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Category Archives: Bonds
Muni Meltdown: All Eyes on California
As the world focuses on Ireland, the hammering of the U.S. muni market continued today even as the treasury bond market rallied sharply. As the case with any sell-off, it is difficult to discern fundamentally why the market is in … Continue reading
Posted in Black Swan Watch, Bonds, Politics
Tagged California, Fiscal Deficit, Muni Market, Muni Meltdown
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“This could break backs…economies toward bankruptcy”
These were the words of Greek prime minister George Papandreou, speaking about Germany’s tough stance on burden sharing during his visit to Paris. The fracturing of the eurozone appears to be accelerating, or, at best, the fault lines are beginning … Continue reading
Posted in Black Swan Watch, Bonds, PIIGS, Sovereign Risk
Tagged Angel Merkel, European Sovereign Debt Crisis, George Papandreou
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10-year Treasury Bond Rate At Key Resistance
We’ve posted several pieces on the Treasury market about the bond’s positive technicals versus poor fundamentals. The 10-year rate is now close to piercing through key resistance at 2.83 percent. It is difficult to fundamentally determine why rates are moving … Continue reading
Posted in Black Swan Watch, Bonds, Credit, Equities, Fiscal Policy, Monetary Policy, Sovereign Risk
Tagged 10-year Treasury Bond, Interest rates, Sovereign Credit
2 Comments
Greenspan: High US Deficits Could Spark Bond Crisis
We are becoming more concerned that 2011 may be shaping up to be the year of the public debt crisis. Greenspan seems to share those concerns. The Hill writes, “Look, I think something equivalent to what Erskine Bowles and Alan … Continue reading
Posted in Black Swan Watch, Bonds, Credit, Fiscal Policy, Sovereign Risk
Tagged Bond Crisis, Fiscal Policy, Greenspan, Ricardian Equivalence
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California Creamin’ (the muni market)
You think today was ugly in the equity market take a look at what is happening with, MUB, the Municipal Bond EFT (see chart below). The California Legislative Analyst’s Office released their state fiscal outlook on November 10th and projects … Continue reading
Posted in Bonds, News, PIIGS
Tagged California Budget Crisis, Municipal Market, Pension Crisis
1 Comment
Quote of the Day
“Global imbalances lie at the heart of the current recession; failure to address them will abort recovery and lead to currency wars. Gold can play a minor part in the necessary rebalancing, as Mr Zoellick suggests – although history shows … Continue reading
Posted in Bonds, China, Commodities, Fiscal Policy, Monetary Policy, Politics, Sovereign Risk
Tagged Currency Wars, Gold, Robert Skidelsky
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Peru to Sell First 40-Year Bond
Wow! Seems like just yesterday Peru’s hard currency debt was trading at 8 cents. Actually, it was 1993. Remember President Alberto Fujimora? Bloomberg writes, Peru plans to sell 40-year debt in the international market for the first time as … Continue reading
Chart of the Day: Sovereign Debt and Capital Flight
We thought this to be a very informative chart, which shows the percentage of a country’s sovereign debt held by domestic and foreign residents. In general, the more a country’s debt is held by foreigners the higher the risk of … Continue reading
Posted in Black Swan Watch, Bonds, Commodities, Credit, Currency, Fiscal Policy, News, Policy, Sovereign Risk
Tagged Greece, Ireland, Sovereign Debt
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Sovereign Debt: Not So Risk-Free
Joseph Cotterill over at FT Aphaville has a great post on how some European corporate bonds are trading through their sovereigns. Not surprising it taking place in countries without access to a printing press to monetize deficit spending, Markit pointed … Continue reading
Posted in Black Swan Watch, Bonds, Currency, Fiscal Policy, Geopolitical, Monetary Policy, Policy
Tagged Debt Crisis, EU, PIIGS, Sovereign Debt
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The Yoke is Hard and the Debt Burden is Heavy
We found this table from Brookings very interesting. The net public debt per worker of the Advanced Economies in the G20 has increased from US$33K in 2007 t0 US$50.2 in 2010, an increase of 50 percent and projected to grow … Continue reading
Posted in Black Swan Watch, Bonds, BRICs, China, Fiscal Policy, News, Policy, Sovereign Risk
Tagged G20, Sovereign Debt
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Global Macro Monitor 