High Beta Liquidations Begin: Ambac CDS Goes Vertical, +19,827 bps On The Day

Tyler Durden's picture

Ambac CDS is quoted at 36,289.9, or up 19,827 bps for the day. Yes, yes we know this should be quoted in points up, but this is looks so much prettier this way. For those who want to see what rolling high beta worthless name liquidations will look like, check out this chart from CMA: this is soon coming to pretty much every HY/distressed name that enjoyed the most spectacular bear market rally in history.

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Hx3's picture

Rocket Shot! Buy Buy Buy!

Cursive's picture

Amazing that it's taken this long.  I can't believe they suspended the circus act this long.  The unwind of this last bubble of bubbles will be incredible.

AUD's picture

Not so fast, they wound it back up last time. No saying they won't do it again.


SteveNYC's picture

Hope you've been short AUD's, AUD.

SWRichmond's picture

How the hell is Ambac still in business?

ghostfaceinvestah's picture

An absolutely corrupt WI regulator.

Bruce Krasting's picture

This is the stock the Cramer said to buy 6 weeks ago. He hated the stock but said to buy it anyway. It had Mo. What a loser.

old_turk's picture

TO the MOON, Alice!!! - Ralph Cramden

b_thunder's picture

rememebr days when someone took ABK from .50 to over 2 bucks in a day-and-a half?


mephisto's picture

Somebody knows something, to pay that much up. Even on Ambac.

Either that or a German Landesbank auditor just told senior management what exactly is in the books, where it should be marked at, and how many yards are at stake. This of course is unlikely.