The News Review:
- Prices Below Estimates In 2nd Allegheny Pa Auction
- Qwest Unit Silent Auction Apparently Attracting Low Bids
- CDS auctions create bond buying opportunities-report
- India Bonds Fall As RBI Ups Auction Size Again; Rupee Up
- Six banks to buy back sour auction bonds
- Ulysses sets auction record
Prices Below Estimates In 2nd Allegheny Pa Auction
Wall Street Journal
64 per megawatt-hour in Allegheny Energy Inc. ’s (AYE) second auction to supply customers in Pennsylvania as the state continues to move toward market-based rates. This compares with the April auction’s $72. 80 average for residential customer supply. The contracts amount to about 5. 3 million megawatt-hours of power generation. Allegheny didn’t disclose winning bidders besides its own energy supply business.
Qwest Unit Silent Auction Apparently Attracting Low Bids
InformationWeek
Investment banking sources have cited a long list of potential buyers for Qwest’s long-distance unit including Level 3 Communications X Communications TW Telecom Century Tel Frontier Communications and Windstream Communications. None has ever commented publically on the rumors and the auction assuming there was one now appears to be wishful thinking.
Related from Managementmonster: Buyers Arise for AIG Unit as Some Bids Scrape Floor
CDS auctions create bond buying opportunities-report
Reuters
UL andAbitibiBowater Inc (. PK) has led to a number of auctionsto close out credit default swaps contracts used to insureagainst a borrower defaulting on their debt. The auctions determine the amount the credit default swapsrecover. When a borrower defaults on their debt a seller ofprotection pays the buyer the amount of debt insured minus therecovery sum. “Auctions are not only an efficient mechanism for settingrecovery rates; they also represent a source of liquidity incash bonds” Barclays analysts Eric Gross and Brad Rogoff saidin a report. “For investors interested in expressing a view ondistressed credit risk CDS auctions provide an excellentopportunity to do so.
India Bonds Fall As RBI Ups Auction Size Again; Rupee Up
Wall Street Journal
–>India Bonds Fall As RBI Ups Auction Size Again; Rupee Up ArticleCommentsmore in. 59% 2016 bond ended down at INR104. 14 compared with INR104. 62 in the previous session.
Six banks to buy back sour auction bonds
Boston Globe
The bonds called auction-rate securities were part of a $330 billion market that stopped functioning in February 2008 when the credit crisis gripped the financial system. The US Securities and Exchange Commission and New York Attorney General Andrew Cuomo said yesterday they had concluded agreements with Banc of America Securities. and RBC Capital Markets Corp.
Ulysses sets auction record
Baltimore Sun
The book was remarkably well-preserved according to the news report — mainly because the original owner only read the last part which contained the sexy innuendo that led authorities to ban it in the U. and other countries. I can only wonder about that owner.