Manhattan real estate update:
I'm not renewing my lease (pretty standard east village tenement 2BR) and the landlord is marketing the apartment as a no fee for $800 a month less than my roommate and I currently pay
✨personal news✨
I’m the new team leader for Bloomberg’s distressed debt and bankruptcy coverage!
Extremely excited to work with a great team of news breakers as we sniff out the next wave of company trouble
SCOOP-Price of
@Tesla
debt soars to close to 90 cents on the dollar as investors' fear of immediate cash need need dissipate we discuss now
@FoxBusiness
@TeamCavuto
Unfortunately just landed on private equity TikTok and it was indeed an influencer trying to romanticize “implementing changes” and taking calls with her VP till 1 a.m.
Also I am obsessed with the terms of this loan. They have to pay half of it back on August 1! And all by August 5! If they're 48 hours late, they owe Hudson Bay 130% of its value. Oh, and they're also paying lender fees.
We confirmed Evergrande paid its interest at approximately the exact same time that J&J court decisions were coming down and let me tell you my blood pressure is still recovering
A nice perk of having a terminal at work is now I can check the bond prices of the low-cost airline I'm supposed to fly next week to see how likely it is to go bankrupt while I'm mid-flight
An increasing number of schools are letting students pay for college with future earnings. Pioneering investors are figuring out how to make these agreements into a new asset class. Read about a mild obsession of mine in
@BW
A strange dynamic of this crisis is that there's a really big housing component again! The whole ecosystem may be stronger than '08, but it's still a disaster if huge swaths of the population suddenly can't make payments
Absolutely stunning moves in mortgage bonds. This bond comprised of Alt-A home loans originated by Citi went from trading above par to trading at 70 cents on the dollar in *less than 3 weeks* and it's not the only one.
Musk/Twitter is fascinating bc it's the richest-man-in-the-world equivalent of trying to worm your way out of weekend that sounded great on tuesday but now it's friday and you're tired
I am once again shamelessly plugging our new distressed debt newsletter The Brink, which launched today! Get it in your inbox Tuesdays and Fridays; there is simply so much to talk about rn
My dream as a structured finance reporter is for Tesla's coming auto lease securitization ($546 million! Expected this week!) to get like 1/5 the press that the flamethrowers get
One of the great things about financial journalism is that if you wrote one story about weed as an intern in 2015 you will continue to get 2-3 weed pitches a week until you die
Over the last 4 months, NRA got its chance to explain why it was in bankruptcy. Turns out that the initial press release pretty much captured the situation.
I love this
@danahull
story on “TSLAires”
Also I’m still thinking about NYC Marathon 2018, in which
@nickgray
decided that “Buy TSLA” was a totally normal thing to put on a sign
It's been ~2 years since Deutsche Bank rebranded its asset management arm as DWS, but I still read it as DSW and think "shoes" in every. single. headline
A large boulder the size of a large boulder is blocking the southbound lane Hwy 145 mm28 in Stoner Creek area of Montezuma County. Expect delays.
#largeboulder
Today in debt land:
-Boeing cut to BBB
-Exxon cut to AA
-Kraft Heinz, Caesars, MGM and a bunch of others draw on credit lines
-Leveraged loans hit lowest price since 2009
-Commercial paper market still acting choppy
-Many, many other things I'm missing
icymi, we've built a system where a AAA company getting sued over and over can just put all those lawsuits in a corporate box, and then put that box into bankruptcy and continue on its way
today when we were trying to figure out why the AMC bonds hashtag was trending i watched a 29 minute livestream about this and then tried to explain it to my colleagues
this is not what i signed up for when i took this job
Car market update: rented at the airport and the guy was required to take down my return flight information because they are “having a little bit of a car stealing problem”
People think they know what journalists do but really a surprisingly large amount of it is scouting photos of manhattan coffee shops on yelp to see if they're big enough for meetings
Ooooh!🚨 Bloomberg News internship alert! 🚨 Know any enterprising reporters looking to get a great start in journalism? Send them these links:
Summer-
Winter-
I love telling people that NYC is the greatest city in the world but also this morning in my apartment I filled up a water cup and discovered a dead cockroach in it
Earnest tweet: Today’s my third I-moved-to-New-York anniversary and I still think this city is the best!! Here is a cloudy conference room picture from Tuesday!
*KABBAGE INC FILES FOR CHAPTER 11 IN DELAWARE
rare synergy between my former life as an ABS reporter and current life in the bankruptcy/distress trenches
Fitch hit WeWork's bonds with a 3-notch downgrade which bondholders are completely shrugging off given the S-1 filing (Debt is up the most on record....)
I'm technically not a distressed debt reporter but in the past week I've covered Hertz, Travelport and Diamond Sports so all evidence is really starting to suggest otherwise
There are multiple bankruptcy attorneys who think filing for "Chapter 111" will prevent journalists/scrapers from finding the case. We will still find it, I promise you!!
A quiet joy in journalism is when you're on phone with someone and they're describing some interesting story they read and it turns out to be your story
I know we’ve had a lot of news today but I’m just over here thinking about the lawyer who had to argue that their client will face “irreparable harm” if it does not receive its champagne flavored gummy bears
People say majoring in journalism is useless but tonight I reunited a teen and his dropped wallet mostly thanks to sleuthing I learned in investigative reporting class five years ago so...worth it
Be careful not to confuse percent with percentage point. A change from 10% to 13% is a rise of 3 percentage points. This is not equal to a 3% change; rather, it’s a 30% increase.
Lil job news: I'm covering all things leveraged finance and CLOs for a few months while
@sallybakewell1
takes her team leader talents to the consumer team
Send me loan tips/story ideas/editing advice: cboston6 at bloomberg dot net
1. I highly recommend vacationing in Patagonia with little access to Internet
2. I do not recommend doing it in a week where Sears, PG&E and GE are all imploding