Archive - Jan 25, 2010

• Asian stocks fall for sixth day on Obama plan to curb banks, Yen weakens.
• Bank of Japan said to be open to expanding Emergency loans, bond purchases.
• China property data may 'under-represent’ bubble risks, World Bank says.
• German consumer confidence declined for a fourth month in a row.
• Gold futures climbed as much as $10/oz on weak USD.
• Nymex crude oil futures slightly higher at $74/bbl helped by a weaker U.S. dollar.

Update: The book has now closed for European Orders at €23 Billion in orders

• Greece 5yr €uro Benchmark – Books > €11bn/Spread revised
• Issuer: The Hellenic Republic A2 neg/ BBB+ neg/ BBB+ neg RegS / 144A
• Amount: €uro Benchmark Cpn: tbc % ann, act/act
• Settlement: t+5 (tbc) Maturity: 20 August 2015 (5 years)
• PriceGuide: MidSwaps + 350/365bps ****
• Leads: CS, DB, Eurobank EFG, GS, MS & NBG + coleads B&D: DB (duration manager) Timing:
• Books open, pricing no later than mid week

The difference between the world when Volcker was Fed chairman and today is the end of Glass Steagall. Instead of bailing out simple lenders, the Fed now faces the task of managing and saving giant securities and securitization platforms that are too big to manage in a rational fashion. Don't fool yourself into thinking that JPM chief Jamie Dimon or any CEO of a TBTF bank has the slightest idea what is really happening within their enterprise.

RANsquawk 25th January Morning Briefing - Stocks, Bonds, FX etc.