Chart of the day: 2012 sovereign risk compression
Great data from Bespoke. Looks like Portugal is the odd man out as the only government in which its CDS spreads have widened this year.
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Browsing Tag
bonds
An Update on Italian Sovereign Outperformance
Ahead of the next LTRO at the end of the month, Spanish and Italian bonds may begin consolidating after the large moves seen over the past month. The scope for Italian out performance in the month ahead appears somewhat more limited than…
Jobs data highlight huge potential for capital loss in Treasuries
I have been making a big deal about strength in the household series of employment and the trend in IUCs. These are statistical series that do not get revised out of recognition. They often tell the tale at turning points. Given that past…
Dollar Mixed as Spain raises 4.5 bn euros in bond auction
The dollar is currently mixed against the majors and EMs as asset markets consolidate near recent highs. Spain raised 4.5 bn euros in a bond auction the upper end of their desired range. On the data front, Australia’s December trade surplus…
The European Sovereign Debt Crisis, the US Savings and Loan Crisis and Regulatory Forbearance
This is me thinking out loud about how regulatory forbearance in the S&L crisis mirrors today's policy path.
European Sovereign Supply and LTRO
The headline story in the Financial Times today is that "Banks set to double crisis loans from the ECB". The report says that "several" large banks from the euro zone told the FT that they "could double or triple" their takes at the LTRO.
Market Tone Remains Upbeat after Euro Zone Auctions
Dollar continues to trade on the back foot as markets maintain upbeat tone; strong EZ auction results. Soft Australian December employment reports supports Feb rate cut; BoC likely to remain on hold in H1. SELIC rates likely to fall but the…
Correction Tuesday?
China's slew of economic data came in better than expected this coupled with successful bill auctions by Spain, Greece and Belgium and a very strong German ZEW (-21 v -53.8) is rekindling the appetite for risk today. The euro is up over a…
The S&P cuts were expected, a disorderly default by Greece won’t be
With the long-awaited euro zone downgrades by S&P now out of the way, we thought it would be useful to assess just how close current ratings are now to our own sovereign ratings model.
The S&P cuts were expected, a disorderly default by Greece won’t be
With the long-awaited euro zone downgrades by S&P now out of the way, we thought it would be useful to assess just how close current ratings are now to our own sovereign ratings model.