Spain CDS On Track For Record Close

Tyler Durden's picture

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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Jlmadyson's picture

Europe fixed. Right? Right?

GeneMarchbanks's picture

Ah, I see why EHMs are no longer needed.

LongSoupLine's picture

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

turtle777's picture

Bullish for paper.

SheepDog-One's picture

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


SheepDog-One's picture

WOW Blythe is really going downhill fast!

Bam_Man's picture

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

infiniti's picture

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

5880's picture

All they need to do is ctrl P

until the keys break

Vampyroteuthis infernalis's picture

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

Nobody For President's picture

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.

CvlDobd's picture

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.

Village Smithy's picture

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

Village Smithy's picture

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.

tocointhephrase's picture

See you on the other side (Bitchez).

surf0766's picture

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

monopoly's picture

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.

monopoly's picture

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

Ted Baker's picture


firstdivision's picture

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

Schmuck Raker's picture

Hey look, Ted Baker is using caps lock.

Every word he speaks is more precious than gold.

firstdivision's picture

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.

jus_lite_reading's picture

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)!!



El Oregonian's picture
If you can actually count your money, then you are not really a rich man. -J. Paul Getty
navy62802's picture

Spain and Italy are getting annihilated again today. Ouch.

Global Hunter's picture

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

surf0766's picture

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

russwinter's picture

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

Bold Eagle's picture

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

Element's picture

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."