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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: yard_man who wrote (247326)6/26/2003 4:42:58 PM
From: Haim R. Branisteanu  Read Replies (2) of 436258
 
those who bought and GM who sold are pure lunatics.

The dollar portions paid up to 4 percentage points more than Treasuries, about 25 basis points less than originally expected..............................

The order books for the various euro tranches of the deal were between 2.5 and four times oversubscribed, said an official at one of the lead managers. He declined to give an absolute level of orders.

400 bp above treasuries is priced like junk bonds ..... how in the hell are you going to hedge 17 billion of GM bonds ? sell GM short ? not worth it ...... or start a flurry of swap transaction at a time that no one knows if GM will be profitable ....... and follow Ford.

GMACC is lending at a much lower rate than GM borrowed in the market ...... very smelly transaction
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