more... Ho ho

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