QUESTION: John thought you might be interested in the following from the credit markets.... Play by play during the call on the 5yr Enron Credit Default Swaps from Morgan Stanley: 1. 5Y BIDS GETTING HIT ON OPENING AS EARNINGS NEWS LOOKED LIKE CLEANING HOUSE. 250. 2. DURING THE CONFERENCE CALL; WHICH APPARENTLY WAS UNCLEAR, TICKED OUT 255,260,265. 3. LAY INDICATED NEAR END OF CONFERENCE "NO RATINGS ACTION ANTICIPATED". MINUTE CONFERENCE ENDED MOODY'S WATCH NEWS RELEASED. 280 BID. 4. LAY ALSO MENTIONED 3Q NEG CASH FLOW DUE TO SOME CONTRACT ROLLOFF. UNCLEAR MESSSAGE. 5. ENE SAYS COMMITTED TO "INV GRADE" RATHER THAN "A" 280/325 Summary from Morgan Stanley after the call: CREDIT DERIVATIVE UPDATE: ENRON CORP AFTER THE NEWS THIS AM ($1 BIL. CHARGE), THE COMPANY HOSTED A CALL AT 10AM NY TIME. THE CALL DID NOT GO WELL & ENRON SPREADS ARE HEADING WIDER IN CREDIT DERIVATIVE LAND. MKTS ARE SPOOKED B/C: 1) MOODY'S WATCHLISTED CO NEGATIVE, 2) ENE STATED "THEY ARE COMMITED TO INVESTMENT GRADE RATING," WHICH IS A CHANGE FROM THE SINGLE-A BOGEY THEY ONCE EXTOLED, 3) CO. DID NOT ADDRESS ALL LIQUIDITY CONCERNS, AND 4) MORE CHARGES COMING? 5YR MARKETS: ENE (PRE-WTC): 165/185 ENE (8AM TODAY): 240/260 ENE (WEEK AGO): 250/300 **ENE NOW: 275/350 Clearly the above are a function of what people think they heard...I did not alter any of the email. In general MSDW likes Enron credit but this is how they see the market. Enron is one of the most actively traded names in the credit derivative market. Let me know if you want updates as the market gets more clarity and works throught the details
Propose a subject line for this email?
ANS: reaction from the credit markets on the earnings call
Announcement for E283-1: Real Estate Finance: Those of you who were present yesterday during the class should already have them. I have some left over copies of the 2 next sets of lecture notes (Commercial Mortgages and REITS) and a copy of the next case. If you did not make it to the class yesterday you can pick up your copy of everything at the door of my office (F625). You will also notice the spreadsheet in the handouts section. There can be various ways to tackle cases. This spreadsheet parallels what Dennis and Co. did. Regards,
Q: What is a potential subject line for this email?
answer: Lecture Notes
Attached is an Excel file containing the Nymex and OTC positions that you requested for the NYMEX exemption application. Please feel free to contact me at X5-8274 with any questions that you have. Thanks,
Answer: NYMEX and OTC Exposure
Here is an email: Christi, please provide me with a timeline of when you expect to be filing protests against each utility. As well, please ensure that both Kevin and I sign off on the filing before it goes out. Regards
What is a potential subject line for this email?
A: Protests of utility market-based rates
Q: I currently have a 28800 modem but would like to get the fastest (within reason) modem we have available for a Compaq LTE 5280. Please let me know if this is the kind of thing I can get by Friday since I leave for London Friday afternoon and would like to take the computer (complete with modem) with me. If the new modem is not available in that time frame, I at least need a new pigtail for the existing card since the old one is broken. Thanks and please charge 413/1157.
Propose a subject line
A: Modem Order
Here is an email: We now have a computer set up so you can view the TradeSpark website. It is located in a cubicle across from the C-1 conference room (on the side opposite of me, at EB3858D). Since it has taken us so long to get access into this website, it is critical that each of you review your products descriptions of the website AS SOON AS POSSIBLE. Can you each please confirm to me that you have completed your review and if you have any issues with the product descriptions please pass them on to Sheri Thomas with EnronOnline. If for any reason you continue to have computer problems, please call Jason, our floor computer tech, ASAP. Thanks for your prompt attention to this!
What is a potential subject line for this email?
A:
Tradespark PC