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Meanwhile In European Sovereign Default Risk...

Tyler Durden's picture




 

While all eyes this morning are on Chinese CDS (with about an 18 month delay: about par for a centrally planned market), which has finally blown out, the shifting of attention has done nothing to fix the situation in Europe, where CDS is once again wider across the board.

                                   5Y                10Y          5/10's                           

  • ITALY             470/480  +21      446/460      -30/-10                           
  • SPAIN            379/389  +14      352/368      -30/-10                           
  • PORTUGAL    1090/1130 +20      825/895     -280/-220                           
  • IRELAND        660/710  -15      475/545     -205/-145                           
  • GREECE           59/63   0         60/64
  • BELGIUM       254/264  +11      249/263       -8/2                              
  • FRANCE         183/188  +9.5     197/203       12/17                             
  • AUSTRIA        164/174  +9     182.5/190.5     15/20                             
  • UK                   91/95   +3     107.5/112.5     15/19                             
  • GERMANY      109/113  +4     128.5/133.5     17/21
  • XO 829/834 +41.5
  • MAIN 198/199.5 +9.25

 

 

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Fri, 09/30/2011 - 07:50 | 1725213 Mongo
Mongo's picture

So, any rumors today?

Fri, 09/30/2011 - 08:08 | 1725267 Oh regional Indian
Oh regional Indian's picture

Don't know about Rumor but here is some good Humor.

Spain says it's financial sector is all fixed now. Really, they spent 10 Billion Euros and now, all is well.

http://news.yahoo.com/spain-nationalizes-3-banks-cash-injections-111202049.html

From the article: " says the process of restructuring its financial sector is now complete."

Thank god hmmmmmm?

NOT!

Spain is in the Cross Hairs, Literally

ORI

Fri, 09/30/2011 - 09:58 | 1725606 JimBowie1958
JimBowie1958's picture

Why is Greece at the 60ish level? I would have thought they'd be around 1000+ like Portugal.

Did they have some kind of miraculous recovery or is it that no one will sell CDS on Greek sovereign bonds?

Fri, 09/30/2011 - 11:26 | 1725918 JLee2027
JLee2027's picture

Greece is 5500 on Bloomberg. Press the 1W - 1 Week graph...the main quote is no longer updated.

http://www.bloomberg.com/apps/quote?ticker=CGGB1U5:IND

 

Fri, 09/30/2011 - 11:39 | 1725971 JimBowie1958
JimBowie1958's picture

Thank you very much, Lee.

Seems that Greek CDS rate is falling, so everything must be fixed now; joyous news!

j/k    :)

Fri, 09/30/2011 - 07:51 | 1725217 GeneMarchbanks
GeneMarchbanks's picture

No news about this on CNBC. Mustn't be important.

Fri, 09/30/2011 - 07:54 | 1725232 maxmad
maxmad's picture

Yep, I always turn to CNBS for truthful reporting!

Fri, 09/30/2011 - 08:12 | 1725281 Peter K
Peter K's picture

The first C is for Comedy :)

Fri, 09/30/2011 - 07:55 | 1725237 maxmad
maxmad's picture

BTW, CNBC has now banned all naked short selling on their Million dollar portfolio challenge, bitchez!

Fri, 09/30/2011 - 08:01 | 1725254 maxmad
maxmad's picture

When asked about the naked short selling ban, Steve LIESman, asked "how can you sell something you dont already own?"

Fri, 09/30/2011 - 07:53 | 1725226 maxmad
maxmad's picture

wold default, bitchez!

Fri, 09/30/2011 - 07:53 | 1725228 props2009
props2009's picture

but do u really believe in CDS predicitng anything? Look at Greece and how CDS has no impact

Fri, 09/30/2011 - 07:57 | 1725240 ZeroPower
ZeroPower's picture

Moreso of a predictor than bond px, since CDS market is much smaller and thus cant be manipulated (yet) by CBs.

Case in point: ITA was paying, on average, about 4.9% for its debt throughout the last decade. And today its 10yr is still under 6%. Meanwhile in CDS land..

Fri, 09/30/2011 - 07:59 | 1725245 depression
depression's picture

...but but China is the global engine of growth

...nothing to see here, move along ppl

Fri, 09/30/2011 - 07:56 | 1725238 ZeroPower
ZeroPower's picture

I want 300bp on China 5yrs, aka the high from 2008

Fri, 09/30/2011 - 08:02 | 1725255 Tic tock
Tic tock's picture

Does anyone still buy bonds?

Fri, 09/30/2011 - 08:10 | 1725278 Esso
Esso's picture

What is this bond thingy you speak of?

Fri, 09/30/2011 - 08:26 | 1725312 HoofHearted
HoofHearted's picture

The Bernank...and he has plenty of digital money to buy ALL of them. (OK, Central bankers everywhere join in this party, too. I'll loan you $100B if you'll loan me $100B. It's the monetary equivalent of a reacharound.)

Fri, 09/30/2011 - 08:58 | 1725402 Mister Ponzi
Mister Ponzi's picture

The world economy is going into recession, there are a lot of crisis hot spots out there, and hardly anybody is long duration. I wouldn't be surprised to see, over the next months, even lower yields in government bonds that are generally perceived as safe havens (though medium- to long-term they aren't safe at all for sure). There was never an instance were bond yields have bottomed out before a recession has even started. If you have a fixed income portfolio and have to choose a duration positioning: be long duration.

Fri, 09/30/2011 - 08:41 | 1725354 lolmao500
lolmao500's picture

Can someone explain me why the hell Germany CDS are higher than the UK CDS? Insanity I tell ya.

Fri, 09/30/2011 - 09:03 | 1725420 Mister Ponzi
Mister Ponzi's picture

Because the UK is no member of the Eurozone and has only a limited contribution in bailing out Southern Europe (mainly via IMF contributions) while current proposals suggest huge financial burdens for German taxpayers in the near future. Otherwise, your assessment of the relative credit risk of Germany vs. UK would definitely be correct.

Fri, 09/30/2011 - 09:13 | 1725467 HITMAN56
HITMAN56's picture

TD, what happened to the nicknames for the Euro CDS crap?

Fri, 09/30/2011 - 09:52 | 1725586 DutchDude
DutchDude's picture

there are some rumors Germany has already been printing DM's in secret and are anticipating a departure from de eurozone... a wel... if Germany goes; so does Holland which would be nice...

http://www.economicpolicyjournal.com/2011/09/super-hot-insider-reports-germany.html

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