I thought the bonds would most likely be brought back beginning of September because leaving it to the end of the month would leave our cash reserves very short. After yesterday I think market conditions are worse than they were when the bonds were first pulled! This leaves me hoping that they will improve in the next 3 weeks, but trump and China can continue they beef for much longer than we can stay solvent....
As we all know, Casapinos constantly talks his book, but he does it in a very subtle clever way. He uses difficult words, and portrays himself as very very knowledgeable indeed. Nevertheless, he will deramp if he is out, and subtly ramp when he is in. Dont pay too much attention to him, he is not much better than Skier, or indeed Members.
I am really confused by citi buying such a sizeable stake. We are supposably on the brink of admin, the cliff edge, so it has been reported, and such was the mood on this board. And yet citi is happy to gamble. What is going on?
I think two things will happen. The fed will make an aggressive rate cut, and trump will tweet whatever he needs to to prop up the market. That's both good for us. But fed meeting isn't until 17th of September, so again, cutting it fine for us.
You know what, it would more likely be 8 billion more share, as you need to consider the discount. That would not worry me. I can live with 18 billion shares. But who is going to buy that many shares? It also would not unlock the rcf. And it wouldn't set a good precedent for the other HY bond sales to recapitalice the rcf. It would only serve us to buy more time. Maybe a small capital raise, say 100m, or about 1.5 billion new shares would do to tie us over.