If You Are Not Confused…
Then you just aren’t trying hard enough! So the S&P took in weak bank earnings, improvement in China with hints of stimulus, downgrades in Europe, noise about how close or not Greece is to a negotiated default (I mean haircut), and finished the 2 US trading days a total of 2 points lower. We are […]
Daily Credit ETF and Index Summary (12.01.17) – Strong So Far
European corporate and financial CDS indices continued their gains. Italian bonds are up a little since the downgrade. Spanish bonds are also marginally better. The Portuguese 10-year bond hit a new low yesterday (in price terms), and although has bounced a bit today is still down 6 points from Friday and is trading at 50.5% […]
Ratings Actions Out
Not sure why they felt the need to wait until 430 since most of it was leaked already. Germany back to stable outlook is good. Austria and France change EFSF but guess that is what LTRO is for. Italy and Portugal would be in trouble in the real world but so long as ECB views […]
An interesting Close
Were we down on JPM, downgrades, or Greece? The number of bullish messages I received today outnumbered bearish ones by about 5:1. It’s all priced in is the key message. We will see, but so many people are afraid that Europe will rally Monday that it is either eye-opening or head scratching. I think Greece […]
(BN) Exchange-Traded Junk Funds Roil Bond Market as Retirees Jump In
An interesting story. As these funds grow larger and larger their impact on the market will continue to grow. They will create some problems and some opportunities, but they cannot be ignored. It reminds me a lot of when the CDS indices first got traction. Many chose to ignore them as being irrelevant to cash […]
A Bit More On NBG bonds…
Someone suggested that the ECB actually didn’t take the NBG bonds as collateral, but that the Greek Central Bank did. Where or how the Greek Central Bank got their hands on some Euros for NBG I don’t know, but suspect they got it from the ECB or other central banks via the “target2” facilities. This […]
Quick Look At National Bank Of Greece Bonds
It is worth taking a quick looks at these National Bank of Greece bonds. 1.925 billion Euro were issued in June 2011. Of course the underwriter was NBG itself, and the “Collateral Type” is “Govt Liquid Gtd”. I do not know for certain, but I suspect that NBG issued the bonds to themselves, got a Greek government guarantee (for […]
Will S&P Leave Italy Alone?
If I understand the process in Europe correctly, S&P has to provide 12 hour notice to the countries if they are going to change their ratings. S&P has Italy as A1 on negative watch. Moody’s is A2 with outlook negative. So S&P has Italy higher rated, so it would be weird if they didn’t downgrade […]
(BN) *AUSTRIA SAID TO LOSE AAA RATING AT S&P
That is 21.6 billion of the AAA EFSF guarantees. +——————————————————————————+ BN 01/13 15:51 *AUSTRIA SAID TO LOSE AAA RATING AT S&P +——————————————————————————+ Austria Said to Lose AAA Rating at S&P 2012-01-13 15:51:26.31 GMT By Janet Freund Jan. 13 (Bloomberg) — Link to Company News:{2539Z GR <Equity> CN <GO>} For Related News and […]
(BN) Greece Bank Creditor Group Says Talks ‘Paused for Reflection’
Paused for “reflection”? Does reflection mean check in with your lawyers what rights you have if they default? Or does reflection mean call the office and short stocks? +——————————————————————————+ BN 01/13 15:15 *IIF SAYS TALKS ARE `PAUSED FOR REFLECTION; +——————————————————————————+ Greece Bank Creditor Group Says Talks ‘Paused for Reflection’ 2012-01-13 15:19:37.640 GMT By Keith Campbell […]