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Category Archives: Bonds
Chart of the Day: PIIGS Bond Maturities
This is a major factor contributing to the Eurozone stress that just won’t go away. SpiegelOnline charts show the PIIGS must redeem bonds totaling over Euro45o BN in 2011, of which, Euro 128.3BN are Spanish Bonds and Euro264.6 BN Italian … Continue reading
Posted in Black Swan Watch, Bonds, PIIGS, Sovereign Debt, Sovereign Risk
Tagged Soveign Debt, Sovereign Risk
1 Comment
Best Investment 2011: Default on Your Mortgage
It’s an absurd world. We have incentivized people to stop paying their mortgage and stay in the house as long as possible before eviction. The Wall Street Journal reports the average number of days since the average borrower in foreclosure … Continue reading
Chart of the Day: Banks to Sovereigns to Banks
Great chart from IMF showing feedback loop of Europe’s Sovereign Debt Crisis. A little busy, but stick with it.
Posted in Black Swan Watch, Bonds, Budget Deficit, Credit, PIIGS, Sovereign Debt, Sovereign Risk
Tagged Banking Crisis, Sovereign Debt Crisis
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Run on German Safe Deposit Boxes? WTH?
The implosion of the Eurozone appears to be accelerating. But Germany? Come on! Yet Ambrose Evans-Pritchard writes the crisis in the eurozone periphery is moving to the core as credit default swaps for German, French,and Dutch bonds have blown out … Continue reading
Posted in Black Swan Watch, Bonds, Budget Deficit, Fiscal Policy, Geopolitical, PIIGS, Sovereign Debt, Sovereign Risk
Tagged Euro, Europe, Germany, Sovereign Debt Crisis, Sovereign Risk
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Haircuts for Senior Bondholders in Irish Bank Package?
This Irish Times is reporting the that EU-IMF are “examining” burden sharing for senior bondholders. Several proposals are being discussed, but the major focus is on two ideas: 1) bank debt-for-equity conversions; and 2) option of providing fresh capital injections … Continue reading
Posted in Black Swan Watch, Bonds, Fiscal Policy, PIIGS
Tagged Debt-for-Equity, Haircuts, Ireland
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Chart of the Day
Posted in Black Swan Watch, Bonds, Budget Deficit, Fiscal Policy, Japan, Sovereign Risk
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Is Ireland’s Rescue Package a Veiled Bailout of the ECB?
Not that it needs a one, but some in Ireland are starting to ask the question. The European Central Bank exposure in Ireland is above €130 BN, a quarter of its book, and now wants its money back. In the … Continue reading
Posted in Black Swan Watch, Bonds, Fiscal Policy, PIIGS, Policy, Politics, Sovereign Risk
Tagged ECB, Europe, Ireland, Sovereign Debt Crisis
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Irish Sentiment
This cartoon of Prime Minister Brian Cowen is on the cover of today’s Irish Times. Pretty much sums up how the Irish feel. How long can the Euro last? … Continue reading
Posted in Black Swan Watch, Bonds, Policy, Sovereign Risk
Tagged bailout, Brian Cowen, IMF, Ireland
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Post hoc ergo propter hoc
Correlation = 1) causality; 2) spurious; or 3) reverse causality? You decide….. Source: Bond Vigilantes
Muni Market Rebounds, California Prices RANs
After widening 70 bps, long-term California munis rebounded today, tightening as much as 6-10 bps. California priced $10 BN of Revenue Anticaption Notes (RANs) paying higher than their initial target price. Notes from the $2.25 billion Series A-1 mature in … Continue reading
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