This page has been archived and commenting is disabled.

Gray Market "Fresh Start" Greek Bond, Aka GGB2 Full Pricing Grid

Tyler Durden's picture




 

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

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 03/08/2012 - 16:52 | 2237160 AC_Doctor
AC_Doctor's picture

How long to the 1 year is back to 1000+%?

Thu, 03/08/2012 - 16:53 | 2237179 sodbuster
sodbuster's picture

Next week? LOL

Thu, 03/08/2012 - 17:07 | 2237233 JPM Hater001
JPM Hater001's picture

It's my turn to ask...What do these mean?

Thu, 03/08/2012 - 17:09 | 2237241 nope-1004
nope-1004's picture

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.

 

Thu, 03/08/2012 - 19:19 | 2237662 Buck Johnson
Buck Johnson's picture

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.

Thu, 03/08/2012 - 17:14 | 2237240 Pool Shark
Pool Shark's picture

 

 

"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...

 

Thu, 03/08/2012 - 17:37 | 2237323 sessinpo
sessinpo's picture

"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.

 

 

Thu, 03/08/2012 - 16:52 | 2237174 J 457
J 457's picture

Almost like the never-ending reverse split.

Thu, 03/08/2012 - 16:58 | 2237203 defn8Dog
defn8Dog's picture

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.

Thu, 03/08/2012 - 16:53 | 2237181 mayhem_korner
mayhem_korner's picture

 

 

Yield > Bid = death to the Sta-Puft Marshmallow Man

Thu, 03/08/2012 - 16:56 | 2237188 The Axe
The Axe's picture

Central banks control stock market......why even care about Greece.....

Thu, 03/08/2012 - 16:56 | 2237195 YesWeKahn
YesWeKahn's picture

Why don't they trigger CDS and buy these instead of getting this through the deal?

Thu, 03/08/2012 - 17:50 | 2237403 sessinpo
sessinpo's picture

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.

Thu, 03/08/2012 - 19:17 | 2237654 John Wilmot
John Wilmot's picture

"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..

Thu, 03/08/2012 - 16:57 | 2237198 Dr. Engali
Dr. Engali's picture

Step right up and get your under water bonds...issued by a soon to be a twice default Euro nation.

Thu, 03/08/2012 - 17:01 | 2237204 Jim Cramer
Jim Cramer's picture

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........

Thu, 03/08/2012 - 16:58 | 2237205 LookingWithAmazement
LookingWithAmazement's picture

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.

Thu, 03/08/2012 - 17:00 | 2237209 Stoploss
Stoploss's picture

YUUPPP!!!

Thu, 03/08/2012 - 17:01 | 2237215 hmn
hmn's picture

Buy all risk based assets.  Too many naysayers out there.  The world is o.k.

Thu, 03/08/2012 - 17:02 | 2237221 Jim Cramer
Jim Cramer's picture

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH.

 

I think that about covers it.

Thu, 03/08/2012 - 17:01 | 2237218 Eurogroup
Eurogroup's picture

iVenizelosmotherfucker.

Thu, 03/08/2012 - 17:07 | 2237234 Ned Zeppelin
Ned Zeppelin's picture

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!

Thu, 03/08/2012 - 17:12 | 2237249 SDRII
SDRII's picture

how many people got paid at par already?

Thu, 03/08/2012 - 17:12 | 2237251 Vincent Vega
Vincent Vega's picture

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?

Thu, 03/08/2012 - 17:17 | 2237261 Black Forest
Black Forest's picture

IMHO, there is no such stop. ECB accepts that stuff as collateral regardless of its current nominal value.

Thu, 03/08/2012 - 17:30 | 2237316 Vincent Vega
Vincent Vega's picture

Yes, that's what I was thinking....how do I get in on that deal???

Thu, 03/08/2012 - 17:34 | 2237335 Black Forest
Black Forest's picture

Become a member of the Greek parliament.

Thu, 03/08/2012 - 17:13 | 2237256 slewie the pi-rat
slewie the pi-rat's picture

consider buying one of those 25Y 2037s for your kids

just to piss them off

 

Thu, 03/08/2012 - 17:20 | 2237285 AC_Doctor
AC_Doctor's picture

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. 

Thu, 03/08/2012 - 18:09 | 2237463 unrulian
unrulian's picture

better put them in a fire proof safe

Thu, 03/08/2012 - 22:04 | 2238234 Ned Zeppelin
Ned Zeppelin's picture

And expect a mighty long wait before we have a metals based monetary system.

Fri, 03/09/2012 - 07:55 | 2239066 Ar-Pharazôn
Ar-Pharazôn's picture

you wont see a system based on gold or silver, we're going really fast to a total digital money system mate

Thu, 03/08/2012 - 18:24 | 2237507 leathaface
leathaface's picture

i will be a buyer (with fiat of course) at -273.15 C

Thu, 03/08/2012 - 19:59 | 2237804 Yen Cross
Yen Cross's picture

 Bank of Iran, in need of ( Nuclear material) GGB 10's preferred. Will swap "STUXNET centrifuges", and Happy Meals.

   Contact (Shiekslist.com)

Thu, 03/08/2012 - 20:24 | 2237881 ponzilla
ponzilla's picture

TD - And the 20 Cusips are?

Fri, 03/09/2012 - 00:35 | 2238503 chindit13
chindit13's picture

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.

Do NOT follow this link or you will be banned from the site!