last call

the longs of last resort are LP's to the managed capital universe on the other side of banks and industry selling em while they got em

which side of the trade ?

http://www.zerohedge.com/news/2016-03-14/liquidity-endgame-begins-whitings-revolver-cut-12-billion-banks-start-slashing-credi

Earlier today we reminded readers about the circular (and why note fraudulent conveyance) scheme hatched by JPMorgan to reduce its secured loan exposure to Weatherford, when just two weeks ago none other than JPM underwrote an WFT equity offering in which it sold equity in the company, and which proceeds were promptly used by the company to repay the JPMorgan revolver.

We then showed that it wasn't just Weatherford: most of the "uses of funds" from the recent record surge in oil and gas equity offerings, have been used to repay the secured debt/revolver facilities, thereby eliminating funded and unfunded balance sheet exposure of major US banks.

Unfortunately, if only judging by the lenders' sudden hardball, the price of oil is not going to rebound; quite the contrary and banks are taking every opportunity of the current bounce to reduce or outright eliminate all secured exposure.