commonwealth bank debt sales brings centro sal

And the pressure grows.
Hedge funds don't have long time frames!!
Great find on the JP Morgan new target and move to a buy rating up to 38c for CER.
Good volume today missed all the action bloody miners and there Iron Ore to China seems to be more important than shopping centres go figure.
Looking for a miner IOH go long & hard gents.

Cheers
Hotlegs

Commonwealth Bank debt sales brings Centro sale closer John Durie From: The Australian November 16, 2010 12:47PM

COMMONWEALTH Bank of Australia has sold its remaining debt in the struggling shopping mall group Centro.
Last night?s auction saw the bank?s $110 million in debt sold at 56.5 cents in the dollar.

A range of hedge funds were the buyers.

CBA originally had $250 million of the $3.5 billion in the headstock but has sold its entire stake leaving ANZ and JP Morgan as the major holders.

The movement in the debt ranks should increase the chance of a sale of the empire.

A Lend Lease consortium has bid $17 billion for the entire group.