Ireland Seems Likely to Receive Assistance from EU & IMF (Financial Times) "The EU-IMF technical mission is expected to examine the books of Ireland’s main banks to assess what scale of financial assistance might be required. One senior banker said he expected this work to be concluded by the end of the weekend. EU financial officials said the conditions of the bail-out package would be outlined sometime next week."
General Motors IPO Rolls Out (Wall Street Journal) GM is slated to raise $18.1 billion in what is likely to be the second largest initial public offering in U.S. history. "GM sold about 478 million shares Wednesday at $33 each, a price higher than the company and its bankers thought was possible just days ago. An additional 71.7 million shares are expected to be sold by GM's bankers as part of an "overallotment" allowed when sales are stronger than expected. And it sold $4.35 billion in preferred shares."
Two New Arrests Made in Madoff Case; New Lawsuits Filed by Trustee (CNBC.com with Wires) "Joann Crupi and Annette Bongiorno, former employees of Bernard Madoff's investment management firm, were arrested in connection with the Madoff Ponzi scheme case Thursday morning, CNBC has learned according to sources. " The new civil suit filed by the trustee names both Crupi and Bongiorno.
California Muni Offerings Modified as State Seeks to Stanch Fiscal Hemorrhage (CNBC via FT) Cash strapped California —the largest U.S. issuer of state debt — will modify its municipal bond issuance procedures as it seeks to raise $14 billion. "The decision to shift more of the sale to a government-subsidized market for municipal bonds would lower the cost of the new debt. This follows other local borrowers who have delayed or downsized bond deals in a market downturn that has produced some of the largest one-day rises in yields on “munis” since the height of the financial crisis."
IPOs in Decline? (New York Times) Despite the excitement over the GM offering, perceptions are growing in some quarters that a decreased tolerance for risk is injuring the U.S. IPO market. And that is bad news for entrepreneurs -- and possibly for the country. Says one IT entrepreneur interviewed for The Times article: "I have been in Silicon Valley for 35 years, and I have never seen investors quite so afraid…That whole pipeline to the tock market is closed down."
Futures Higher on Bailout Hopes for Ireland, Positive Sentiment on GM IPO (Wall Street Journal) Earlier this morning, as The Journal reports: "European stocks rallied on expectations that Ireland will soon accept a bailout package from the European Union and International Monetary Fund." Jobs data will be released at 8:30 this morning, followed by October leading indicators, and the November Philadelphia Fed business outlook at 10 a.m.