Credit Suisse

Tyler Durden's picture

Argentina Stuns Bondholders With Scorched-Earth "Cramdown" Plan





With the impasse over the latest Argentina default going nowhere fast, late last night president Kirchner stunned its creditors when she announced what amounts to a cramdown plan for holdouts, in which all bonds would be stripped of their existing indentures and converted to local law bonds. Or, as some would call it, a "scorched earth" transaction that burns all bridges, and goodwill, with the international creditor community and likely leaves Argentina unable to access global capital markets for the foreseeable future.

 
Tyler Durden's picture

Frontrunning: August 20





  • Ferguson at Turning Point After Night of Relative Calm (BBG)
  • Gaza war rages on, Hamas says Israel tried to kill its military chief (Reuters)
  • Surge in Putin Patriotism Masks Pain of Sanctions (BBG)
  • Bank of England splits over rate hike for first time in 3 years (Reuters)
  • Putin Meeting Leaves Kiev With Tough Choices (WSJ)
  • European Gas Reverses Biggest Drop Since 2009 on Ukraine (BBG)
  • "Isolation"  Mongolia Seeks Economic Lifeline With Pivot to China, Russia (BBG)
  • Uber Picks David Plouffe to Wage Regulatory Fight (NYT)
  • China Levies Record Antitrust Fine on Japanese Firms (BBG)
 
Tyler Durden's picture

Frontrunning: August 19





  • Just how many rats are there? Steven Cohen's Firm Loses Another Top Executive (WSJ)
  • Iceland Sees a Potential Volcanic Eruption, and Airlines Cower (Bloomberg)
  • Iraqi forces battle to drive jihadists from Saddam's home town (Reuters)
  • Israel, Palestinians Agree to Extend Gaza Truce for 24 Hours (BBG)
  • Pimco now buying junk (BusinessWeek)
  • Pakistan arrests 147 in Punjab towns as protests in capital continue (Reuters)
  • Ex-Rabobank Employee Pleads Guilty in Libor-Rigging Probe (BBG)
  • Ebola Orphans Targeted by Aid Groups as Newest Victims (BBG)
  • Two California youths accused of plotting high school shooting spree (Reuters)
  • Only Rich Know Wage Gains With No Raises for U.S Workers (BBG)
 
Tyler Durden's picture

Frontrunning: August 18





  • Yellen Dashboard Warning Light Glows as Millions Work Part Time (BBG)
  • More US drones boosting global GDP: Unidentified war planes, explosions heard in Libyan capital (Reuters)
  • London Home Asking Prices Plunge Most in More Than Six Years (BBG)
  • Carney - Rate Hike before Pay Recovers (Times)
  • No Fed fireworks, but plenty of clues, expected at Jackson Hole (Reuters)
  • Kurdish, Iraqi forces in control of Mosul dam (Reuters)
  • China Pushes Cleanup of Banks (WSJ)
  • Russia Widens Ruble Trading Band in Move Away From Managed Rate (BBG)
  • Dollar General Makes $9.7 Billion Family Dollar Counterbid (BBG)
  • Autopsy finds unarmed teen killed by police was shot six times (NYT)
  • Bull Market Waning as Barclays Sees 1% Gain for S&P 500 (BBG)
  • Credit Suisse Caught Up in Espírito Santo Mess (WSJ)
 
Tyler Durden's picture

Frontrunning: August 14





  • Police fire tear gas, stun grenades at Missouri protesters (Reuters)
  • Putin’s Pipeline Bypassing Ukraine at Risk Amid Conflict (BBG)
  • Russia's Largest Oil Company Seeks $42 billion to Weather Sanctions (WSJ)
  • Shells hit central Donetsk, Russian aid convoy heads towards border (Reuters)
  • U.S. Tightens Sanctions, Putting More Russian Companies at Risk (BBG)
  • How to Blindly Score 43% Profit Overnight in China Stocks (BBG)
  • Tears guaranteed: San Diego Pension Dials Up the Risk to Combat a Shortfall (WSJ)
  • Euro Recovery Halts as Germany Shrinks, France Stagnates (BBG)
  • Billionaire Found in Middle of Bribery Case Avoids U.S. Probe (BBG)
  • Hillary Clinton, Barack Obama 'Hug It Out' on Martha's Vineyard (WSJ)
 
GoldCore's picture

New “London Silver Price” Launching In Just Two Days - Confusion Reigns





Interestingly, the FT also reports that there may be significant buying of silver in the coming days: Indeed, there are already rumours in the market place that some big silver producers and consumers are preparing to pepper the market with orders.” This creates the possibility of the short squeeze that many market participants and silver analysts have been expecting for some time.

 
Tyler Durden's picture

Frontrunning: August 12





  • Gunshots, tear gas in riots over shooting of black Missouri teen (Reuters)
  • Russia sends big aid convoy to Ukraine, West sounds warnings (Reuters)
  • Maliki Bid to Block Successor Escalates Crisis in Iraq (BBG)
  • Poor German data pushes euro toward 9-month lows against dollar (Reuters)
  • Derivatives Reincarnate Boosting Debt Wagers in New Era  (BBG)
  • Israel Says No Gaza Talks Progress as Hamas Warns on Truce (BBG)
  • Traders brace for research crackdown as easy money dries up (Reuters)
  • U.S. Bank Profits Near Record Levels (WSJ)
  • Unproven Ebola Drugs Are Ethical to Use in Outbreak: WHO (BBG)
  • Caesars’ CEO Loveman Says No Qualified Bidders for Revel (BBG)
 
Tyler Durden's picture

Frontrunning: August 11





  • Maliki digs in as U.S. pushes for new Iraq government (Reuters)
  • Ukraine's forces say close to taking rebel-held Donetsk (Reuters)
  • Anger Over Michael Brown Shooting Leads to Looting (WSJ)
  • German Economy Backbone Bending From Lost Russia Sales (BBG)
  • Kinder Morgan to Consolidate Empire (WSJ)
  • Early Failure to Detect Gaza Tunnel Network Triggers Recriminations in Israel (WSJ)
  • You’ll never guess how much BuzzFeed raised from Horowitz (FT)
  • The dumb money is now chasing Chinese oligarchs: Norway’s Wealth Fund Buys $576 Million of Mayfair Area (BBG)
  • Clinical trial to start soon on GSK Ebola vaccine (Reuters)
  • No drone skeet shooting any time soon (WSJ)
 
Tyler Durden's picture

Frontrunning: August 8





  • Pope Francis calls for action as Iraqi Christians forced to flee (Reuters)
  • Richest Russians Deprived of Luxury Foods by Putin’s Ban (BBG)
  • Exxon Drilling Russian Arctic Shows Sanction Lack Bite (BBG)
  • Israeli Jets Strike Gaza Targets After Rockets Shatter Truce (BBG)
  • U.S. starts aid airdrops in Iraq but no strikes yet (Reuters)
  • Banks Said to Be Arranging Argentine Debt Buyer Group (BBG)
  • Siberia Flight-Ban Threat Forces Airlines to Mull Options (BBG)
  • Malaysia Airlines to Be Delisted in $429 Million Buyout (BBG)
  • Erdogan poised to win Turkey's first popular presidential vote (Reuters)
  • African Bank Fights Collapse in Espirito Santo-Like Drama (BBG)
  • China to build lighthouses on five isles in defiance of U.S. call (Reuters)
 
Tyler Durden's picture

Frontrunning: August 7





  • Russia bans all U.S. food, EU fruit and vegetables in sanctions response (Reuters)
  • Snowden receives three-year Russian residence permit (Reuters)
  • Headline of the day: Europe's Recovery Menaced by Putin as Ukraine Crisis Bites (BBG)
  • Americans worry that illegal migrants threaten way of life, economy (Reuters)
  • Almost 90% of Uninsured Won't Pay Penalty Under the Affordable Care Act in 2016 (WSJ)
  • Germany’s Bond Advance Sends 2-Year Note Yield Below Zero (BBG)
  • Gaza War’s Critics in Crosshairs as Israelis Back Offensive (BBG)
  • The 1% May Be Richer Than You Think, Research Shows (BBG)
  • Bank of America Near $16 Billion to $17 Billion Settlement (WSJ)
  • Deep Water Fracking Next Frontier for Offshore Drilling (BBG)
 
Tyler Durden's picture

The Loudest Warning Yet: "This Stage Should Lead To Increased Risk... System Less Able To Deal With Such Episodes"





"Suppression of yield and vol induces investors to take on more risk (QE III). The market clings to perception of certainty regarding outcomes, despite the Fed shifting commitment modes from time or level-based to data dependent. This stage of policy should eventually lead to increased uncertainty and risk."  Translation: the TBAC itself - i.e., America's largest banks - whose summary assessment this is, is now actively derisiking.

 
Tyler Durden's picture

Another Glitch: Espirito Santo Junior Debt Plummets As CDS Trigger May Be Avoided





Fearful of any impact to the Portuguese/European dream, EU commission leaders folded and bailed out Banco Espirito Santo. Bond and CDS traders are scrambling this morning to come to grips with the consequences of BES bail-out/bail-in. The $6.6 billion bailout's burden-sharing has wiped out shareholders and crushed subordinated debt holders (traded down to 16c on the dollar this morning) where "the likelihood of recovery for junior bondholders is minimal,” according to one trader; but leaves senior bond holders (+10pts to 100) and depositors unaffected. However, it is those 'smart' investors who bought insurance in the CDS market that are struggling this morning as the plan to transfer BES assets to a new company, Novo Banco, may constitute a so-called 'succession event' whereby all the contracts associated with CDS move to the new company (and this do not trigger the CDS to pay). CDS spreads ripped 350bps tighter.

 
Tyler Durden's picture

Frontrunning: August 4





  • New War Risk on Russia Fringes Amid Armenia-Azeri Clashes (BBG)
  • Palestinians accuse Israel of breaking seven-hour Gaza truce (Reuters)
  • Argentine Default Sours Outlook for Peso as Talks Ordered (BBG)
  • Espírito Santo Saga Entangles Swiss Company (WSJ)
  • Booming African Lion Economies Gear Up to Emulate Asians (BBG)
  • CME Profit Falls as Trading Volume Declines (WSJ)
  • Why Recalled Cars Stay on the Road (WSJ)
  • London Renters Win in Billionaire Backyard as Prices Soar (BBG)
  • Junk-Debt Liquidity Concerns Bring Sales (WSJ)
  • Rescuers race to find survivors after 400 die in China quake (AFP)
 
Tyler Durden's picture

Frontrunning: August 1





  • As we predicted yesterday, the "big" Gaza ceasefire lasted all of a few hours (Reuters)
  • To Lift Sales, G.M. Turns to Discounts (NYT)
  • Espirito Santo Family’s Swift Fall From Grace Jolts Portugal (BBG)
  • Argentine Debt Feud Finds Much Fault, Few Fixes (WSJ)
  • Fiat Says Ciao to Italy as Merger With Chrysler Ends Era (BBG)
  • Euro zone factory growth eases in July as inflation fades away (Reuters)
  • CIA concedes it spied on U.S. Senate investigators, apologizes (Reuters)
  • Ukraine Reports Losses After Pro-Russian Ambush Near Malaysia Airlines Flight 17 Crash Area (WSJ)
  • U.S. says India refusal on WTO deal a wrong signal (Reuters)
  • Why Putin Has 2006 Flash Before His Eyes After Sanctions (BBG)
 
Tyler Durden's picture

Frontrunning: July 31





  • Moscow fights back after sanctions; battle rages near Ukraine crash site (Reuters)
  • On Hold: Merkel Gives Putin a Blunt Message (WSJ)
  • Argentina’s Default Clock Runs Out as Debt Talks Collapse (BBG)
  • Argentina braces for market reaction to second default in 12 years (Reuters)
  • Banco Espirito Santo Plunges After Posting 3.6 Billion-Euro Loss (BBG)
  • Adidas Plunges After Cutting Forecast on Russia, Golf (BBG)
  • GOP Says Lerner Emails Show Bias Against Conservatives (WSJ)
  • Londoners Cashing in Flee to Suburbs as Home Rally Wanes (BBG)
  • BNP Paribas Reports Record $5.79 Billion Quarterly Loss (WSJ)
  • Swiss Banks Send U.S. Client Data Before Cascade of Settlements (BBG)
  • Putin Sows Doubt Among Stock Bears Burned by 29% Rebound (BBG)
 
Syndicate content
Do NOT follow this link or you will be banned from the site!