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Belgium, Netherlands Complete Bill Auctions; ECB Deposit Facility Usage Soars To Second Highest Ever
While nothing out of Italy or France was on the bond docket today, other countries in Europe will be issuing bonds on a virtually daily basis as the continent prepares to roll an record amount of debt in Q1, and in January as well (full calendar here). As such we saw new Bill issuance from Belgium and from Netherlands. The waffle country sold €1.280 billion in 3 Month T-Bills at a 2.13 Bid To Cover, a plunge compared to the 8.59 previously, albeit with the yield dropping from 0.78% to 0.264% as it falls flatly within the risk-free period defined by the 3 Year LTRO. Belgium also issued €1.155 6 Month T-Bills at a 2.01 Bid To Cover compared to 2.76 previously and a rate plunging from 2.438% to 0.364%. Elsewhere the Netherland also took advantage of the now mixed LTRO euphoria to sell €4.65 billion in Bills, specifically €2.99 billion in March 2012 Bills pricing at 0.00% (compared to negative -0.007% before), and €1.66 billion December 2012 Bills at a yield of 0.05% - obviously the market is still enamored with Netherlands as a safe haven on par with Germany. And speaking of the LTRO, that carry trade concept is now dead with the year end cash parking theory scrapped following the announcement thet banks parked the second highest amount in history at the ECB, or €446 billion, just shy of the €452 billion hit on December 27.
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But ECB its the bank of last resort>?
-1 for not giving Dr. Bernanke credit where credit is due. We are Europe's backstop, not the ECB.
All you need to know is that the ECB is kind of a Resort. And who doesn't like resorts?
Mario Draghi is our man
If he can't do it, nobody can!
ok the trend is clearly up, but why do we get these sudden plunges or corrections that seem quite timely? can anyone enlighten me?
All is solved in Europe apparently! Yay!
Time for SP to downgrade Europe on Friday.
http://www.haaretz.com/news/middle-east/iran-threatens-to-take-action-if...
Iran will take action if a U.S. aircraft carrier which left the area because of Iranian naval exercises returns to the Gulf, the state news agency quoted army chief Ataollah Salehi as saying on Tuesday.
"Iran will not repeat its warning ... the enemy's carrier has been moved to the Sea of Oman because of our drill. I recommend and emphasize to the American carrier not to return to the Persian Gulf," Salehi told IRNA.
More debt=market rally.
It's been like this for the last Decade!
Can I also interest you in a CDO or CDS?
Supersize?
Mayo or Ketchup?
Cola or Fanta?
They seem awefully giddy today at the DAX and NYSE.....
it looks like we've started trading this new year with a 23 point gap up in the /ES.
perfect...just...fuckin...perfect...
i think any strength in Q1 is gonna create beautiful short oppertunities!!
anyway at the end of the day any strength in the global eonomy is gonna hit a wall of increasing oil prices!!
The LTRO cary trade is not by any means over. Just the normal chatter before the French auctions on Thursday.
And the Market has not even started talking about LTRO II which is due 1st of March
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