How ZIRP and SNAC Made It Easier To Short Credit

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Mon, 11/21/2011 - 11:33 | 1898551 oogs66
oogs66's picture

So many analysts talking about how Junk spreads are CHEAP !!!  yet, they can't really tighten because they are cheap to very short dates and compared to treasury yields of zero.  the Fed has made looking at spreads somewhat useless.  the fact that sell siders are trying to sell high yield bonds based on spread is a death trap waiting to happen

Mon, 11/21/2011 - 11:36 | 1898565 Careless Whisper
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The Careless Whisper Morning Update


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Mon, 11/21/2011 - 13:28 | 1899115 sqz
sqz's picture

How many sovereign CDS use the Standard North American Corporate (SNAC) or Standard European Corporate (STEC) protocol?

I'm guessing that number is negligible or zero.

Mon, 11/21/2011 - 11:38 | 1898571 GMadScientist
GMadScientist's picture

I guarantee you ZIRP has postponed my first home purchase indefinitely. With no rate risk and prices dropping...why buy now?

Mon, 11/21/2011 - 12:15 | 1898719 Village Smithy
Village Smithy's picture

And at the other end of the age spectrum I gaurantee you that ZIRP has hastened my last home sale, and many of my friends, because we are running out of cash.

Mon, 11/21/2011 - 11:43 | 1898583 bania
bania's picture

what's the over/under on the Deer in Headlights graphic today?

Mon, 11/21/2011 - 12:18 | 1898734 oogs66
oogs66's picture

high - though deer in headlights might be getting too pleasant of an image

Mon, 11/21/2011 - 11:47 | 1898599 El Viejo
El Viejo's picture

What about K Mart ?  They're like a rubber ball. They have bounced a few times since 1966.


Mon, 11/21/2011 - 12:46 | 1898926 slewie the pi-rat
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zirpity doo dah,

zirpity yay...

Fri, 02/10/2012 - 05:00 | 2144980 kevin22
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