Syncora Holdings Ltd. (fka SYCRF)

[mrholty]

God- What a crappy website syncora.com is. The press release linked to isn't on the website, neither is the previous statement from a few weeks ago about the planned release of financials and conference call.

Just glancing at the Op Supplement shows nothing of note (That's a good thing!). Income Statement is really irrelevant at this point. Balance sheet (which is where my focus is) surplus has increased by $250M since this period last year.

Leverage ratios decreased to 4.4 and 35 from 4.5 and 36.3 as of 12/31/15. Last year at this time it was 6.7 and 47.
When does NYSID feel comfortable with this and let Syncora buy back their surplus notes.

Anybody know what the surplus notes are trading at? Was it in the 70s?

Watch list consistenty looks better each quarter as both the #'s and $s are decreasing and moving down in risk.
Only negative I see is that the average rating of the NPOs are moving down and it wasn't that good to start with.

Puerto Rico's stuff looks relatively unchanged from the end of Q4 2015. Page 17 has a new chart specifically for Puerto Rico so clearly they want to talk about it.

There is no date on the conference call correct? I assume they will want to talk Puerto Rico as the stock moves somewhat on that news. If so I would expect this call might be delayed until some soft of finalization there? Others?