CDS

CDS

After Crashing, Deutsche Bank Is Forced To Issue Statement Defending Its Liquidity

"Today Deutsche Bank published updated information related to its 2016 and 2017 payment capacity for Additional Tier 1 (AT1) coupons based on preliminary and unaudited figures.   The 2016 payment capacity is estimated to be approximately EUR 1 billion, sufficient to pay AT1 coupons of approximately EUR 0.35 billion on 30 April 2016."

Futures, Global Stocks Tumble As Europe Bank, Periphery Carnage Unfolds

Everything went from bad to worse once Europe opened, and things started going "bump in the morning" across the European banking sector, where not only has it been more of the same with CDS spreads for major banks - most notably Deutsche Bank - continuing their surge wider, but also EM spreads to Bunds all following, with the Portugal-Germany Yield spread blowing out above 300 bps for the first time since 2014, and other peripheral nations following.

Venezuela Prepares To Liquidate Its Remaining Gold Holdings To Pay Coming Debt Maturities

Venezuela's central bank has begun negotiations with the suddenly troubled Deutsche Bank to carry out gold swaps "to improve the liquidity of its foreign reserves as it faces heavy debt payments this year", payments which it won't be able to fund unless it manages to "liquify" its gold. "One of the sources said the central bank has taken an unspecified amount of gold out of the country so that it can be certified, which is required for gold that is used in such swaps."

A Wounded Deutsche Bank Lashes Out At Central Bankers: Stop Easing, You Are Crushing Us

"We have reached that fork in the road within the monetary twilight zone, where Europe's largest bank is openly defying central bank policy and demanding an end to easy money. Alas, since tighter monetary policy assures just as much if not more pain, one can't help but wonder just how the central banks get themselves out of this particular trap they set up for themselves."

The War On Savers And The 200 Rulers Of World Finance

There has been an economic coup d’état in America and most of the world. We are now ruled by about 200 unelected central bankers, monetary apparatchiks and their minions and megaphones on Wall Street and other financial centers. Unlike Senator Joseph McCarthy, we actually do have a list of their names. They need to be exposed, denounced, ridiculed, rebuked and removed.

PBOC Wins The Battle: Yuan Surges To Highest In 2016, Currency War Not Over

With China now closed for all intent and purpose for a week as Golden Week arrives, it appears The PBOC wanted to leave the market a message. Clear and direct intervention in offshore Yuan has ripped it 800 pips higher in the last 2 days to its highest since mid-December and stronger than onshore Yuan. However, while PBOC may have won this battle, surging CDS suggest the currency war is far from over.

Oil Bulls Beware: Gartman Is No Longer "Manifestly Bearish Of Oil"

"Having been manifestly bearish of crude oil over the course of the past many, many months we are moving to the sidelines in light of the “reversal” to the upside staged by WTI and Brent crude yesterday and in light of the sharp move lower on the part of the contangos in both crude types."

- Dennis Gartman

S&P Downgrades Glencore To Lowest Investment Grade Rating

Overnight, one of the two rating agencies, Standard and Poors, came one step closer to that fateful moment of junking Glencore when it downgraded Glencore, however it decided to throw the company one last lifeline by keeping it at the very lowest investment grade rating, and instead of cutting it from BBB to single B or CCC where its CDS and bond yield implies the company should be trading, it kept it a BBB-.