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European Sov CDS Rerack

Tyler Durden's picture




 

On the heels of the proposed ManU listing in Sing.....

  • AC Milan: -2.5
  • Real Madrid: -2
  • RSC Anderlecht: -10
  • Ronaldo: +3
  • AEK Athens: unch
  • ManU: - .5
  • Bohemian FC: +5
  • Les Bleus: -5.5
  • Vienna FC: -6
  • Hamburger SV: -1

MAIN: 138/141  -5   XO: 583/586 -15   

 

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Wed, 08/17/2011 - 08:05 | 1568307 ZeroPower
ZeroPower's picture

Weird day. Started the day wider in corporates as Xover was 618/621 but on the back of sov tightening seems everything else went back to being a-ok. Futures up, EURUSD up... Relatively low news flow coming out, eerily quiet. Cash bond guys basically twiddling their thumbs in the WE & CEEMEA space.

Wed, 08/17/2011 - 08:08 | 1568309 pendragon
pendragon's picture

looking at the euro who'd have thought that germany reported stagnant gdp yesterday and merkozy booted the eurobonds into the deep long grass.....

Wed, 08/17/2011 - 08:11 | 1568320 Tyler Durden
Tyler Durden's picture

Chinabot

Wed, 08/17/2011 - 08:16 | 1568330 speconomist
speconomist's picture

Doesn't Chinabot have the ability to understand headlines?

Anyway Tyler, Sarko mentioned yesterday that they are going to create a German-French axis, 4th Reich?

Wed, 08/17/2011 - 08:13 | 1568323 Paralympic Equity
Paralympic Equity's picture

Hamburger?

Schweinsteiger would be better

Wed, 08/17/2011 - 08:27 | 1568361 swissaustrian
swissaustrian's picture

I think he is totally overrated.

Özil and Götze are the best players they have.

Wed, 08/17/2011 - 16:11 | 1570226 dugorama
dugorama's picture

of course Schweinsteiger plays for Bayern, Götze for Dortmund and Özil for Madrid, but otherwise your comment is spot on.

Wed, 08/17/2011 - 08:15 | 1568328 HITMAN56
HITMAN56's picture

Les Blues...should have said...Les Headbutts!

Wed, 08/17/2011 - 08:19 | 1568334 speconomist
speconomist's picture

O culé would've been fine too!

Wed, 08/17/2011 - 08:18 | 1568335 Overflow-admin
Overflow-admin's picture

Hey you forgot Neuchâtel Xamax!

Wed, 08/17/2011 - 08:19 | 1568339 speconomist
speconomist's picture

Someone can help me with this? No idea what it is:

 

 

MAIN: 138/141  -5   XO: 583/586 -15   


 

Wed, 08/17/2011 - 08:39 | 1568399 ZeroPower
ZeroPower's picture

iTraxx CDS indices. Each comprised of other CDSs, weighted accordingly to whatever they represent. Main are considered less risky, the Xovers are riskier.

Also one of the best hedges that we use on credit desks. Super liquid and easy to get in/out of other positions with.

Wed, 08/17/2011 - 09:05 | 1568489 speconomist
speconomist's picture

So Xovers is moreless~ GIPSY and Main would be the German-French axis?

 

Thanks as always.

Wed, 08/17/2011 - 08:21 | 1568344 bogbrush
bogbrush's picture

East Fife: 5

Forfar: 4

Wed, 08/17/2011 - 08:23 | 1568351 swissaustrian
swissaustrian's picture

Robbie Keane is soon going to be collateral

Wed, 08/17/2011 - 08:24 | 1568352 AnAnonymous
AnAnonymous's picture

Manchester United is good a choice. Here's half of the english football history that is being ruined by US citizens economics style. Bidding against an ever growing future. The other half of the english football history, Liverpool has already been devastated by US economics and are the shadow of themselves.

Manchester City and their economics based on immediate solvency would have been a poor choice.

Wed, 08/17/2011 - 08:28 | 1568366 swissaustrian
swissaustrian's picture

Uniteds main sponsor was AIG. LMAO

Wed, 08/17/2011 - 08:34 | 1568382 narapoiddyslexia
narapoiddyslexia's picture

There's a misprint on the "Ronaldo: +3"

That can't possibly be right. And where's the Blaugrana?

Wed, 08/17/2011 - 08:34 | 1568387 jayman21
jayman21's picture

Hi Tyler - HSV?  There is the other Hamburg team that has better name recognition and can double as a drink.  St. Pauli.  We should try to recycle as much as possible.  Thanks for the creativity.  Enjoy your posts.

 

Wed, 08/17/2011 - 08:36 | 1568392 mlbs
mlbs's picture

Noob question. Can someone quickly explain to me what these numbers mean?

Wed, 08/17/2011 - 08:45 | 1568414 jayman21
jayman21's picture

It is the change of the price of risk quoted in basis points.  Tyler changed the country names to soccer(football) teams that represent the countries.  Yesterday it was drinks.  I love this stuff.  Wiki has a pretty good description of how a CDS works if you want more information.

Wed, 08/17/2011 - 09:06 | 1568498 speconomist
speconomist's picture

I am trying to wonder where does he (they) get the ideas to get a different name everyday!

Wed, 08/17/2011 - 11:21 | 1568904 mlbs
mlbs's picture

If I understand this right, that means when the number increases it is supposedly because the risk has increased as well, and vice-versa. Do I have that correct?

Wed, 08/17/2011 - 08:58 | 1568463 Eireann go Brach
Eireann go Brach's picture

I see you are a football (not soccer) fan TD? Not many will know who Bohemians FC club are!

Wed, 08/17/2011 - 09:34 | 1568613 Mr. Magpie
Mr. Magpie's picture

Christ, I thought i'd entered some friggin David Lynch Twilight Zone where a broke ass Irish Footabll team, Bohemians FC, were big players in the world of finance...

Wed, 08/17/2011 - 10:18 | 1568739 Eireann go Brach
Eireann go Brach's picture

You need to work on your command of irony and sarcasm Mr Magpie

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