What is your rationale for the more than 70 cents on a dollar for the commerical paper? BES bonds are trading at 73 cents and falling. Rioforte is in a lot worse shape than the bank. And, a bigger question. Why did PT recklessly buy a billion dollars worth of dubious commercial paper and hide it from its Brazilian future (supposed) partners? There is some strange things going with PT that make no sense on the surface. If you think Rioforte debt is worth more than 70 cents, why buy PT, just buy the debt at a bigger discount.
Here is a translation by Google translate for the piece posted by cayman2241:
Shares of Banco Espírito Santo (BES) reversed the early afternoon the downward trend in the morning and followed, at 14:30, rising 4.94% to 0.47 cents.
This means a reversal of the trend that was witnessed in securities during the morning, around 10:00 that fell 16.18% to 0.37 euros, and comes after a message has been known of the new chairman of the executive committee of the BES, Vítor Bento workers.
In the message, Vítor Bento said his priority in the bank is "regain the confidence of the markets" and end the speculation."
This from the newspaper. BES stock rallied in the afternoon from 37 to 47 on pep talk to employees from new president. DEAD CAT.... Nothing in the paper about payment, which is now caught in bankruptcy filed today. Read Zero Hedge on the topic.
As ações do Banco Espírito Santo (BES) inverteram ao início da tarde a tendência de queda da manhã e seguiam, pelas 14:30, a subir 4,94% para 0,47 cêntimos.
Isto significa uma inversão da tendência que se registava nos títulos durante a manhã, que pelas 10:00 caíam 16,18% para 0,37 euros, e acontece depois de ter sido conhecida uma mensagem do novo presidente da comissão executiva do BES, Vítor Bento, aos trabalhadores.
Na mensagem, Vítor Bento disse que a sua prioridade no banco é "reconquistar a confiança dos mercados" e pôr fim à especulação.