http://www.creditwritedowns.com/2009/04/gm-offers-a-debt-for-equity-swap-to-bondholders.html a finance news and opinion site Sun, 21 Mar 2010 15:11:29 +0000 hourly 1 http://www.creditwritedowns.com/2009/04/gm-offers-a-debt-for-equity-swap-to-bondholders.html#comment-8130 Edward Harrison Tue, 28 Apr 2009 06:38:02 +0000 http://www.creditwritedowns.com/?p=8137#comment-8130 @CreditTrader, that is interesting. What about its being voluntary makes it questionable? Of course that leaves some to game the system like PIMCO did in the GMAC deal. I would imagine it would be a default if the exchange were an involuntary swap. @CreditTrader, that is interesting. What about its being voluntary makes it questionable? Of course that leaves some to game the system like PIMCO did in the GMAC deal. I would imagine it would be a default if the exchange were an involuntary swap.

]]> http://www.creditwritedowns.com/2009/04/gm-offers-a-debt-for-equity-swap-to-bondholders.html#comment-4864 Edward Harrison Tue, 28 Apr 2009 02:38:02 +0000 http://www.creditwritedowns.com/?p=8137#comment-4864 @CreditTrader, that is interesting. What about its being voluntary makes it questionable? Of course that leaves some to game the system like PIMCO did in the GMAC deal. I would imagine it would be a default if the exchange were an involuntary swap. @CreditTrader, that is interesting. What about its being voluntary makes it questionable? Of course that leaves some to game the system like PIMCO did in the GMAC deal. I would imagine it would be a default if the exchange were an involuntary swap.

]]> http://www.creditwritedowns.com/2009/04/gm-offers-a-debt-for-equity-swap-to-bondholders.html#comment-4853 CreditTrader Mon, 27 Apr 2009 18:56:21 +0000 http://www.creditwritedowns.com/?p=8137#comment-4853 Hey Ed, the 'voluntary' nature of the exchange does indeed make it uncertain as to whether CDS will be triggered (think RESCAP last year) and we note that 5Y GM is 4pts better today at 84/86% upfront...They only have $2.7bn outstanding which interestingly is around 10% of the notional bonds outstanding. Hey Ed, the 'voluntary' nature of the exchange does indeed make it uncertain as to whether CDS will be triggered (think RESCAP last year) and we note that 5Y GM is 4pts better today at 84/86% upfront…They only have $2.7bn outstanding which interestingly is around 10% of the notional bonds outstanding.

]]> http://www.creditwritedowns.com/2009/04/gm-offers-a-debt-for-equity-swap-to-bondholders.html#comment-4840 CreditTrader Mon, 27 Apr 2009 15:56:21 +0000 http://www.creditwritedowns.com/?p=8137#comment-4840 Hey Ed, the 'voluntary' nature of the exchange does indeed make it uncertain as to whether CDS will be triggered (think RESCAP last year) and we note that 5Y GM is 4pts better today at 84/86% upfront...They only have $2.7bn outstanding which interestingly is around 10% of the notional bonds outstanding. Hey Ed, the 'voluntary' nature of the exchange does indeed make it uncertain as to whether CDS will be triggered (think RESCAP last year) and we note that 5Y GM is 4pts better today at 84/86% upfront…They only have $2.7bn outstanding which interestingly is around 10% of the notional bonds outstanding.

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