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RIN, RINKER GROUP LIMITED
wolverine
post Posted: Oct 3 2011, 10:53 AM
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In Reply To: sirob's post @ Oct 3 2011, 10:30 AM

I will drink a shot of cheap reposado to Cemex. Muchas gracias.



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
sirob
post Posted: Oct 3 2011, 10:30 AM
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In Reply To: disco stu's post @ Oct 3 2011, 09:25 AM

Yes indeed ds, I too was one of those who held on too long and then the Mexicans can charging in just in the nick of time, even allowing for a healthy arbitrage situation to be taken advantage of.

 
disco stu
post Posted: Oct 3 2011, 09:25 AM
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In Reply To: wolverine's post @ Oct 1 2011, 03:40 PM

LOL - as would I Wolvie. After I held onto RIN for too long the first time, along came the Mexicans and gave me one last wonderful chance to exit... wish a few more Mexicans would come along to make me some offers for a couple other positions I've held onto for too long this time as well.

 
wolverine
post Posted: Oct 1 2011, 03:40 PM
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In Reply To: disco stu's post @ Oct 1 2011, 09:49 AM

I would still like to thank Cemex for paying up.



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TOO MANY CHIEFS

NOT ENOUGH INDIANS
 
disco stu
post Posted: Oct 1 2011, 09:49 AM
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In Reply To: disco stu's post @ Nov 30 2009, 10:47 AM

http://www.bloomberg.com/news/2011-09-30/c...cline-ever.html

Still experiencing very bad indigestion following acquisition of RIN.... I wonder if SAB will suffer the same fate with Fosters? Doubtful - the worse the economy gets the more incentive to drink beer - houses on the other hand...

 
disco stu
post Posted: Nov 30 2009, 10:47 AM
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LOL - funnily enough I think Australia did alright out of that deal. Paid in cash, reduced community exposure to a sector that was about to plunge. Citi was involved in it huh? Didn't know that, but would fit the pattern.

Yeah H those CDS are a nasty beast, way open to abuse. There seem to be as many issues with them as there are variations in them - no standard format, no central clearing house, no necessary link requiring insurable interest, no requirement for reserves to provision again potential payments... the list goes on and on.

You just have to look at the role AIG had in the GFC and the subsequent bail out to see what a central part of the problem they have been. Yet any talk of reforming those sectors has the Investment banking community crying unfair - frankly I reckon Obama could do well to follow Roosevelt's opinion that if the Bankers are left squealing then he must be doing something right.

 

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hungry
post Posted: Nov 30 2009, 10:32 AM
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In Reply To: disco stu's post @ Nov 30 2009, 10:20 AM

DS
Our local traders group meeting was being addressed by Alan Hull around the beginning of the year & he warned us about this very same thing. Credit Default Swaps were another bomb waiting to go off & no sustainable recovery was staying in place untill it unfolded he thought.
I have been coming accross this subject more often over the last month or so from many diff sources.
Seems it's rearing it's ugly head.

 
plastic
post Posted: Nov 30 2009, 10:27 AM
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$14.2bn for RIN and $19.67bn of debt. Talk about concrete gumboots. Well, I did alright out of it. smile.gif

It was Citigroup that facilitated that deal. It just goes to show.



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What did Uncle Mel do to us?
 
disco stu
post Posted: Nov 30 2009, 10:20 AM
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Posted for curiosity value only - RIN is mentioned in discussion with flaws in the pricing of Credit Default swaps:

http://www.bloomberg.com/apps/news?pid=206...5h1E&pos=14
QUOTE
Struggling With Debt The biggest cement maker in the Americas has struggled to repay debt since shipments started dropping in the second- quarter of 2006, before it paid $14.2 billion in July 2007 for Australian rival Rinker Group Ltd. Cemex has $19.67 billion of debt, according to data compiled by Bloomberg, and is rated B by Standard & Poor’s, five steps below investment grade.

Cemex spokesman Jorge Perez declined to comment.

The cost of credit-default swaps on Cemex surged as high as 1,500 basis points in March, or $1.5 million a year to protect $10 million of debt for five years, according to CMA DataVision, as the price of its 900 million euros of 4.75 percent bonds due 2014 dropped to 38 cents on the euro.

Credit-default swaps are “not a perfect product,” said J. Paul Forrester, a Mayer Brown partner and co-head of its derivatives and structured products practice. “These are difficult questions, and unfortunately as we continue to use this product and explore it we’re going to find that it has these sorts of issues,” he said.






 
early birds
post Posted: Dec 12 2008, 04:07 PM
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In reply to: disco stu on Friday 12/12/08 03:31pm

but I remember it as one of the greatest retail arb opportunity I've come across! lol
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you meant that risk free 1000 share acount? that's just ice on the cake mate.

me and few others like MARK M made kill on the RIN. but not without head banging days!!



 
 


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