Bond

Tyler Durden's picture

China Officially Launches Critical Local Government Debt Swap — But Is The PBoC Really Just Issuing Treasury Bonds?





China has pitched its local government debt swap program as a way for heavily-indebted provinces to deleverage. Now that the program is officially off the ground, what are the implications for banks and for the PBoC?

 
Tyler Durden's picture

Are Stocks & Bonds Due For A "Generational" 75% Crash?





From the point of view of history, a reversion to generational lows is inevitable, and a valuation level around 50% of GDP for stocks is a fair target. This implies a 75% decline in both stocks and bonds within the next decade, if not sooner.
 
Tyler Durden's picture

ECB Blames Leak To Hedge Funds On "Internal Procedural Error"





Shortly after 6pm London time yesterday, The ECB's Benoit Coeure told a non-public audience of hedge funds in London that "the central bank would moderately front-load its purchases in its quantitative easing program because of the seasonal lack of market liquidity in the summer." The reaction was a 50 pips drop in EURUSD... but this was inside information was not released to the trading public until around 8am London time - and resulted in a 150 pip plunge. In other words, a select private group of head funds in London were leaked ECB front-loading news 14 hours before The ECB deemed it 'correct' to publicly release the comments... due to what The ECB calls "an internal procedure error."

 
Tyler Durden's picture

"Good" Housing News Spark Stock/Bond Selling, USD Surge





It appears 'great' housing data is bad news for stocks. In what can only be seen as the rate-hikes-are-coming trade, as soon as the starts and permits data hit, the USDollar rally accelerated, bond yields spiked, and stocks tumbled... why oh why can't we get some more poor data...

 

 
Tyler Durden's picture

Stocks, Bonds Spike After ECB Pledge To Accelerate QE Ahead Of "Slow Season"





Less than a week ago, fresh from the aftermath of the recent dramatic six-sigma move in German Bunds, one of Europe's largest banks openly lamented that so far the ECB's QE had done absolutely nothing: "two months of QE for nothing." And lo and behold, as if on demand, overnight the ECB confirmed it had heard SocGen's lament when just before the European market open, ECB executive board member Benoit Coeure delivered a speech at the Brevan Howard Centre for Financial Analysis (appropriately named after a hedge fund) at Imperial College Business School (not to be confused with the July 26, 2012 Mario Draghi "whatever it takes" speech which also took place in London) in which he said that the ECB intends to "frontload" i.e., increase, its purchases of euro-area assets in May and June ahead of an expected low-liquidity period in the summer.

 
Tyler Durden's picture

Peak Picasso - Did The Art Market Just Flash A "Sell" Signal For Stocks





"Like any trend in an unhinged market, it's next to impossible to predict when the confidence will peak. But based on previous peaks, it could (should) be any time,"

 
Tyler Durden's picture

Puerto Rico Faces Default, Government Shutdown On July 1





Puerto Rico is racing the clock ahead of a July 1 deadline to pass a fiscal budget for 2016 and scrape together $360 million due to creditors. Without a budget, the commonwealth will face a partial government shutdown and may be unable to issue $2.9 billion in oil-tax bonds needed to pay The Government Development Bank.

 
Phoenix Capital Research's picture

Why Central Banks HATE Cash and Will Begin to Tax It Shortly





As far as the Central Banks are concerned, this is a good thing because if investors/depositors were ever to try and convert even a small portion of this “wealth” into actual physical bills, the system would implode (there simply is not enough actual cash).

 
 
Tyler Durden's picture

Shape Of Greek Endgame Emerges: IMF Discussed "Cyprus-Like" Plan After Tsipras Warned Of Looming Default





The IMF discussed a "Cyrpus-like" take it or leave it solution for Greece last week, FT reports. With the countdown to outright insolvency down to two weeks, PM Tsipras will meet EU leaders in Latvia on Thursday to make one last push for a last minute deal. Meanwhile, the fate of the Greek banking sector hangs in the balance as the ECB has come under fire for the monetary financing of the Greek government. 

 
GoldCore's picture

Platinum Bullion Stocks To Be Completely Depleted?





The World Platinum Council do not believe that platinum stocks will be completely depleted and reach zero because the amount includes long term holdings by private investors, sovereign wealth funds and hedge funds. It said that stocks typically held in vaults, excludes ETFs.

 
Tyler Durden's picture

Frontrunning: May 18





  • Tsipras Endgame Nears as Greek Bank Collateral Evaporates (BBG)
  • Shi'ite forces ordered to deploy after fall of Iraqi city (Reuters)
  • Ratings agency Fitch to downgrade many European banks (Reuters)
  • Bubble Blowing to Continue So Long as Yellen Isn’t Raising Rates (BBG)
  • Greece's Debt Battle Exposes Deeper Eurozone Flaws (WSJ)
  • Obama to set new limits on police use of military equipment (Reuters)
  • China April home prices fuel hopes of bottoming out, but long road to recovery (Reuters)
  • Hedge Funds Close Doors, Facing Low Returns and Investor Scrutiny (NYT)
  • ASIC's Greg Medcraft 'quite worried' about Sydney, Melbourne house prices (Fin Review)
 
Tyler Durden's picture

Gold Jumps Despite Stronger Dollar As Grexit Gets Ever Nearer, Futures Flat





With equities having long ago stopped reflecting fundamentals, and certainly the Eurozone's ever more dire newsflow where any day could be Greece's last in the doomed monetary union, it was up to gold to reflect that headlines out of Athens are going from bad to worse, with Bloomberg reporting that not only are Greek banks running low on collateral, both for ELA and any other purposes, that Greece would have no choice but to leave the Euro upon a default and that, as reported previously, Greece would not have made its May 12 payment had it not been for using the IMF's own reserves as a source of funding and that the IMF now sees June 5 as Greece's ever more fluid D-day. As a result gold jumped above $1230 overnight, a level last seen in February even as the Dollar index was higher by 0.5% at last check thanks to a drop in the EUR and the JPY.

 
Gold Standard Institute's picture

Falling Yield, Rising Asset





There's little interest, forcing retirees to spend down their principal. It's no accident, as Keynes called for the “euthanasia of the rentier.” Fed Chair Yellen is a New Keynesian.

 
Tyler Durden's picture

Leading German Keynesian Economist Calls For Cash Ban





"Coins and bills are obsolete and only reduce the influence of central banks," German economist and sole Keynesian member of the German Council Of Economic Experts Peter Bofinger tells Spiegel, becoming the latest central planning proponent to suggest that a cashless society would solve the world's economic problems by allowing the government to control who spends what and when in a futile effort to control the business cycle.

 
Syndicate content
Do NOT follow this link or you will be banned from the site!