Archive for July, 2007
Subprime infection spreads to Germany
30 July 2007It seems like just yesterday, but it has been five months since the first signs of credit woes began in the global debt markets. As we have incessantly predicted, to the point of boring even ourselves, the U.S. subprime cancer has finally found its way into the central nervous system of the banking system.
But [...]
Clarus research on Discovery Air
30 July 2007With the pending closing of Discovery’s (DA.A:TSX) acquisition of Top Aces, a Wellington Financial Fund II portfolio company, we are interested in every word written these days on the putative acquiror of one of our favourite companies. Here is this morning’s note from Clarus Securities:
Discovery’s share price, market value and valuation multiples have fallen [...]
“Panic” sets in to the debt markets
29 July 2007If you are a Bill Murray fan, you might recall the moment early in his movie “Stripes” when, having been dumped by his girlfriend, he says “and then, depression sets in”.
This past week, the word that resonated was “panic”, rather than depression. As in: the S&P drops 5% as panic sets in. And [...]
Danny King coverage
28 July 2007If you aren’t a reader of the sports section, here is the link to the Globe and Mail’s coverage of Danny King’s five consecutive birdies at yesterday’s second round of the PGA Canadian Open.
Our team was very proud to see both Danny and Richard Scott perform so well out there last week, and are thrilled [...]
Bay Street Buzz
28 July 2007Courtesy of Bill Vlaad, of Vlaad & Co.
“Deutche Bank has hired David Fry as Head of Global Markets Canada (essentially DCM). David is leaving ABN Amro where he was Global Head of Local Market Eurobonds, having worked with TD in London and Toronto covering Government Finance.
Genuity Capital Markets hired investment banker Shane Wright [...]