(BFW) Final Greek Debt Deal Hours Away, DJ Says
Yeehaw! It will be interesting to see the terms, how much Greece will save on interest vs current debt and how much on principal and the timing of the principal. What will be most interesting is to see how many bonds have pre-agreed to this. An announcement that 200 billion of bonds have agreed would […]
Is Volatility Quietly Coming Back?
VIX continues to remain low, but intraday (or intranight) volatility appears to be making a comeback. That is volatility in the true sense of moves up and down (I’m not sure when volatility came to mean “stocks went down”). Chinese PMI is supposedly one of the reasons that futures are up, yet, that seems to […]
Daily Credit ETF and Index Summary (12.01.31)
In the meantime the beat goes on in ETF land. HY ETF’s are on target to have received $4 billion by the end of this week. The premium is actually reasonable given the strength in the underlying market, but I remain dubious that there is much upside left in the portfolio as too many of […]
European Risk Assets Had A Great Month
The DAX is up close to 10% YTD, other markets haven’t done quite as well, but I’m looking for some profit taking into the close, especially with no actual progress made, and the hopes and dreams linked to LTRO getting ahead of themselves. I think that could well lead to some afternoon weakness here as […]
(WSW) WSJ [Reg]: Missing Funds at MF Global May Have ‘Vaporized’
This is the most ridiculous thing I’ve ever heard – VAPORIZED???? There are no buy and sell tickets? No wire transfers? How long did it take to come up with the term “vaporized”? Why not just say they were swinging for the fences trying to make enough money to stay alive another day that they […]
The Market Says CYA LTRO To Yesterday’s Negativity
The market is back to being excited and bullish. Yesterday’s announcement out of Europe was underwhelming, but no one cares as a Greek PSI announcement is expected any moment. It will be interesting to finally find out how many bonds sign on at the time of the agreement and who the potential holdouts are. More […]
ESM, EFSF, Or EB, Will Any Of It Work?
It appears that the market is cheering the move that the ESM will be implemented sooner than originally expected. That would be good if the ESM was materially different than the EFSF or if it was being done for some reason other than that the EFSF has been a total failure. Imagine the applause when […]
European Elections And Tolstoy’s Portugal
I will admit that I don’t know much about European elections. How exactly does their cycle work? How is the leader chosen? etc.? Almost bizarrely, that lack of detailed knowledge of big political cycles hasn’t been necessary to look at what is going on in Europe, but I think it is becoming more crucial. For […]
Let Them Eat Financial Transaction Taxes
Sarkozy announced the intention to proceed with some form of transaction tax. The details are sketchy at this point – what trades do they apply to? What jurisdictions would be covered? Etc. He did seem to once again focus on derivatives and CDS. The fact that there is a buyer and a seller of CDS […]
(AP) Private Investors Near Deal On Greek Debt
Story after story of how close a deal is. Yet not one provides any details over which holders have granted authority to the IIF to commit them to a decision, let alone how many bonds they have. Just one story with a list of entities that have pledged to support these negotiations and how many […]
