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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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Fri, 04/13/2012 - 10:41 | Link to Comment Jlmadyson
Jlmadyson's picture

Europe fixed. Right? Right?

Fri, 04/13/2012 - 10:44 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Ah, I see why EHMs are no longer needed.

Fri, 04/13/2012 - 11:12 | Link to Comment Schmuck Raker
Schmuck Raker's picture

Economic Hit-Men?

Fri, 04/13/2012 - 10:43 | Link to Comment LongSoupLine
LongSoupLine's picture

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

Fri, 04/13/2012 - 10:45 | Link to Comment turtle777
turtle777's picture

Bullish for paper.

Fri, 04/13/2012 - 10:46 | Link to Comment SheepDog-One
SheepDog-One's picture

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 | Link to Comment jus_lite_reading
jus_lite_reading's picture

Here is my sausage!! LOL

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

Fri, 04/13/2012 - 11:37 | Link to Comment SheepDog-One
SheepDog-One's picture

WOW Blythe is really going downhill fast!

Fri, 04/13/2012 - 12:36 | Link to Comment rufusbird
rufusbird's picture

Is this her acting in this cult video...

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

Fri, 04/13/2012 - 11:44 | Link to Comment Bam_Man
Bam_Man's picture

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

Fri, 04/13/2012 - 10:45 | Link to Comment infiniti
infiniti's picture

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

Fri, 04/13/2012 - 10:45 | Link to Comment 5880
5880's picture

All they need to do is ctrl P

until the keys break

Fri, 04/13/2012 - 11:47 | Link to Comment Vampyroteuthis ...
Vampyroteuthis infernalis's picture

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

Fri, 04/13/2012 - 10:47 | Link to Comment Nobody For President
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.

Fri, 04/13/2012 - 10:48 | Link to Comment CvlDobd
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.

Fri, 04/13/2012 - 11:14 | Link to Comment Village Smithy
Village Smithy's picture

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

Fri, 04/13/2012 - 10:48 | Link to Comment Village Smithy
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.

Fri, 04/13/2012 - 10:49 | Link to Comment bob_dabolina
bob_dabolina's picture

Bush's fault

Fri, 04/13/2012 - 10:49 | Link to Comment tocointhephrase
tocointhephrase's picture

See you on the other side (Bitchez).

Fri, 04/13/2012 - 10:49 | Link to Comment surf0766
surf0766's picture

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

Fri, 04/13/2012 - 10:50 | Link to Comment monopoly
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.

Fri, 04/13/2012 - 10:51 | Link to Comment monopoly
monopoly's picture

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

Fri, 04/13/2012 - 10:53 | Link to Comment Ted Baker
Ted Baker's picture

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 | Link to Comment firstdivision
firstdivision's picture

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

Fri, 04/13/2012 - 11:21 | Link to Comment Schmuck Raker
Schmuck Raker's picture

Hey look, Ted Baker is using caps lock.

Every word he speaks is more precious than gold.

Fri, 04/13/2012 - 10:55 | Link to Comment firstdivision
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.

Fri, 04/13/2012 - 10:55 | Link to Comment jus_lite_reading
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)!!

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

 

Fri, 04/13/2012 - 10:59 | Link to Comment El Oregonian
El Oregonian's picture
If you can actually count your money, then you are not really a rich man. -J. Paul Getty
Fri, 04/13/2012 - 11:01 | Link to Comment navy62802
navy62802's picture

Spain and Italy are getting annihilated again today. Ouch.

Fri, 04/13/2012 - 11:07 | Link to Comment Global Hunter
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

Fri, 04/13/2012 - 11:09 | Link to Comment surf0766
surf0766's picture

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

Fri, 04/13/2012 - 11:21 | Link to Comment russwinter
russwinter's picture

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

Fri, 04/13/2012 - 11:29 | Link to Comment Dick Darlington
Dick Darlington's picture

Hats in the air!

Fri, 04/13/2012 - 11:34 | Link to Comment Bold Eagle
Bold Eagle's picture

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

Fri, 04/13/2012 - 19:44 | Link to Comment Element
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."

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