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Ugly European Sovereign CDS Rerack

Tyler Durden's picture




 

An ugly day all around as European sovereign CDS jump the most in three weeks...

                      5Y                        10Y             5/10's
ITALY          374/382  +15      365/385         -10/0
SPAIN         432/440  +15      426/446          -5/5
PORTUGAL    34.5/35.5 0           37.75/40.75      3.5/6.5
IRELAND      608/620  +6.5        529/599         -90/-10
GREECE        66%/76%   0        66%/79%         0%/3%
BELGIUM      225/235  +7          213/233            2/14
FRANCE       174/178  +9         198/206             22/26
AUSTRIA    164/170  +9       182.5/192.5       18/23
UK               63.5/66.5 +2.5     81/87                17/21
GERMANY     74/77   +5.5        97.5/103.5        22/26

Italy, Spain, Ireland, and Belgium remain inverted - i.e. not bullish!

 

Note Spain is now getting back close to record wides again...

Charts: Bloomberg

 

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Thu, 03/22/2012 - 12:14 | 2280626 EscapeKey
EscapeKey's picture

Not bullish?

SYNTAX ERROR invalid sequence of words

Thu, 03/22/2012 - 12:53 | 2280756 Spooky Polish
Spooky Polish's picture

+1
gimme tha key! 

Thu, 03/22/2012 - 13:00 | 2280757 Spooky Polish
Spooky Polish's picture

double post 

Thu, 03/22/2012 - 15:29 | 2281455 Nobody For President
Nobody For President's picture

Your avatar's fault.

Thu, 03/22/2012 - 19:31 | 2282102 Buck Johnson
Buck Johnson's picture

Things are about to get interesting for sure. 

Thu, 03/22/2012 - 12:15 | 2280628 resurger
resurger's picture

GREECE        66%/76%   0        66%/79%         0%/3%

lol

Thu, 03/22/2012 - 12:17 | 2280633 IMA5U
IMA5U's picture

And HYG is up 0.25% on the day

 

YAWN

Thu, 03/22/2012 - 12:18 | 2280641 Honey Badger
Honey Badger's picture

Ugly is in the eye of the beholder.

Thu, 03/22/2012 - 12:28 | 2280643 hedgeless_horseman
hedgeless_horseman's picture

 

 

Does anyone know what the sales commissions and/or brokerage spread are on these CDS trades?  I would expect them to be very rich versus the underlying, "assets."  Correct?

Thu, 03/22/2012 - 12:21 | 2280647 Irish66
Irish66's picture

my favorite charts, I miss them

Thu, 03/22/2012 - 12:22 | 2280652 LawsofPhysics
LawsofPhysics's picture

This is predictable as the U.S. treasuries were showing weakness.  Rates in U.S. debt will not be allowed to rise, period.  Time to get the herd running running back.

Thu, 03/22/2012 - 12:24 | 2280654 bank guy in Brussels
bank guy in Brussels's picture

Amazingly big spread still, between Italy - Spain - Ireland and the whopping 34.5 full points up front for default-destined Portugal ...

The new meme, I suppose, is not that 'Greece is a special case' but that, 'Greece and Portugal are our 2 special cases ... and We Really Mean It This Time!'.

Thu, 03/22/2012 - 12:29 | 2280668 carbonmutant
carbonmutant's picture

"Peculiar Ungreen Color"...

Thu, 03/22/2012 - 12:53 | 2280767 lolmao500
lolmao500's picture

CDS don't mean shit in the end. INTEREST RATES DO.

Thu, 03/22/2012 - 13:22 | 2280894 ClevelandJanelle6
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Thu, 03/22/2012 - 13:36 | 2280970 q99x2
q99x2's picture

Drupal Tech Alert.

Thu, 03/22/2012 - 13:35 | 2280966 q99x2
q99x2's picture

Zenos paradox. distance between the wall decreases by half steps.

Greece looks great now. 

Sequentially drive each country into starvation and move all the infrastructure and gold to GS. Nazi's did the same thing.

They can fix Spain next.

Didn't work for the Nazis.

Nazis were crushed and then tried at Nuremberg trials.

They can fix US after EU.

Bush's and the Indonesian asset get to go to trial this time round.

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