Europe Facts, Not Fiction: Usage Of ECB Deposit Facility Goes Parabolic, Sov CDS Wider Across The Board

Tyler Durden's picture

While the market continues to trade purely on rumor, counter-rumor and refutation of a refutation, the facts demonstrate that Europe is ugly and getting worse. Today's now daily update focuses on continuing deterioration in both liquidity and solvency. First, the usage of the ECB Deposit Facility soared to €198 billion on Monday from €182 billion on Friday. This is a massive €118 billion increase in the past month alone. As the chart below demonstrates, a good word to describe the chart is parabolic. Furthermore, USD Libor continues to rise and has now risen nearly 40 days in a row. While not nearly parabolic, it is time to shift attention away from Credit Agricole, which is still the most "funding challenged", and focus on CSFB which once again rose by 0.01%, and threatens to overtake the troubled French bank in pole position. Time to refocus the shorts from France to Switzerland? Lastly, the CDS are ugly across the board.

ECB Deposit Facility usage:

Libor rate:

And CDS:

Germany    87.5    +1.75
France    197    +7.75
Greece    Irrellevant
Ireland    907.5    -5
Belgium    292.25    -2.75
Denmark    133    +3
Norway    49.25    +0.25
Spain    430    0
Sweden    59    +2.25
Holland    97.5    +3.5
Portugal    1230    +15
Austria    155    +3
Finland    80    +2.5
Italy    512    +6.5
UK    86    +3.25
       
      
Portugal Telecom International Finance B.V.    863.7    +53.7
Edison SPA    277.5    +17
ArcelorMittal    580    +16.25
Fortum Oyj    130    +13
UBS AG    235    +12.5
Banco Santander, S.A.    355    +12.5
EDP-Energias de Portugal, S.A.    771.8    +11.8
Commerzbank AG    330    +11.25
Aegon NV    325    +11
Axa    365    +10
BNP Paribas    315    +10
Electricite de France SA    170    +10
Glencore International AG    485    +10
BAE Systems Plc    190    +9.5
Repsol YPF SA    220    +9.5
Total SA    100    +9
Societe Generale SA    440    +7.5
Credit Suisse Group    220    +7.5
Lloyds TSB Bank Plc    385    +7.5