Bond

Venezuela Officially Declared In Default

"The Issuer’s failure to pay interest on the Notes when due on October 10, 2017 constitutes a Default under the Indenture. The Paying Agent has further notified the Trustee that the interest payment was not received by November 9, 2017. "

Goldman's Top Strategist Reveals The Two Biggest Risks To The Market Today

"We’ve also seen a growing allocation of retail and institutional money into “premium chasing” quant strategies, including, for example, ETFs that sell equity vol. I think many of these developments are positive, but the associated market structure remains largely untested. So I would not rule out the risk of a glitch that triggers, say, a 5-10% correction."

One Trader Urges "Extreme Caution"

"As to the central bank put, it’s true--in the big picture of things. They are paying close attention to price action, but their reaction function to step in isn’t as hair trigger. How many times do they have to signal that change?..."

Is There Any Way Out Of The ECB's Trap?

"The trap of the so-called stimulus plan is what it has always been...  the ECB itself is hostage to the perverse incentives it created... What we see today in the valuations of sovereign bonds is not normalization of excessive yields, but euphoria generated by a single operator. The ECB. And that always brings negative consequences..."

Venezuela Just 24 Hours Away From Formal Declaration Of Default

ISDA has agreed to review a request to determine whether an event of default has occurred in Venezuela due to a delayed bond payment on PDVSA bonds which matured on Nov. 2. The ISDA Determinations Committee will hold its first meeting regarding PDVSA at 11am on Friday, November 10.