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CDS Traders Finally Give UK Reprive, Focus On Heart Of Darkness: Germany And France
For the first time in over 2 months, last week CDS traders ignored their ongoing derisking barrage in Great Britain CDS, and instead shifting their attention to the very heart of European darkness, the two countries that are in charge of it all - Germany and France. There was over 750 million worth of German CDS derisked, in 58 contracts, with France close behind at $728 million. Two other notable names rounding out the top five were Turkey and Spain. Quiet, little Finland was there for some reason. Other name filling out the list of top 10 were Brazil, Ukraine, Korea, Portugal and Japan: all names that have very valid reasons to be concerned about their future, and CDS traders agree. On the other end, rerisking was rampant in Mexico, Slovenia, Holland, Indonesia and Thailand. Most likely these are just hedge pairs as there is no reason why any of these names should be in play. Two names which we will focus on shortly, Romania and Bulgaria, were in no man's land. We expect they will slowly migrate toward the red part of the chart.
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france is my favourite, entitlement addicted unionists and pissed off immigrant kids everywhere.
Except you probably never ever set foot in that country, have you?
what is the source of this table?
set a foot in romania and another in bulgaria and u kan act as a bridge
Heart of European Darkness?
What is the Banking Center? What country are wars never fought in?
World Wars rage all around and not one soldiers takes even a dump in their territory.
Right there in the center and not a member of the EuroZone.
Der Schwiess!
So cute, so kittenish, so Jedi.
Please move on. This is not the country you wish to fk with. Have a choco bar.
Germany is always assumed to be very capitalist. Nothing further from the truth. Loves powerful central authority. Economy is fully socialist. Unions are just a bit more compliant, but they too expect early retirement, 6 weeks paid vacation (above France), free healthcare and education.
Unions are compliant when they get what they want
Not to blow your mind but... 750mm is nothing. Our traders shift 3bn+ per day.
Further, if people have been "Hammering" UK CDS, then why has it functionally decoupled from the rest of the western european sovereigns and outperformed everyone including germany in spread terms since the begining of the year?
I also question you interpretation of what net notional means. CDS is a swap, if I go long you go short. An increase in notionals is just as much an indication of people getting long risk as it is people buying protection.
Why does Canada not appear anywhere on this table ?
Canada has stuff. Old fashioned stuff.
French banks have sold CDS protection on companies that get stuff.
It really is getting that simple.
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