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SEC Follow Up Exhibits Part C SEC_OEA_FCIC_001760-2501

SEC Follow Up Exhibits Part C SEC_OEA_FCIC_001760-2501

SEC Follow Up Exhibits Part C SEC_OEA_FCIC_001760-2501

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Summary of Citigroup Credit Default Swap Transactions<br />

Top 15 Entities Making Net Bullish Trades Over the Week<br />

November 17, 2008 - November 21, 2008<br />

Top 15 Net Bullish<br />

Entity<br />

Add to Buy<br />

Side<br />

Bearish (Benefit if Probability<br />

of Citigroup Default Increases )<br />

Reduce Sell<br />

Side Total Rank<br />

Reduce Buy<br />

Side<br />

Total -1,957,419,175 -471,388,060 -2,428,807,235 606,530,000 1,822,277,235 2,428,807,235 660,190,085<br />

Bullish (Benefit if Probability<br />

of Citigroup Default Decreases ) Net Bullish Position<br />

Net Net<br />

Add to Sell<br />

Bearish Bullish<br />

Side Total Rank Share CShr Total Rank Rank Share CShr Note on Daily Activity from Looking at Chart<br />

MORGAN STANLEY -31,000,000 -76,000,000 -107,000,000 8 41,000,000 170,313,275 211,313,275 4 8.7% 8.7% 104,313,275 116 1 15.8% 15.8% Gigantic sell on Friday.<br />

CREDIT SUISSE INTERNATIONAL -75,000,000 -75,000,000 9 15,000,000 157,156,250 172,156,250 8 7.1% 15.8% 97,156,250 115 2 14.7% 30.5% Close to even and then big sell Friday.<br />

PAULSON CREDIT OPPORTUNITIES MASTER LTD 68 70,000,000 70,000,000 10 2.9% 18.7% 70,000,000 114 3 10.6% 41.1% Big reduce buy on Friday - only activity. Profitable timing.<br />

ROYAL BANK OF CANADA -105,000,000 -50,000,000 -155,000,000 7 45,000,000 175,000,000 220,000,000 3 9.1% 27.7% 65,000,000 113 4 9.8% 51.0% Big buy Friday and even bigger sell.<br />

NOMURA INTERNATIONAL PLC -5,000,000 -5,000,000 38 45,000,000 45,000,000 14 1.9% 29.6% 40,000,000 112 5 6.1% 57.0% Big sell Thursday<br />

BANK OF AMERICA, N.A. -28,300,000 -5,500,000 -33,800,000 14 71,000,000 71,000,000 9 2.9% 32.5% 37,200,000 111 6 5.6% 62.7% Selling throughout. Buy on Friday and big Sell on Friday.<br />

PURSUIT 111 35,000,000 35,000,000 16 35,000,000 110 7 5.3% 68.0% Big reduce buy on Thursday - only activity.<br />

NORGES BANK - INVESTMENT MANAGEMENT #1 67 25,000,000 25,000,000 17 25,000,000 109 8 3.8% 71.7% Big reduce buy on Friday - only activity. Profitable timing.<br />

IONIC CAPITAL MASTER FUND LTD 62 22,500,000 22,500,000 18 22,500,000 108 9 3.4% 75.2% Reduce buy Thur. and Fri. Profitable timing.<br />

GENERAL ELECTRIC PENSION TRUST 56 15,000,000 15,000,000 22 15,000,000 107 10 2.3% 77.4% Big sell Thursday<br />

THE CONUS FUND 115 10,000,000 10,000,000 27 10,000,000 106 11 1.5% 78.9% Reduce buy Tues - only activity.<br />

ING 60 10,000,000 10,000,000 26 10,000,000 105 12 1.5% 80.5% Sell Thurs. - only activity.<br />

AURELIUS CAPITAL 48 10,000,000 10,000,000 25 10,000,000 104 13 1.5% 82.0% Reduce buy Wed. - only activity.<br />

CHEYNE LONG/SHORT STRUCTURED CREDIT FUND -31,000,000 -31,000,000 16 41,000,000 41,000,000 15 1.7% 1.7% 10,000,000 103 14 1.5% 83.5% Reduce buys and sells mostly evens out.<br />

BLUEBAY INVESTMENT GRADE BOND FUND 53 7,000,000 7,000,000 28 7,000,000 102 15 1.1% 84.5% Sell Thurs. - only activity.<br />

DRAFT Page 1 of 1 CONFIDENTIAL

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