Matt Levine, Columnist

Bond Quotes and Performance Art

Also T+2 settlement, corporate formation, stock indexes under communism and office complaints.

March 23, 2017 at 1:28 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Some bond market liquidity.

In 2015, the Public Sector Pension Investment Board of Canada sued Boaz Weinstein's hedge fund, Saba Capital Management, claiming that it dishonestly mis-marked some bonds in order to underpay the board on a redemption request. The lawsuit was not especially compelling when it was filed, and over time it frittered away into almost nothing: A judge dismissed most of the claims, leaving only an argument about contract interpretation, and this week it was settled "as a commercial dispute involving a good faith disagreement over the valuation of two highly illiquid corporate bonds." Never mind!