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New Greek €5 Billion 10 Year Bond Prices At 300 Over Midswaps, 326 bps Over 2020 Bund, Comes With 6.25% Coupon
The Greek 10 year bond issue priced at a reoffer of 98.942; It came with a 6.25% coupon, and priced at 300 over midswaps or 326 bps over the January 2020 Bund. The bond pays annual interest: what are the InTrade odds that even one coupon gets made on this issue?
Bloomberg notes that the WI is already trading up in the "gray market":
Greece’s 5 billion euros ($6.8
billion) of new 10-year bonds rose in the so-called grey market
for issues that haven’t priced after the government offered an
interest premium over existing debt. The benchmark securities climbed about 0.25 cent on the
euro as of 4 p.m. in London, or 2.5 euros per 1,000-euro face
amount, according to traders at Matrix Corporate Capital LLP.
Greece is selling the notes at a spread of 300 basis points more
than the mid-swap rate, for a yield of 6.35 percent. That
compares with 6.09 percent on Greece’s existing benchmark issue
due July 2019, according to data compiled by Bloomberg.
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So it is evident that Greece still has the ability to sell its debt. Maybe not at rates as low as they would like, but they are clearly not frozen out of the credit market.
And they are demanding "gifts" from the EU for what? So they can borrow at lower rates than their 120% debt-to-GDP ratio would normally require? Unreal.
+1
Care to wager how much of that debt was bought by EU government linked financial institutions?
Just like the Amity Mayor making his family walk down into the water....
Well, if Bernanke via the USA Federal Reserve can send to Europe $500 BILLION that Heli Ben refuses to tell Congress who got the money.... Corection, Ben(ny Hill) doesn't 'know' who got the money. Add that to the 'i can't recall' and 'an error of memory' in Washington DC.
www.youtube.com/watch?v=n0NYBTkE1yQ
You know, they call it 'Liquidity Swaps'. Uh huh... yeah.
PS: Maybe Washington DC does something to the human brain that (insert your joke here).
Less see how much they are willing/able to tolerate and the market to deliver...
its a vicious cicle: worst conditions-harder to fulfil
commitments-harder terms-worst conditions...
also agree that some european FI's maybe extending their hands as a favor to the ECB in exchange for god knows what
TD
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LoL
us damn imperialist capitalist pigs - I thought they only used that talk in movies these days...
Should you not call a spade a spade?
The US is a capitalist and imperialist nation. Simple depiction.
I bet that Sarkozy pressured the French banks to double or triple their usual share.
Some German lawmakers say they have an idea to help Greece reduce its debt — sell some of its precious islands. They're not joking. It's a serious plan.
If you could get them to completely renounce claims to the islands (as in, they would be a new country, not part of Greece or the EU), then maybe you could load them with casinos and "drug friendly" hotels and brothels or something like that.
Hey, that's a good idea. We should try that with Taiwan.
"Very good for US Treasuries". If so could this whole drama be supoorted by the USA in order to fund its massive deficit? Cheaper than all out war. Good work Tim/Ben/GS/JPM. You guys deserve a bonus.
Looks to me like the entire euro crises is solved. Hip Hip Hooray!
The water is now great again folks...just jump in the pool and enjoy yourselves.
just like Dubai....every problem with those bonds has been solved, didn't you get the memo?
give bernanke a little time to cover his short position on FAZ and he'll buy some euros.
So who is buying the Greek new issue? The US Treasury?
Some old people are being swindled by brokers. That's how Argentina and various other South American countries were funding their shortfalls until their inevitable collapse in the 90s.
That Greece yield has ooooouch all over it LOL fools.
Have you taken the Gold Manipulation Quiz?
http://www.roadtoroota.com/public/197.cfm
I wonder why the Euro is falling now...
A lot of new money being printed by banks and spent by the Greeks?
does anybody know how much yield countries have to pay when they borrow from thee IMF?
Nigeria bitches!
The American gov't bought the debt. They cannot let the EC collapse. They will prop the Greeks then the Brits and the rest of the PIGS. That is their only hope.
Kicking the can down the road until the ultimate decoupling of Greece from the Euro or Euro devaluation happens.
16 B or so to get a chunk of land to maybe control the Bosporis? Who is the real buyer in this?
LOL - are you saying West Istanbul is up for sale?? (The European side)
Perhaps not, yet i have a bridge in Brooklyn...
Maybe the USA can sell Ellis Island to the French, as it is their Statue and the USA government desperately needs the money (trade the Island for gold would be better still).
Is Germany buying their debt?
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