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The Coming CONTAGION – CDS Sales Double from 2016
The Coming CONTAGION – CDS Sales Double from 2016 The issue of credit default swaps (CDS) in 2017 is running at twice that of last year reflecting rising concerns of another coming crash. The number of hedge funds and banks dealing with highly sensitive credit derivatives has reached almost $30 billion in 2017 up from […]
Which Countries Have The Highest Default Risk: A Global CDS Heatmap
Which Countries Have The Highest Default Risk: A Global CDS Heatmap Sweden beats USA and Germany as the least likely to default on its bonds but at the other end of the global sovereign risk spectrum lie two socialist utopias – Venezuela (CDS just shy of 6000bps) and Greece (CDS around 1800bps) are the nations most likely to […]
According To Morgan Stanley This Is The Biggest Threat To Deutsche Bank’s Survival
According To Morgan Stanley This Is The Biggest Threat To Deutsche Bank’s Survival Two weeks ago, on one of the slides in a Morgan Stanley presentation, we found something which we thought was quite disturbing. According to the bank’s head of EMEA research Huw van Steenis, while in Davos, he sat “next to someone in policy […]
Deranged Central Bankers Blowing Up the World
DERANGED CENTRAL BANKERS BLOWING UP THE WORLD It is now self-evident to any sentient being (excludes CNBC shills, Wall Street shyster economists, and Keynesian loving politicians) the mountainous level of unpayable global debt is about to crash down like an avalanche upon hundreds of millions of willfully ignorant citizens who trusted their politician leaders and […]
A Contagious Crisis Of Confidence In Corporate Credit
A Contagious Crisis Of Confidence In Corporate Credit Credit is not innately good or bad. Simplistically, productive Credit is constructive, while non-productive Credit is inevitably problematic. This crucial distinction tends to be masked throughout the boom period. Worse yet, a prolonged boom in “productive” Credit – surely fueled by some type of underlying monetary disorder – can […]
After Crashing, Deutsche Bank Is Forced To Issue Statement Defending Its Liquidity
After Crashing, Deutsche Bank Is Forced To Issue Statement Defending Its Liquidity The echoes of both Bear and Lehman are growing louder with every passing day. Just hours after Deutsche Bank stock crashed by 10% to levels not seen since the financial crisis, the German behemoth with over $50 trillion in gross notional derivative found […]
“Time To Panic”? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up
“Time To Panic”? Nigeria Begs World Bank For Massive Loan As Dollar Reserves Dry Up Having urged “don’t panic” just 4 short months ago, it appears Nigeria just did just that as the global dollar short squeeze forces the eight-month-old government of President Muhammadu Buhari to beg The World Bank and African Development Bank for $3.5bn in […]
Maduro “Wake Up” Call For OPEC As Venezuela Crude Crashes To 13 Year Lows
Maduro “Wake Up” Call For OPEC As Venezuela Crude Crashes To 13 Year Lows Venezuela’s crude oil basket price collapsed to as low as $20.20 yesterday, according to the socialist utopia’s President Maduro. Having already “passed the point of no return,” Maduro rages that OPEC producers appear to be “finally waking up” to what they have unleashed […]
Italian Banks Collapse, Short Sales Banned As Loan Loss Fears Mount
Italian Banks Collapse, Short Sales Banned As Loan Loss Fears Mount Italian bank stocks are crashing (with BMPS down 40% year-to-date) as Reuters reports that investors are growing increasingly nervous about how the sector will cope with lower interest rates and a 200 billion euro ($218 billion) pile of loans that are unlikely to be repaid. The broad banking […]
After Noble, Here Are The Next 18 US Energy Companies To Be Junked
After Noble, Here Are The Next 18 US Energy Companies To Be Junked Following Noble Group’s downgrade to junk and “Enron moment,” we thought it worth considering who is next to be junked? Judging by the market’s expectations, there are now 110 credits that are rated “investment grade” but trade like junk, and as Markit’s Neil Mehta notes, this […]
Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal
Saudi Devaluation Odds Highest In 20 Years, Kingdom Now More Likely To Default Than Portugal On Monday, we brought you “Saudi Default, Devaluation Odds Spike As Mid-East Careens Into Chaos,” in which we outlined the jump in riyal forwards and widening of CDS spreads that Riyadh witnessed in the aftermath of the kingdom’s move to […]
The Big Short is a Great Movie, But…
The Big Short is a Great Movie, But… Paris — Michael Lewis is the chronicler of Wall Street. He takes the complexity behind which the inhabitants of the financial world hide and weaves a tale that is both understandable and compelling. Starting with the classic “Liars Poker” (1989), Lewis has produced a number of books about […]
The Next Debt-Clearing ‘Super Cycle’ Starts Now
The Next Debt-Clearing ‘Super Cycle’ Starts Now We are in the early stages of a great debt default – the largest in U.S. history. We know roughly the size and scope of the coming default wave because we know the history of the U.S. corporate debt market. As the sizes of corporate bond deals have grown over […]
