Generali CDS Surges To All Time Wide

Tyler Durden's picture

Three days ago, and 30 basis point tighter, we said Assecurazioni Generali "one of Italy's largest insurers, is a highly levered windsock for Italian and other PIIGS stress, and better yet, can be played in either equity or CDS" concluding that  "anyone who wishes to play the developing contagion and awakening bond
vigilantism via either equity or CDS, this is without doubt the best
proxy." When we wrote that the CDS was at 177 bps. Thre days later it is at 205 bps, virtually at its all time wide, which is about to trigger the buy to cover stops, and surge to a 3-handle any second, a move which will only be catalyzed if and when Tremonti bails.

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hugovanderbubble's picture

In Spain Generali ( has AcquireD Banca di Gottardo few year ago) = has lost 70% AUM last 18 months.


Other interesting short plays regarding Insurance in Europe




Catalana OCcidente



 Zurich Re

In US...---------> Short Plays will be: or if prefer short KIE US EQUITY




Bohemian Clubber's picture

Why AXA??? i thought it was one of the strongest french companies...

PaperBear's picture
Now Italy is under financial attack.
hugovanderbubble's picture

and Spain and Belgium

Then Holland

qussl3's picture

No smoke without fire.

German eyes must be twitching like mad about now.

augie's picture

I think the more likely physiological response is oral salivation. Fox in the chicken coupe, this will not end well. fortunately i keep my feathers numbered for jus' such an occasion.


milanitaly's picture

Help us!

We are too big to win a bailout 

hugovanderbubble's picture

Milan, In your opinion how many and which italians financial institutions could fail Stress Funny Tests?

milanitaly's picture

We always know how to pass tests: lying!

Franken_Stein's picture


This morning London whistleblower Andrew Maguire told King World News that the launch of the new gold and silver exchange in China will destroy the remaining gold and silver shorts.  Maguire stated, “The launch of this new gold and silver exchange has flown under the radar, but certainly has my attention.  I firmly believe we are marking a pivotal point that will in very short order affect current precious metals price discovery dynamics.  We now have an additional factor to be vended into the supply demand equation.  This factor will ultimately destroy the remaining short positions in both gold and silver.”



Franken_Stein's picture


All the companies that were heavily traded in Goldman's Sigma X dark pool.


You can't make this stuff up.

It's like a cheap movie.


Josephine29's picture

The situation in Italy seems to be deteriorating quite quickly now as the analysis below demonstrates.


Having just enjoyed a holiday there I can put my hand on my heart and say I have done my best to help! However the “black hole” that is the Euro zone crisis is beginning to slowly suck Italy into it as her ten-year government bond yield closed at 5.22% yesterday. This is a slow-burning influence as it has effect only when Italy issues new debt or refinances existing debt but of course Italy has a lot of exisiting debt to refinance……


Lets face it as well as Italy's figures come under closer inspection is there anybody who does not expect to see manipulation of the figures?

mayhem_korner's picture

What's a few hundred bps among friends?

The IMPORTANT thing is whether this means markdowns for Paciotti and Armani. :D

oogs66's picture

they cannot fix portugal, greece, and ireland without banks writing down some is becoming clear in europe...stocks are oblivious

Cthonic's picture

Blowin' it out the AssGen.  Word.