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Gray Market "Fresh Start" Greek Bond, Aka GGB2 Full Pricing Grid
And this is what the market is now seeing for Fresh Start Greek bond pricing (all 20 CUSIPs) via BNP.
Comment: We added a few data in the bottom of the page....closing GDP warrant, average price of the GGB2, average yield of the GGB2, the EFSF prices and the implicit price of the old GGB...we are at 21 tonight.
Year Mat Bid Ask Yld
11Y 2023 21.4 / 23.4 21.6
12Y 2024 20.4 / 22.4 21.2
13Y 2025 19.5 / 21.5 20.8
14Y 2026 18.8 / 20.8 20.5
15Y 2027 18.1 / 20.1 20.2
16Y 2028 17.6 / 19.6 20.0
17Y 2029 17.1 / 19.1 19.8
18Y 2030 16.8 / 18.8 19.6
19Y 2031 16.5 / 18.5 19.4
20Y 2032 16.3 / 18.3 19.3
21Y 2033 16.1 / 18.1 19.1
22Y 2034 16.0 / 18.0 19.0
23Y 2035 15.9 / 17.9 18.8
24Y 2036 15.8 / 17.8 18.8
25Y 2037 15.6 / 17.6 18.7
26Y 2038 15.6 / 17.6 18.6
27Y 2039 15.6 / 17.6 18.4
28Y 2040 15.6 / 17.6 18.3
29Y 2041 15.6 / 17.6 18.2
30Y 2042 15.6 / 17.6 18.2
Average Price:
18.0
Average Yld:
19.4
GDP Warrant:
0.25
EFSF package:
15
Implied Old GGB:
20.9
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How long to the 1 year is back to 1000+%?
Next week? LOL
It's my turn to ask...What do these mean?
Default on the old, but call it "a success".
Issue new bonds. Pimp rates lower to give appearance of stability.
Kick ponzi down the road 4 weeks. Next up Spain.
Your right, but they will try to go after Portugal but everyone knows that Portugal finance is tied with Spain. This game is becoming toxic to the point of no return.
"How long to the 1 year is back to 1000+%?"
I noticed they didn't issue any 1-year paper; shortest term is 11-years. Gives them a full decade to live it up before the piper has to be paid...
"How long to the 1 year is back to 1000+%?"
"I noticed they didn't issue any 1-year paper; shortest term is 11-years. Gives them a full decade to live it up before the piper has to be paid..."
No that was just what was in the post. You can get additional listings:
http://www.bankofgreece.gr/Pages/en/Statistics/rates_markets/titloieldim...
They want all the money they can get and if one is foolish enough to give it to them, any year is good enough for them. Good luck collecting.
Almost like the never-ending reverse split.
Until it gets to the atomic level!! Hey, that concept dates back to ancient Greece. Shows what a nanny state does to innovation. Greeks do wear nice watches, however. They take them off for rioting.
Yield > Bid = death to the Sta-Puft Marshmallow Man
Central banks control stock market......why even care about Greece.....
Why don't they trigger CDS and buy these instead of getting this through the deal?
That would have been an interesting strategy - one that would have really messed up the ISDA. But like I said on another thread, most Greeks don't even know their enemy. For most, it is simply the ECB and Germany. The ECB is just a puppet and Germany is just protecting its own interest as any other country would. Very amusing idea though having the Greek government buy up all the CDS and then defaulting to trigger them - lol. Not really a gain but would be one hell of a scene to watch play out. Much more interesting then this rinse repeat crap of the last year or so.
"Very amusing idea though having the Greek government buy up all the CDS and then defaulting to trigger them - lol."
Now you're thinking. Greece buys CDS, Greece defaults, banks behind CDS pay Greece, CBs bailout banks, Greece makes next interest payment to banks. Booyaa! I hear Goldman's Motherfuckery Dept. is hiring..
Step right up and get your under water bonds...issued by a soon to be a twice default Euro nation.
Forgive me, but bond trading I have not done recently, but does this suggest the "New Bonds" are already pricing at 80% loss in the Grey Market?
Anyone?
And if it does where can I sign up to lose 80% of the value of something I have, oh wait wait what's this....a dollar bill in my pocket........
Greece defaults, Wall Street rallies. Told you so. Next stop: Iran. Today, Khamenei spoke kind words about Obama. No nucleair Irancrisis, no war. Two black swans off the table today. Boring world we live in.
YUUPPP!!!
Buy all risk based assets. Too many naysayers out there. The world is o.k.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH.
I think that about covers it.
iVenizelosmotherfucker.
Well, looks like all those Euro-Armageddon-tomorrow-prediction scenarios have once again failed to materialize, the banks have got matters firmly in hand, the votes are in, the CDSs have stood down from DEFCON 4, and the relief rally is starting ahead of the actual announcement - probably a "sell on the news" situation, but buy it back again as risk roars once again and chastened bears head for their dens. All thanks to our friends in high places. Wake me up when the debt bomb explodes, cause it's pretty clear that regardless of the merits of the arguments that this system has no future, it's also all too true that there ain't nothing gonna stop this anytime soon.
Probably have an employment number of 250K+ tomorrow, triggering an equities market rout as the reasons for more QE dissipate. Things are looking good -SELL!
how many people got paid at par already?
Serious question: What is to stop a Euro area bank from buying bonds at 25 cents on the dollar and pledging them as collateral with the ECB at face value?
IMHO, there is no such stop. ECB accepts that stuff as collateral regardless of its current nominal value.
Yes, that's what I was thinking....how do I get in on that deal???
Become a member of the Greek parliament.
consider buying one of those 25Y 2037s for your kids
just to piss them off
Yeah and make sure to frame them a 30 year US bond and a $100 bill for a history lesson of what fiat money used to look like before the US goes back to a gold & silver based monetary system that can't be corrupted by politician's promises to give things away that they can't afford at the moment of truth.
better put them in a fire proof safe
And expect a mighty long wait before we have a metals based monetary system.
you wont see a system based on gold or silver, we're going really fast to a total digital money system mate
i will be a buyer (with fiat of course) at -273.15 C
Bank of Iran, in need of ( Nuclear material) GGB 10's preferred. Will swap "STUXNET centrifuges", and Happy Meals.
Contact (Shiekslist.com)
TD - And the 20 Cusips are?
Spin is everything. When spin can be combined with idiocy, and be backed by policy, it is the elixir of (political) life.
Here’s how the bond swap can be spun: our bonds traded at 20% of par before the swap, and the new bonds are trading at 20% of par, thus, we broke even. The financial media will applaud. Markets will soar. FASB---or its Euro equivalent, will issue a blessing of this type of accounting. Suddenly the new Greek bonds catch a bid and trade at 25% of par. Banks book a “gain” and this alleviates the capital problems.
Elsewhere, the fact that so many US young people are without jobs and have moved back in with the parents, will be used in an Obama re-election campaign commercial...President Obama, through strong policy and moral guidance, has contributed significantly to re-establishing the American Family Unit.