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To: Giordano Bruno who wrote (338589)	7/18/2007 5:52:09 AM
From: stan_hughes	Read Replies (1) \| Respond to of 436258

Yes, but the banks still have to close these deals first and eat the new higher spread -- Message 23707544

To: Giordano Bruno who wrote (338589)	7/20/2007 6:55:16 AM
From: stan_hughes	Read Replies (1) \| Respond to of 436258

More dirt on how the investment banks are stuck holding part of the LBO bag are getting into the press -- Message 23717751 Note the bolding near the end on the KKR-Boots deal where the banks ran a GBP-denominated 8-year with a LIBOR+2.75 coupon up the flagpole to see if anybody would take the stuff, but nobody wanted it. So here two weeks later they're trying again at LIBOR+3.25, and discounted to 98 to boot to yield LIBOR+3.31 I can just imagine how much harder a sell that would be on a US-denom issue where the buyer already knows he'll only be getting back USD confetti at maturity Who put that pile of dogshit in my office, and what's that fan doing on my desk? - Ben Bernanke, Aug 2007