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TEPCO CDS Surges To 390-440
When we looked at TEPCO last two days ago, we said that as a result of the catastrophe in Fukushima its CDS which then had jumped by 90 bps to 133 bps, "we expect this number will soon be at multiples as the fall out to the company is increasingly exposed to the market." Alas, as predicted, the CDS is now trading 390-440 and will likely go points up very soon. Recall that the utility has over $90 billion in debt, which may or may not be nationalized, but any "conservatorship" treatment will likely trigger restructuring clauses. And the latest news out of Kyodo goes from bad to worse for the electric company: "TEPCO unable to pour water into No. 4 reactor's storage pool for spent fuel."
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Apmex shuts down breifly...GOT PHYSICAL?
www.silvergoldsilver.blogspot.com
Prediction: Further fire and explosion and radioactive release in Unit #4 as the coolant boils away.
Time: Within the next 24 hours +/- 16
Yeah, isn't this a game over, man type scenario. If they can't add water, isn't it just a matter of how long it takes to boil off the existing water?
In short, if they don't figure out an alternative, doesn't this assure an absolute catastrophe? Is there a silver lining here that I am missing?
"TEPCO unable to pour water into No. 4 reactor's storage pool for spent fuel."
That's bad.
This is very similar to trading in the spill names. You had a few days to put the trade on and then it only paused for profit taking. I'm not completely sure, but I think in the U.S. there was concerns that on nuke's lenders might be subject to super site clean up bills in addition to losing all the money they lent. Any idea if that exists in Japan or who are TEPCO's creditors?
strong 6.0 near toyko
http://nakedempire.wordpress.com/live-stream-from-japan/
Reactor 5 and 6 at plant 1 experiencing higher temps in containment pools.
Is there where that +10 pt pop came from?
So much for the "every day that passes reduces the likelyhood of an explosion" theory.
Japan deflation and contraction has been going on for so long and so much has been "borrowed from the future" that they're down to trading off the accumulated anti-matter.
Wasn't Godzilla created by radiation?
naw, he was just sleeping, like the Gimp. Then they woke him up, and you know what happened next.
This has made me remind about the bet of Hugh Hendry on CDS of Japanese companies.
Can't be....as E. Burnett just sounded the all clear, boasting how rad levels were down at the site.
Can't be...the Ministry of Truth cannot lie.
Seems Hugh Hendry cleaned up on his Japanese corporate debt CDS trade. Just got this email:
"Party tonight 7 pm at Hugh Hendry's Eclectica office in Bayswater, London. Reservation required. Hugh will provide plenty of booze, selected Ukrainian escorts and of course plenty of Sushi to celeberate his short Japan trade."
I would only go if the Ukranian girls were nurses and not escorts.
Unless Hugh Hendry's portfolio is short all assets, he's hurting like everyone else.
Probably not.
See http://i53.tinypic.com/2vcsvoj.png
7.7% in CDS - overwhelmingly japanese.
Gotta think that 7.7 is somewhere between 15-20% now, if not higher.
Not the event he was looking for, it'll do I imagine....
Nikkei Futures
The Shirakawa Put...8400.
http://www.zerohedge.com/forum/99er-charts-0
Japan deflation and contraction has been going on for so long and so much has been "borrowed from the future" that they're down to trading off the accumulated anti-matter.
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