tag:blogger.com,1999:blog-30643134.post2471046707482408027..comments2023-12-26T01:10:26.319-05:00Comments on Accrued Interest: EOP deals conventional wisdom a blowAccrued Interesthttp://www.blogger.com/profile/05096191765979971184noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-30643134.post-19138004636340531562006-11-24T12:49:00.000-05:002006-11-24T12:49:00.000-05:00Yeah but I think CDS holders are exposed here. I m...Yeah but I think CDS holders are exposed here. I mean, if you have 5% of all bond issues stuck in CBO's or what not, aren't those the only reference securities left? If they get stripped of the covenants and wind up getting downgraded a couple letter grades, CDS holders get screwed while cash boldholders make out like bandits.Accrued Interesthttps://www.blogger.com/profile/05096191765979971184noreply@blogger.comtag:blogger.com,1999:blog-30643134.post-15285703429879666292006-11-22T15:18:00.000-05:002006-11-22T15:18:00.000-05:00Bondholders have, however, begun sticking together...Bondholders have, however, begun sticking together on these issues - evidenced by the carr america deal (also blackstone)and the make whole tender. Would expect that Blackstone will tender for the majority of bonds with an estimated cost of $700MM. CDS were out 7ish on this as there might be some outstanding (again, some CRE were locked up in a CBO). Another shining example of the value of REIT covenants.<br /><br />Next up change of control puts????Anonymousnoreply@blogger.com