Greece Ministry Of Press Releases Decimated By Budget Cuts
It has been over an hour since the press release came out, and I think the only thing that is mostly clear is that if 75% don’t agree, the deal is dead in the water. The press release, which tries to clarify things, only made it less clear to me. ZeroHedge had a nice flowchart […]
PSI – Accrued Interest…
I have to admit, I’m a bit confused by their plans. Below 75% and no deal, so hard default? Between 75% and 90% they consult with Troika what to do? Above 90 they proceed with proposed amendments put in effect – so it seems above 90 they do CAC. Between 75 and 90 they have […]
I still like higher EUR/USD…(from Douglas Borthwick)
This is from Douglas Borthwick of Faros Trading. He has been bullish for awhile and correct. He remains bullish, but while everyone else is scrambling to revise their projections higher (as he predicted) he is sounding a bit cautionary. Maybe it is the fact that he has been correct, or that he isn’t busy getting […]
What A Complicated Web We Weave…
So the ECB’s “exchange” is starting to show up. The notionals aren’t in yet, but you can see which issues the ECB owns based on the new bonds that have been created. They seem to have been less involved in the English law bonds, but it is just as likely that it hasn’t hit the […]
Daily Credit ETF and Index Summary (12.02.23): Bond Liquidity – Blessing or Curse?
The two HY ETF’s I have focused on, have added over $5 billion in assets this year alone. That pace has slowed, in the past week, but these inflows have garnered a great deal of attention. It is now a topic de jour at real high yield bond trading desks and not just at the […]
(BN) Bank Lobby Widened Volcker Rule Before Inciting Foreign Outrage
A good report on the Volcker rule and the Dodd/Frank lobby as a whole. I like the idea of lobbying to make it more inclusive, so that more people would join the lobby to fight it. I still have not heard a good explanation why it has taken so long to make what little progress […]
(BN) Venizelos Says Unconcerned About Whether CDS on Greece Triggered
So in spite of earlier best efforts they finally realized the debt problem is so big that avoiding the CDS Credit Event limited their options on debt restructuring. Why the PSI terms aren’t more harsh and weren’t done in December before the last 8 billion transfer where Greece paid private creditors and took on more […]
A Whole Lot Of Nothing, So Far
Credit indices are virtually unchanged in Europe and here. Stocks futures are virtually unchanged in Europe and here. I still see no evidence that the ECB has redeemed its old bonds and received new bonds (the amount outstanding on old bonds should show up as being reduced once the exchange is done – it is […]
Weird Feedback Today…
There is usually a pattern to the responses. To make a long story short – today was weird in that the responses I got would have made me think the market was up 1% instead of ranging from fractionally down, to back to Thursday’s closing prices and well off yesterday’s highs. Not sure what, […]
Chancellor Palpatine Is Actually Darth Sidious
Sorry for giving away the ending to anyone who has not yet seen Star Wars but more and more I can’t help but see Papademos playing that same role. The Greeks need someone who is truly representing them. Who is turning over every stone to figure out an alternative. He has debt on one side […]
