Posted by John Carney, Aug 10, 2007, 9:23am

Carney: So do you guys all get to go on vacation if LIBOR hits 6%?
Finance Lawyer: no rest for the wicked
Carney: Seriously. Who's still borrowing at this level?
Finance Lawyer: people who need to show they can. look at Bear borrowing at +2.45.

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Posted in: pass through

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Posted by inIT4the$, Aug 10, 2007 9:31AM

The Fed's open for business (at around 5.15 from what I'm hearing 10bps less than Fed Funds)

For immediate release

The Federal Reserve is providing liquidity to facilitate the orderly functioning
of financial markets.

The Federal Reserve will provide reserves as necessary through open market
operations to promote trading in the federal funds market at rates close to the
Federal Open Market Committee's target rate of 5-1/4 percent. In current
circumstances, depository institutions may experience unusual funding needs
because of dislocations in money and credit markets. As always, the discount
window is available as a source of funding.

2007 Monetary policy

Thank you
Helicopter Ben

Posted by AJ, Aug 10, 2007 9:36AM

"... who need to show they can"

scary

Posted by Series7.5, Aug 10, 2007 9:42AM

well, look at the deals that are getting done here. past few days have seen SIZE new deals from AMD, Kraft, Kroeger, Citi, BofA, IBM, gazprom ... also the strangeness with the Merrill deal.

all due respect to finance lawyer, but the borrowers are whoever can, not whoever has to, because right now if you NEED it you can not get it. CFC couldnt float a deal right now to save Tibet. tried to sell some 2yr Wamu floaters and couldnt even get a bid yesterday.

finance lawyer above, thats just wishful thinking

Posted by Levered Crack-Ho (not henry k.), Aug 10, 2007 10:08AM

Come on baby... let me issue some HoldCo paper... you know i'm good for it... i'll suck yo d!ck... i'll do anything for a PIK toggle

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