Where is this information from?
On the Bloomberg terminal the following is the case.
Looking at the dates on the corresponding reports puts 18 of them dated post earnings.
Guess they don't need Casablanca to amend their revolving credit lines like those silly motley fool articles said.
On Bloomberg it says Record date associated with the shareholder meeting is 6/2/14
Assuming Bloomberg is accurate that would mean the answer is no.
Every day you post the prior days price well after I post the current days price. Please look back as you are always posting the prior days price. Day old is still useful information , but seeing as I pay for service that gives the live price I am happy to post on days I remember to.
My source is the same as it is everyday I post. Bloomberg terminal. It is correct and the most up to date.
You are lost. Bonds are all brought to the market via the bank conduit, and are all sold at that time at the market rates, which is what insurance companies and money managers set. Banks do not own the publicly trade able bonds outside of what their trading desks own. At one point those trading desks could take large outlandish bets on companies debt spreads, but times have changed and the inventory at any one bank in a low rated Investment grade company like CLf is not billions.
Have you participated in a Secondary offering of any security? A secondary or often called add on issuance to an existing Cusip is treated just like the initial debt offering.
The book is done via Syndicate, who does not take ownership of the issued debt in any meaningful way. Most debt deals come to the market and have order books 2-10x over the amount the company is issuing.
I would suggest reading some literature on market making, or better yet attempting to get first hand debt trading experience. Most often debt is traded through a broker dealer/bank , but that means very little other than knowing who your counter-party risk lies with.
CLf does not owe Billions to any bank... the bonds (publicly trade-able Debt) that they pay interest on are held by Insurance companies and money managers. There is a market every day of bonds being bought and sold. Allianz owns the most at $79 million. If a bank had any actual exposure to CLF they would be far better served publicly dealing with them, the mere fact that last year CLF was able to have their Line of credit covenants relaxed would go directly against such a theory.
Did you leave off the price target and recommendation for CLF on purpose? Just curious, since the target is still $19, and a Buy recommendation, that is however down from the $26 target.
To be fair there are more analysts with$16-$26 targets than there are with $7-$10. I guess you can call WFC,MS,CS big boys, not so sure about Axiom and Macquarie (Sanford.at $13) The firms with $16-26 (DB,BMO,RBC,Cowen,UBS,GS,JPM,FBR,Nomura,Clarkson,EVA . With Keybanc,Stifel,BBT,MOrningstar all having Hold ratings as well.
That being said most of the $16-18 targets have hold not buy ratings, which means there are more Sell calls than Buy calls, with the bulk of sell side shops calls being Hold.
"If Cliffs breaches its banking covenants, the company is likely to face ratings downgrades -- and unless Casablanca bails out the company, it could be game over."
Here is my question, How would Casablanca Bail out the company? They have limited power and capital, and I have heard nothing of them having better banking relationships than CLF itself.
When I read statements like that it sure sounds as if the article was written by a friend of Casablanca.