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Spain CDS On Track For Record Close

Submitted by Tyler Durden on 04/13/2012 10:39 -0400

Spanish CDS, at 493bps, have just pushed above their previous record wide closing levels (though remain a few bps below their record intraday wides at 499bps from 11/17/11). The Spanish bond market, which we have numerous times indicated does not reflect the economic realities since it is so dominated by LTRO-buying and government reach-arounds, remain 45bps off their record wide spreads to Bunds. BBVA (430bps) and Santander (415bps) are also close to their record wides back in late November as their stock prices plummet.

Chart: Bloomberg

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Fri, 04/13/2012 - 10:41 | 2341560 Jlmadyson

Europe fixed. Right? Right?

Fri, 04/13/2012 - 10:44 | 2341566 GeneMarchbanks

Ah, I see why EHMs are no longer needed.

Fri, 04/13/2012 - 11:12 | 2341693 Schmuck Raker

Economic Hit-Men?

Fri, 04/13/2012 - 10:43 | 2341570 LongSoupLine

whew, good thing Italy's ok...i mean Monti said so, so it must be true.

Fri, 04/13/2012 - 10:45 | 2341572 turtle777

Bullish for paper.

Fri, 04/13/2012 - 10:46 | 2341573 SheepDog-One

I'm LMAO watching these muppets chase each other around trying to play hide the sausage.

Oh, and FUCK YOU, BERNANK!

Fri, 04/13/2012 - 11:11 | 2341694 jus_lite_reading

Here is my sausage!! LOL

http://dont-tread-on.me/?p=870

Fri, 04/13/2012 - 11:37 | 2341788 SheepDog-One

WOW Blythe is really going downhill fast!

Fri, 04/13/2012 - 12:36 | 2342014 rufusbird

Is this her acting in this cult video...

http://www.youtube.com/watch?v=VgpfmehW7iE

Fri, 04/13/2012 - 11:44 | 2341818 Bam_Man

You know you are in trouble when you start to look like Courtney Love.

Fri, 04/13/2012 - 10:45 | 2341576 infiniti

I only buy things with a price chart pointing up and to the right.

Fri, 04/13/2012 - 10:45 | 2341577 5880

All they need to do is ctrl P

until the keys break

Fri, 04/13/2012 - 11:47 | 2341826 Vampyroteuthis ...

Ctrl P is no good when the electicity is turned off due to unpaid bills.

Fri, 04/13/2012 - 10:47 | 2341582 Nobody For President

Looks like it's time for "The Running of the Bulls" - really let those suckers loose this time, cut into the youth unemployment problem as well as provide entertainment value.

Fri, 04/13/2012 - 10:48 | 2341585 CvlDobd

Draw a line off the lows of 2009 to the low of 2002 to the highs of 1996 and 1994 in the IBEX 35. WE ARE THERE! It's do or die for Spain tonight now. Just my opinion but this is a low risk buy in the IBEX here.

Fri, 04/13/2012 - 11:14 | 2341705 Village Smithy

Thanks but if it's OK with you I will use a pretty tight stop.

Fri, 04/13/2012 - 10:48 | 2341586 Village Smithy

Could someone be pushing these up and selling them at the same time thinking (knowing) they will eventually be valueless? You know, say someone like JPM. It just seems that after Greece their use and therefore value is a little suspect.

Fri, 04/13/2012 - 10:49 | 2341588 bob_dabolina

Bush's fault

Fri, 04/13/2012 - 10:49 | 2341589 tocointhephrase

See you on the other side (Bitchez).

Fri, 04/13/2012 - 10:49 | 2341593 surf0766

Should we expect another midnight intervention this Sunday night? History does repeat itself.

Fri, 04/13/2012 - 10:50 | 2341598 monopoly

Spain is next. And we all know they are not Greece. A major part of Europe in which there is not enough confetti to bail them out. It is beginning.

And you think one or to hedge funds trying to get out of AAPL> Gotta luv it.

Fri, 04/13/2012 - 10:51 | 2341601 monopoly

Gold hanging tough and there goes minor support on spoos at 1,376 or so.

Fri, 04/13/2012 - 10:53 | 2341613 Ted Baker

ON THE WIRES:- FED TO DISCUSS QE OVER THE WEEKEND, ECB TO INTERVINE WITH BOND PURCHASES (dollar weakness euro strenghtening) AND GOLD TO SPIKE TO 1,725-1,750 NEXT WEEK....

Fri, 04/13/2012 - 10:55 | 2341631 firstdivision

Can you tell me what is hot on RedTube right now?

Fri, 04/13/2012 - 11:21 | 2341737 Schmuck Raker

Hey look, Ted Baker is using caps lock.

Every word he speaks is more precious than gold.

Fri, 04/13/2012 - 10:55 | 2341626 firstdivision

Who would buy CDS anymore? The real value of all of them is zero when there is a binary outcome of a)good luck collecting when the world is in financial ruin or b)an event is always voluntary.

Fri, 04/13/2012 - 10:55 | 2341629 jus_lite_reading

A stranger off the streets attemps to sell you an I.O.U. for a certain amount with a promise to pay it back... The man has always made good on his promise to others in the past, but recently has had gambling problems, suffers from alcoholism, is behind on his child support and has ever increasing amounts of debt with no end in sight... no one else but his own mother will lend him money.

Would you lend to him?

Welcome to Europe, the second greatest ponzi in the world (after the US)!!

On a side note... ICELAND FORGIVES ALL MORTGAGES!!!

Fri, 04/13/2012 - 10:59 | 2341640 El Oregonian

If you can actually count your money, then you are not really a rich man. -J. Paul Getty

Fri, 04/13/2012 - 11:01 | 2341648 navy62802

Spain and Italy are getting annihilated again today. Ouch.

Fri, 04/13/2012 - 11:07 | 2341677 Global Hunter

toro-ish as it means the central bank of Europe and the USA will have cover to print more money...weeee

Fri, 04/13/2012 - 11:09 | 2341685 surf0766

Increasing frequency of bailouts and short duration of the "fix".

Fri, 04/13/2012 - 11:21 | 2341736 russwinter

How many times has Unicredit been halted of late? Message to ECB: you own this POS.

Fri, 04/13/2012 - 11:29 | 2341766 Dick Darlington

Hats in the air!

Fri, 04/13/2012 - 11:34 | 2341780 Bold Eagle

How about them AAPLes? Somebody knows that this is not going to be another blowout quarter?

Fri, 04/13/2012 - 19:44 | 2343010 Element

bu... but ... it was all hunky-dorey! ... they said it wasn't broken any more! ...

and of course;

"No one could have seen this coming."

Spain CDS On Track For Record Close

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