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Blogs about CDS

Blogs	Description	Date Updated
Four at Four: Fear, Loathing, and Algorithms	Another late-day spiral turned a garden-variety selloff into another equity rout, one that left more than a few throwing their hands in the air, raging against the ferocity of the last-hour decline, which has become a staple of the markets in the last several weeks. The news was hard to come by — worries about global banking contagion spreading through emerging markets, along with generalized concern about declining worldwide economic growth — but it’s hard to translate that e...	October 22, 2008
Emerging Credit Headaches	Clare Connaghan reports: Emerging-market sovereign credit spreads came under extreme pressure Wednesday as a sell off in global stock markets intensified due to growing fears of recession. The spread on J.P. Morgan’s emerging-market bond index, the EMBI+, broke through 700 basis points for the first time since March 2003 and is currently trading at 713 basis points over Treasurys. That’s up a hefty 33 basis points on the day and a massive 84 basis points from Friday’s close of ...	October 22, 2008
Four at Four: Just a Bill, Only a Bill	Equity investors are feeling better Monday, and they’ve got the bond market to thank. After weeks of seeing yields far below 1% for the short-term Treasury bills, a pullback from the safe-haven trade left yields on the three-month bill at 1.15%, the first time the bill has been above 1% since mid-September. As Libor rates improve, it appears the Federal Reserve’s elixir (flooding every institution that needs short-term debt with tons of money) is finally starting to loosen the ruste...	October 20, 2008
An Update on the Lehman Bankruptcy, By the Numbers	Lehman Brothers Holdings filed for bankruptcy on Sept. 15. The convoluted process is now crammed with disgruntled creditors, rival bidders and confused employees. The situation was recently examined by Nyppex, a research and trading firm that follows the private-equity business and is trading Lehman’s receivables, including private equity, letters of credit and debt. Here is a look at the bankruptcy one month on: $398 Billion The estimated amount that will be recovered, in total, in Lehma...	October 17, 2008
Whatever Shall Become of Our CDS Market?	In recent weeks those who ply their trade in the credit-default swaps market have begun to wonder about their own survival. Many see CDS trading, which is unregulated and lacks transparency, as the catalyst for many of the panicked reactions by investors, borrowers and counterparties over the last several weeks, and wonder what will become of the market in the future. “We definitely went through a period where we asked — partially in jest — whether this market was still going ...	October 15, 2008
Will Lehman bankruptcy drop a $400 billion shoe on October 21st?	Filed under: Citigroup Inc. (C), JPMorgan Chase (JPM), Bank of America (BAC), Amer Intl Group (AIG), Financial CrisisThe financial crisis is not over. If things were back to normal, banks would be lending to each other and to businesses and individuals. But measures of bank lending risk suggest fear is 12 times as high as it would be in normal times. The reason? Banks know more than you do about what's wrong. And they're not talking about it because they don't want you to withdraw your deposits ...	October 15, 2008
Treasury Joins the Ownership Society	Not long ago Treasury Secretary Hank Paulson dismissed the notion of investing directly in the nation’s largest banks, saying that was an admittance of failure. Now that Mr. Paulson has reached the “acceptance” stage of dealing with this crack-up of the financial system, investors can finally work out whether the $250 billion infusion directly into the banks is indeed the right answer. The early signs are hopeful. Equities are rallying, investors are selling Treasury bonds (bo...	October 14, 2008
Lehman Bonds Priced Lower than Expected	The initial fixings in the auction to settle Lehman Brothers credit derivatives trades put the value of those senior bonds at 9.75 cents on the dollar, below analyst expectations, which means those who sold protection against default on Lehman debt will recover less than expected. This is not final pricing. The data, posted on Creditfixings.com, shows open interest of $4.92 billion. The expectation was for a recovery rate of about 12 to 15 cents on the dollar, according to various analysts. The ...	October 10, 2008
The Looming Lehman CDS Unwind	Geoffrey Rogow reports: On the heels of similar auction processes for Fannie Mae, Freddie Mac and Washington Mutual late last month will be the expected Friday settlement for buyers of about $400 billion of protection on Lehman Brothers debt. For now, traders in the equity market are concerned about the prospects for the settlement, adding that its uncertainty is casting a dark cloud over the most likely holders of the debt — big banks such as Morgan Stanley, Goldman Sachs and J.P. Morgan...	October 09, 2008
Financials Got You Down? CME Pitches Credit-Default Swaps the Safer Way	The market for credit-default swaps is huge–$55 trillion–but was largely unknown to most of the populace until the downfall of Bear Stearns and the federal rescue of insurer American International Group. Associated Press Chicago Mercantile Exchange chief executive Craig Donohue Now, with their central role in the credit crunch, these little-regulated “insurance policies” that enable investors to bet on whether a company will go bankrupt have gone mainstream. Thethe New ...	October 09, 2008

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