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by civil_engineer
1950 days ago
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Citi accidentally transferred the very real risk of default from the creditor to themselves. Revlon bonds trading at 42 cents on the dollar... So, you could say that Citi is out 58% of $500M today. Edit: The 'creditor' in this case is composed of 10 investment advisory firms, who, at one point, thought the interest payments were a good deal for them. But, rest assured that they are quite pleased to be made whole on their bad investment. Source: https://www.cnn.com/2021/02/16/business/citibank-revlon-laws... |
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