asterisk2a + bonds   32

Junk's heyday is here and now - YouTube "We would stress that we fully understand why the authorities wouldn't want free markets to operate today as the risk of a huge global default and unemployment cycle would still be very high. However their intervention has a cost in our opinion. Socially this might be worth paying but we do think it exists."
bankruptcy  cycle  unemployment  monetary  policy  bond  bubble  zombie  banks  fixed  income  miltonfriedman  BOJ  artificial  demand  Insolvenzverschleppung  QE  lostgeneration  demand  and  supply  property  bubble  hayek  debt  monetisation  debt  bubble  bubble  default  greatdepression  zombie  consumer  debt  monetization  centralbanks  insolvency  cycle  Free  Lunch  IMF  default  cycle  GFC  refinancing  corporate  debt  haircut  unintended  consequences  high  yield  debt  Student  Loan  zombie  corporations  ECB  monetary  system  default  rate  credit  bubble  greatrecession  lostdecade  NIRP  Fed  economic  history  financial  repression  Super  monetarism  sovereign  debt  crisis  youth  unemployment  unconventional  monetary  policy  default  scenario  ZIRP  Junk  Bonds 
may 2013 by asterisk2a
Is bond trading dying? | Reuters
"The profits have gone out of that business," said Hans Stoll, a finance professor at Vanderbilt University who has performed research on equities and options pricing. "People can trade for themselves; we don't need market makers."

The bond market may face similar changes as the most profitable trades move to exchanges and trades become simpler to study and execute on electronic platforms. The over-the-counter derivatives market will feel the greatest impact from that shift.
wallstreet  bond  bonds  trading  change 
june 2011 by asterisk2a
Crisis Contest: European Nations vs American States The Reformed Broker
The Economist gives us a fun-filled chart of how our states' credit default swaps match up against those of various European nations. It seems that California bonds are now more expensive to insure than Italian debt, though deemed as less risky than Spanish debt.

Remember, with CDS spreads, it's like golf- the lower the number the better. Also, these swap prices were as of Tuesday I believe, so if anything, the Spanish stuff probably even wider today.
municipal  bonds  bond  CDS  2010  PIIGS  ireland  greece  spain  USA  sovereign  debt 
november 2010 by asterisk2a
Niall Ferguson Discusses U.S. Debt, `Bond Vigilantes' - Bloomberg
Niall Ferguson Discusses U.S. Debt, `Bond Vigilantes'

July 6 (Bloomberg) -- Niall Ferguson, a professor at Harvard University, talks about so-called bond vigilantes and the U.S.'s debt position and fiscal policy. Ferguson talks with Erik Schatzker on Bloomberg Television's "InsideTrack." (This is an excerpt. Source: Bloomberg)
NiallFerguson  USA  default  bonds  sovereign  debt  2010 
july 2010 by asterisk2a
Markets Slump On German Short Selling Rule - MarketBeat - WSJ
Markets are definitely seeing the German short selling ban in a negative light, as yet further evidence of governments trying desperately to slap restrictions on investors in a bid to rein in volatility. The euro has fallen hard and notching fresh four-year lows, U.S. stocks have slumped and commodity markets have turned negative too.
bafin  germany  ban  short-selling  bonds  bond  may  2010  volatility 
may 2010 by asterisk2a
European shares, euro skid on German ban, Merkel - Telegraph
"The euro is in danger. If we don't deal with this danger, then the consequences for us in Europe are incalcuable," Ms Merkel said in a speech to parliament, pushing the euro down from $1.2228 to $1.2145, before it bounced to $1.2190.
She also urged the European Union to speed up supervision of financial markets and introduce a new tax on them, while Germany was ready to act alone on banning short-selling.
EU levy needed
Ms Merkel said European leaders had to ensure banks could not "exort" the state any more and the EU would introduce its own financial transaction tax or levy if the Group of 20 nations did not reach such an agreement in June.
She also said the eurozone needed the possibility of organising the orderly insolvency of member states.
Jeremy Stretch, currency analyst at Rabobank, said: "Politicians have
angelamerkel  ban  bafin  bonds  short-selling  germany  Euro  Europe  EMU  capital  outflow 
may 2010 by asterisk2a
Market chaos warning after German ban on shorting - Telegraph
They added that the ban was likely to be effectively unenforceable. It will not stop traders from shorting the bonds and shares using other European markets.
"Without the two-way flow the German market is likely to become utterly dysfunctional," said one London-based bond trader. "Nobody ever thought they'd do this in a million years and it raises the long-term question of who is now going to want to buy their debt."
Germany, like other European governments, must raise hundreds of billions of euros by selling new bonds, but banning short-selling could jeopardise demand.
Analysts at Bank of America Merrill Lynch summed up the mood with a note titled What's Germany going to ban next? Rainy days, harsh words, the Macarena?
bafin  germany  ban  short-selling  may  2010  bonds 
may 2010 by asterisk2a
Coming To America: PIMCO's Total Return Fund Rotates Out Of Europe | zero hedge
The April update for Pimco's Total Return Fund is out. The credit fund, which is now a quarter of a trillion juggernaut, clocking in at $224.5 billion, or $5 billion more than March, and 50% more than the $150 billion last April, has rotated aggressively out of non-US developed holdings (i.e. Bund and other exposure), and put the money back into the US. Total European holdings declined from $40 billion, or 18% of holdings, to $29 billion, or just 13%. At the same time, US holdings increased from 33% to 36%, or a $8 billion increase to $81 billion.Not too surprisingly, mortgage holdings are a scant 16% of holdings, compared to 86% in February of 2009. Is Pimco's European experiment over? Yet another bad sign for Bunds, which Pimco did a whirlwind tour pitching in early 2010 after it had established a position.
Europe  germany  bunds  bonds  bond  may  2010  EMU  Euro 
may 2010 by asterisk2a
UK faces run on pound within hours of polling as futures exchange opens early | Business | The Guardian
Nouriel Roubini, the New York University professor who forecast the US recession more than a year before it began, said he was gloomy about the prospects for the world economy, and government debt from the US to Japan and Greece would remain a problem for several years and lead to higher inflation or government defaults.

"The bond vigilantes are walking out on Greece, Spain, Portugal, the UK and Iceland," said Roubini, a former adviser to the US. "The thing I worry about is the build-up of sovereign debt. Greece is just the tip of the iceberg, or the canary in the coal mine, for a much broader range of fiscal problems."
greece  bailout  bonds  gilts  PIIGS  uk  speculation  may  2010  Germany  EMU  unintended  consequences  spain  portugal  currency  Euro  pound 
may 2010 by asterisk2a
Losing faith in the euro zone? | Reuters
Markets are in what AXA Investment Managers calls "panic mode," resulting in the European bond market being drained of liquidity and with some investors forced to sell because of sovereign debt downgrades.

And longer-term, the landscape has been changed by the crisis.
creditcrisis  bonds  gilts  EMU  greece  PIIGS  bailout  Germany  may  2010  liquidity  interestrate  unintended  consequences  domino  transmission  ripple  effect 
may 2010 by asterisk2a
Rick Bookstaber: The Municipal Market
Once a few municipalities default, there is a risk of a widespread cascade in defaults because the opprobrium will be lessened, all the more so if the defaults are spurred along by a taxpayer revolt – democracy at work.
municibal  bonds  government  economy  default  recession  2010  greatrecession  recovery  california  newyork 
april 2010 by asterisk2a
Long-Dated Treasurys Down Before FOMC Decision, Supply Details -
They basically bought two-year notes while simultaneously selling 10-year and 30-year Treasurys.

"Some people are speculating the refunding announcement will indicate that the Treasury will increase the maturity of its debt issuance," said James Caron, head of interest-rate strategy at Morgan Stanley in New York. That means the government is likely to boost the size of long-dated Treasury auctions as a way to lengthen the average maturity of its debt supply, thus improving debt management while making it easier to roll over matured bonds.
debt  monetization  treasury  USA  bonds  government  management 
november 2009 by asterisk2a
Investment Banking Buoys HSBC and Barclays -
“The underlying trend is rising bad debts and there are still at least one or two more quarters to come,” said Julian Chillingworth, chief investment officer at Rathbone in London.
HSBC and Barclays joined banks like Credit Suisse and JPMorgan Chase in benefiting from a strong performance by their investment banking units even as loan-loss provisions climbed. Demand for investment banking services rose because more companies were seeking to sell shares and bonds to raise capital.
HSBC  barclays  2009  trend  investment  banking  capital  companies  bonds  ubs  profit 
august 2009 by asterisk2a

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