Bond

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When To Put On Bill Gross' Big Bund Short: Citi Explains





With only six weeks (or one Graccident) to go until Bund purchases are forced out to 7-year maturities, and with traders warning that nearly every piece of PSPP-eligible German government paper will eventually trade special in repo despite the ECB’s feeble attempt to remedy the situation via its Securities Lending Program, the world wants to know: “when do I sell Bunds?”

 
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Puerto Rico Warns Of Imminent Government Shutdown Due To "Liquidity Crisis"





"A government shutdown is very probable in the next three months due to the absence of liquidity to operate," Puerto Rico's finance officials warn, in an effort to shock lawmakers into action and avoid a potential "PRimbo".

 
Tyler Durden's picture

Of Bonds & Bankers: Impossible Things Are Commonplace





There was once a time, perhaps, when unprecedented things happened only occasionally. In today’s financial markets, unprecedented things are commonplace. The Queen in Lewis Carroll’s ‘[Alice] Through the Looking-Glass’ would sometimes believe as many as six impossible things before breakfast. She is probably working in the bond markets now, where believing anything less than twelve impossible things before breakfast is for wimps.

 
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Futures Fizzle After Greece "Hammered" In Riga, Varoufakis Accused Of Being "A Time-Waster, Gambler, Amateur"





Even though no rational person expected that the Greek situation would be resolved at today's talks in Riga, Latvia, apparently the algos were so caught up in spoofing each other to new record highs that futures, after surging once more overnight following the latest Google miss which sent the company and the Nasdaq soaring, actually dipped modestly into the red following headlines that the latest Greek talks have broken down after a "hostile" Troika "hammered" the Greek finmin, who was accused by European finmins of "being a time-waster, a gambler and an amateur."

 
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This Is How Junk-Bond Investors Are Now Getting Whacked





They’ve become sitting ducks, in a market that is "in extreme overvaluation."

 
Tyler Durden's picture

Assessing The Risk Of A Greek Default





Tomorrow, Friday, April 24th, the finance ministers of Europe will again meet to discuss the fate of Greece’s bailout program. Although no definitive course of action is expected to come out of this meeting, it is yet another chance to assess the potential consequences if indeed the Greek government defaults on its loans.

 
Tyler Durden's picture

"Obsessive" Buybacks Could Be Big Mistake, "Serious" People Tell Unserious People





"Companies that obsessively buy back their shares could be making a big mistake," Moody's head of head of leveraged finance tells CNBC, echoing what we have said on too many occasions to count. With IG supply at all-time highs and with companies pouring the money into share repurchases instead of investing in future productivity and growth, we say yet again that the theatre of financial engineering will continue only until it can no longer continue.

 
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Half Of US Frackers Will Be Dead By Year End, Weatherford Warns





Following the CEO's comments that over 100,000 energy jobs will be lost this year, an executive with Weatherford International - the fifth largest US fracker - has warned half of the 41 fracking companies operating in the U.S. will be dead or sold by year-end because of slashed spending by oil companies. “We go by and we see yards are locked up and the doors are closed," said Rob Fulks, seemingly confirming what Weatherford CEO Duroc-Danner said earlier in the year, "we're now confronted with an unusually severe market contraction."

 
Tyler Durden's picture

Deja Deja Deja Deja Vu For Mysterious US Bond Seller





It's 8am, do you know where your sudden Treasury-bond seller is?

 
Tyler Durden's picture

Futures Unexpectedly Red Despite Disappointing Economic Data From Around The Globe





Today is shaping up to be a rerun of yesterday where another frenzied Asian session that has seen both the Shanghai Composite and the Nikkei close higher yet again (following the weakest Chinese HSBC mfg PMI in one year which in an upside down world means more easing and thus higher stocks) has for now led to lower US equity futures with the driver, at least in the early session, being a statement by the BOJ's Kuroda that there’s a "possibility" the Bank of Japan’s 2% inflation target will be delayed and may occur in April 2016.

 
Tyler Durden's picture

BoJ QE Exit "Out Of The Question," Former Official Says As Morgan Stanley Talks JGB Liquidity





"If the BoJ persists with its current pace of JGB purchases, then the incentive for investors to reduce their holdings any further is likely to dwindle away within the next 18–24 months, at which point liquidity may evaporate altogether," Morgan Stanley says, calling liquidity the "major theme" in the JGB market. Meanwhile, a former MoF official claims the BoJ is now in so far over its head that an exit from stimulus is "out of the question."

 
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"Above The Law" Fed Ignores Congressional Deadline On FOMC Minutes Leak Probe





In a stunning shun to Congressional lawmakers, WSJ reports that The Fed has failed to comply with a request that the bank-owned entity identify the individuals who leaked The FOMC Minutes to Medley Global Advisors a day before the official release in October 2012. Rep. Jeb Hensarling sent a letter to Fed Chairwoman Janet Yellen on April 15 asking the Fed to name them by 5 p.m. EDT April 22. The deadline passed without any response by the Fed...

 
Tyler Durden's picture

Living In A Post-Volatility World





Hence, if and when a genuine price for risk reappears, the effect may be greatly magnified as it was in the US housing market a few years back under not dissimilar circumstances. As Karl Popper noted, volatility can be suppressed in a capitalist system, but it must ultimately reappear. Sooner or later, we will face a good deal of fireworks.

 
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