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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (639)	7/31/2007 10:18:32 AM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 71456

this scarry enough?? and its only the tip of the iceberg. 05/07/2007 Dillon Read Capital Management Hedge fund losses UBS' in-house hedge fund trading in mortgage securities $123 million in losses from trades on mortgage securities; fund closed after losses weighed on bank's fixed income revenue; UBS said it expects the bank to book costs of up to $300 million to shut the fund 06/12/2007 Bear Stearns Hedge fund losses Two funds, which once controlled $10 billion, had invested in subprime-mortgage debt The Enhanced Leverage Fund quickly went belly up. High-Grade Structured Credit Strategies got a $1.6 million bailout from Bear Stearns, but lenders have seized most of the fund's remaining assets. Both funds are now nearly worthless. 06/22/2007 Thomson Learning Offering pulled $540 million bond sale canceled Underwriters left holding the debt 06/26/2007 Arcelor Finance Offering delayed Put off plans to issue $1.34 billion in bonds, citing turbulent debt market Plans still on hold 06/26/2007 Catalyst Paper Offering pulled Citing "adverse" conditions, the company pulled a $150 million offering that had already been cut from $200 million, planned for funding its business and other investments Underwriters postponed offer indefinitely 06/26/2007 ServiceMaster Offering pulled Called off a $1.15 billion sale of junk to pay for ServiceMaster's LBO; bond investors balked at provisions that would have enabled the company to put off interest payments and instead take on additional debt if the company were to run short of cash. Received its financing from a bridge loan directly from the underwriters 06/26/2007 U.S. Foodservice Offering pulled Investors balk over terms of $3.6 billion bond-and-loan deal needed to finance sale of firm to private equity firms KKR and Clayton Dubilier. Underwriters left holding debt on their books and will try to sell later; so far, have shopped it around to a frosty reception 06/27/2007 Magnum Coal Offering delayed Delayed a $350 million junk offering Underwriters postponed offer indefinitely 06/27/2007 Myers Industries Offering delayed Delayed launch of a buyout-financing deal in the hope the market would settle down in coming days Plans still on hold 06/27/2007 MISC BHD Offering delayed Market volatility postpones $750 million bond issue The Malaysian carrier of liquefied natural gas put its 10-year bond issue on hold until market improves 06/28/2007 Dollar General Offering terms changed Dollar General, which is being acquired by private equity firms, changes terms of $1.9 billion junk bond offering and raises interest rates to entice buyers. Offering closed; bonds had 14 new covenants 06/29/2007 Oreck Offering pulled Vacuum company's $200 million debt refinancing loan withdrawn due to market conditions Plans on hold indefinitely 06/29/2007 Bombardier Recreational Products Loan postponed Subprime fallout forces postponement of $1.12 billion bank loan, according to Reuters Waiting for the market to settle 07/03/2007 United Capital Asset Management Hedge fund losses Held $500 million in assets, heavily tied to subprime mortgages Stopped letting investors withdraw money after a deluge of withdrawal requests 07/05/2007 Braddock Financial Hedge fund losses Fund invested mainly in bonds backed by subprime mortgages; investors withdrew money $100 million in losses in the Galena Street Fund; fund closed 07/11/2007 Quebecor Offering pulled $750 million bond sale, which was to be used to acquire Osprey Media Income Fund, postponed Could get a bank bridge loan 07/11/2007 First Gulf Bank Offering delayed Delayed launch of $3.5 billion eurobond program due to market volatility Plans on hold pending market improvement 07/16/2007 Maxeda Offering pulled $1.4 billion offering canceled KKR forced to alter loan financing after Citigroup and ABN Amro canceled plans to sell $1.4 billion in debt 07/17/2007 A-TEC Offering delayed Delayed hybrid eurobond release Plans on hold pending market improvement 07/18/2007 OAC Rosneft Offering delayed Postponed bond placement, pulled a $2 billion two-tranche offer Rosneft still trying to refinance part of the $22 billion of debt it took on to buy assets of OAO Yukos earlier this year. 07/18/2007 Harmony Gold Offering delayed Delayed $350 million bond issue Plans on hold pending market improvement 07/20/2007 Chrysler Group Offering delayed Struggle to raise $20 billion in loans to finance Cerberus Capital Management's purchase of an 80% stake in Chrysler from DaimlerChrysler, which is still slated for August 3 Bankers have postponed a sale of $12 billion in debt for the auto company, citing weak demand, and plan to fund the bulk of that debt from their own pockets for the time being. Bankers still expect to raise another $8 billion in loans for Chrysler's profitable finance unit, though they have had to raise interest rates on those loans. 07/20/2007 Alliance Boots Offering delayed Having trouble raising the dollar equivalent of $18.4 billion in loans Senior loan postponed indefinitely until market conditions improve; junior loans being offered to investors at interest rates higher than planned 07/20/2007 Basis Capital Funds Management Hedge fund losses Two funds invested in instruments related to U.S. subprime mortgages posted steep losses last month The Sydney fund restricted investor withdrawals; trying to restructure; first hedge fund in Asia to show significant fallout related to U.S. subprime woes 07/24/2007 Allison Transmission Offering delayed Postponed a sale of $3.1 billion in loans to finance Allison's buyout The sale of Allison to Carlyle Group and Onex Group is likely to proceed, but trouble raising debt complicates matters 07/24/2007 Oxygen Media Offering pulled $345 million loan cancelled due to market conditions J.P. Morgan and RBS Securities had launched the senior secured financing 07/25/2007 Stolle Machinery Offering pulled $250 million bank loan pulled due to market conditions Machinery supplier forced to pull its Goldman Sachs-led loan; earlier, Stolle had offered rates higher than investors expected and had restructured the intial deal by adding a second-lien price 07/25/2007 Oneida Offering pulled $120 million bank loan canceled due to market conditions The seven-year term loan was led by Credit Suisse; rates had been higher than investors expected 07/25/2007 Silverton Casino Offering pulled $215 million high-yield bond sale pulled due to market conditions The casino operator says it remains committed to the project 07/26/2007 Absolute Capital Hedge fund losses Australian fund, which is half owned by ABN Amro, temporarily suspends withdrawals on two funds with about 200 million Australian dollars (US$176.7 million) invested. The two funds, exposed to structured credit assets, lost up to 6% in value in July Withdrawals suspended until market liquidity improves 07/26/2007 DAE Aviation Offering delayed Barclay's Capital postpones a $937 million loan, citing market conditions Barclay's successfully priced $325 million in senior notes tied to the same deal 07/26/2007 Brazilian Federal Treasury Offering pulled Called off a regularly-scheduled sale of its main LTN bonds, citing "market conditions" Early next week, Treasury will issue its August schedule; typically, holds bond sales once or twice a week 07/26/2007 Tyco Offering pulled Called off $1.5 billion bond deal, citing "unfavorable" market conditions Tyco had come to the market with a three-part note via Goldman Sachs and UBS 07/26/2007 Gazprom Offering delayed Gazprom, the world's largest gas company, decided not to price its 30-year benchmark dollar Eurobond, citing market conditions Gazprom said it will release the bond as soon as the market settles 07/27/2007 Cadbury Schweppes Extended auction bid deadline Final bids in the auction of its U.S. drinks business, including the 7-Up, Snapple and Dr. Pepper brands, were due at the start of next week Extended the bid deadline, citing "extreme volatility" in the leveraged debt markets 07/27/2007 Sowood Capital Management Hedge fund losses Down about 10% so far this year Sold various positions to raise cash to deal with credit difficulties and potential margin calls; faces no redemptions until end of 2008 07/30/2007 IKB Deutsche Industriebank AG Profit problems CEO left; profit warning issued Company says it can't maintain its earnings forecast of EUR280 million for the 2007-08 financial year; IKB says it has "felt the impact" of the U.S. subprime crisis 07/30/2007 American Home Mortgage Investment Margin Calls Banks demanded more cash after the lender wrote down the value of its loan and security portfolios Shares of the real-estate investment trust didn't open for trading; lender delayed paying dividends on common stock, may delay payments on preferred shares because of margin calls; may have to sell assets, find new financing, or restructure debt to meet banks' demands 07/30/2007 Stoneridge Offering delayed $200 million senior secured term loan postponed indefinitely due to "unfavorable market conditions The electronic component maker was forced to cancel its tender offer to purchase its $200 million in outstanding senior notes