Commentaries

from Rolfe Winkler:

Spanish canary in the European coal mine

January 29, 2010

The quote of the day comes from Marc Chandler, currency strategist at Brown Brothers Harriman, who has graciously offered to let me reprint a note he sent today.

Lower Opel costs to help government aid

November 6, 2009

General Motors’ decision to scrap the sale of Opel rests on the carmaker’s calculation that the hole in its European unit’s finances is not as deep as previously feared.

Germany will have to change Opel deal after election

By Paul Taylor
September 24, 2009

opelanerIt looks increasingly clear that Germany will have to change its deal to aid carmaker Opel once Sunday’s general election is out of the way.

Santander’s debt buy-back not necessarily a flop

September 9, 2009

Santander’s attempt to buy back 16.5 billion euros of asset-backed debt looks, at first glance like a bit of a flop: in the end investors only sold about 600 million euros of bonds by face value to the bank.

Calling a bottom in Spain

August 24, 2009

Is the worst over for Spanish mortgage defaults? That’s one way to interpret Santander’s offer to buy back up to 16.5 billion euros of its outstanding asset-backed debt.

The rain in Spain…

August 21, 2009

Scare yourself to death with this (HT Alphaville)

Pain in Spain hits cat bonds

August 20, 2009

Defaults by catastrophe bonds, securities used by insurers to shift the risk of severe losses from natural disasters, have been few and far between.

GM dumps Chinese in Opel race, standoff looms

By Paul Taylor
July 23, 2009

Two things Opel junkies need to know in today’s news.

1) General Motors has dumped Chinese state-owned carmaker BAIC’s long-shot bid to take over GM’s main European arm. That leaves a two-horse race between Canadian-Austrian car parts maker Magna and Belgium-based financial investor RHJ, loosely associated with U.S. private equity firm Ripplewood.

Politics, economics collide over Opel

By Paul Taylor
July 20, 2009

Political and economic logic are set to collide in the byzantine decision-making over the future of German carmaker Opel, the main European arm of fallen U.S. auto giant General Motors.
If politics prevail, as seems likely, the cost to German taxpayers will be higher and the chances of commercial success lower.