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This Is What Greece's "Triumphant Return" Looks Like Now
April 10th 2014 will live on as a day of infamy as hopes of Greece's 'recovery' were proven 'correct' as it issued a 5Y bond in the public markets in what some commentators called a "triumphant return."
As recently as last Friday that bond still traded at aroun 70c on the dollar (a 300% collapse from the issue price) but for all those who stuck to their guns and denied-denied-denied reality, today's collapse shows that a 'No' vote was anything but priced in.
Charts: Bloomberg
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True price discovery is a bitch.
Now, that's what I call getting Greeked.
Alaric bath- this ain't true price discovery. Not even close...
We call that "sending a message."
So when are these CDS going to emplode?
Have to ask ISDA ... they get to make up whatever BS they want.
Regards,
Cooter
As soon as all the ISDA members flatten their positions.
"...True price discovery is a bitch..."
True 'loss on default' discovery is a bitch.
If there's financial institutions on one side and insurers on the other, then the same side is on both sides - there will never be a default.
If there's public money on one side and financial institutions on the other, then 'loss on default' discovery only happens - as ShorTed points out - when the ISDA members have flattened their positions.
What a slapdick!
Buy the Dip.
So if you're shopping for yield, have we got a deal for you...
http://www.nytimes.com/2015/06/10/business/dealbook/in-a-risky-bet-wilbu...
If you liked it at $100 you gotta love it at $45.
Strong support at 0.
That's a hoot ... it can't go negative!
Oh ... what is that? ... it's the new normal ... what ... but, that doesn't make sense ... oh fuck me!
Regards,
Cooter
Are you referring to the stated 300% collapse in issue price? They have negative interest rates now, why not negative bond principle return? You buy a bond for $1000, then when the issuer goes bust you pay them $2000 more to close out the deal (that would be a 300% collapse in value).
"you say you'll pay ME to lend ME money?"
"Yes, that is correct"
"You, sir, have a deal!"
You lost all that money investing in our country?
That means you still might have money and are coming for you!
Also have to look at what currency it was bought in too.
I'm new to the currency thing so here goes:
"If I paid for that debt in dollars and the debt collapsed that's not so bad as long as the currency I bought it in remained strong."
Ooooops!
Euro collpase too says to me your loss is even greater.
God forbid if you're in the euro zone itself!
Having said that "yes indeed that debt is dirt cheap in dollar terms right now."
And the only thing scarier than something cheap in Mr Market land?
NO ONE BE BUYING THAT SHIT!
Mr. Churchill, you screwed a million and starved another couple but hey - today you cracked me up!
LITUVY
*logged in to up vote you
Oh and funny!!
A screaming buy for NML Capital.
Greek bonds, as good as Argentinas' (very soon).
Better return than buying a brand new Land Rover. 5 years out....probably down 50 percent at least. People love worthless shit. Maybe they could sell Land Rovers with Greek bonds in the glove compartment.
Maybe you can buy a worthless Land Rover with worthless Greek bonds in five years.
How about a treasure map in the glovebox showing where to find worthless Greek bonds.
They should change the name to Land Mines.
Nice call Weisenthal!
Please give us your next Gartman trade.
I don't think i own any of those bonds so i think this is some funny shit.
Let's see if the global bond bubble holds up under the Greek bond debacle.
Until very recently, at least 14 Western economies had NIRP.
45.69 is still too high...lol..
Who will be the first Brussels central planner to jump from the roof? The media may want to stage this beforehand.
They can place a confederate and ISIS flag as they throw him/her off the roof. It will keep everyone busy on the divide and conquer theme.
/sarc
Monday humor?
HA HA!
The graph above represents your priorities . Ours is represented on this http://ljhsplow.pbworks.com/f/1287512346/Life%20Expectoncy%20Graph.jpg