Hungary CDS Offerless, 100 Wider At 430 bps

To all those who listened to Hugh Hendry's recommendation to panic a week ago, congratulations- you are well ahead of the market today. Hungary CDS is now offerless as investors are shocked, shocked, that the country (and continent) is actually really bankrupt, as opposed to just make believe. IMF's comments yesterday that it does not have the funds to rescue all of Europe are not helping. Hungary CDS is now essentially bidless last seen 120 bps wider, around 430/460 with the bid/ask spread at 30bps, and only dealers daring to take on any risk exposure as the risk off brigade has kicked the optimists out of the building. The one thing up today so far? Gold. NFP better be north of 100 million or else the stick save today will be a tad problematic.

Comments

[jkruffin]

I turned on CNBC just to see the fake jobs numbers, and those idiots are still pumping to buy stocks.  They need to take that BS show off TV for real.   I knew there was a reason I never watch that crap.  I guarantee if the jobs numbers come in lower, Steve Fuckhead Liesman will spin a pump job no matter what. Not one single NET job in 2yrs, and they trying to pump temporary census jobs that no one wants.  People make more sitting at home on welfare and unemployment.

[Brett in Manhattan]

"I turned on CNBC just to see the fake jobs numbers, and those idiots are still pumping to buy stocks."

You see, Wall St.'s problem is that it's just like every other business. It buys its merchandise at wholesale and sells it at retail. 

However, when people buy cars or  big screen tvs, they don't have an expectation that those things will rise in value.  

So, a Lawrence Fink of Blackrock, can't come out and say, "Buy stocks, people. I have to unload this stuff." He has to say, as he recently did, "The economy is getting ready to rock and roll."

[Crisismode]

"The economy is getting ready to rock and roll."

Yep, it's getting readey to sink like a rock and roll off the cliff.

[Roger O. Thornhill]

+1000

I almost spit up my martini! Very good!

[AUD]

Does this mean Hungary will suffer its second bout of hyperinflation in half a century or so, or do they now use Euros?

[johan404]

Possibly, probably. They don't have the euro, they still got their forint.

[ZeroPower]

Only reason why the Hungarian PM even admitted (to his staff) that they're in a dire situation is cause he wants to show its not HIS cabinet's fault but the previous ones. Otherwise he'd cover it up as long as he possibly could

[taraxias]

I'd say he is smarter than Cameron then.

[101 years and c...]

Too bad Obama didn't do the same.  Instead he buried us with a few trillion more in debt so that Lloyd and Jamie could pay out tens of billions in bonuses.

[John McCloy]

I have no idea what is taking so many so long to get into all the other CDS in Europe. They are going to continue to go down the line until they blow them out and get more bailouts and QE.  

[BlackBeard]

It happens when it happens.

[plongka10]

So true

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