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May 31, 2010
State Bank of India CDS rise on new CDs from 3G auction
State Bank of India (SBI) credit default swaps are seeing increasing activity as the main bank involved in financing India’s latest 3G wireless spectrum auction a couple weeks ago is expected to provide up to 20,000 crores (~ US$4.5 billion), of the total 35,000 crores being funded by the country’s banks, by today. In order to fund this commitment, SBI and other banks have driven a surge in certificates of deposit (CDs) issuances.
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May 28, 2010
Exxon is to Credit Default Swaps like BP is to [INSERT NEW NAME HERE] Swaps
The first major credit default swap transaction was reportedly completed after the Exxon Valdez Alaska oil spill in 1989 by JP Morgan, who wanted to hedge a line of credit they had extended to Exxon after the spill.
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May 27, 2010
Les Paramètres Vitaux de Notre Système Financier
What are today’s 3 vital market signs? Credit default swap prices would be one of them. (The others are LIBOR-OIS spreads and VIX implied volatility levels).
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May 26, 2010
CDS liquidity drying up as Bid-Ask spreads widen
Bid-ask spreads on popular credit default swap indices are reaching new local highs amid signs that investors are growing more concerned about corporate (and sovereign) credit.
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May 25, 2010
Suncorp Metway CDS rising from the South (as Auzzie RMBS emerges from down under)
Australia’s 5th largest bank and 2nd largest property & casualty insurer has seen its credit default swaps rise to new local highs of 180 bps today after announcing it was launching a new A$500 million Australian residential mortgage-backed security (Auzzie RMBS) issue led by Deutsche Bank and Macquarie today in Sydney trading.
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May 24, 2010
Hutchison Whampoa CDS rise on Telecom buyout
Hutchison Whampoa credit default swaps are up almost 10% today after getting approval to fully takeover its telecom operation.
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May 24, 2010
CDS traders go Seoul searching
South Korean sovereign credit default swaps have increased to a new 9-month high today
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May 21, 2010
Thai Swaps Traders to be at the next Full Moon Party
Koh Phangan will be the place for this month’s upcoming full moon party and one special group of people visiting will be Thailand’s credit default swap traders to either celebrate their wins or drink away the losses following the rise in Thailand CDS this past week.
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May 20, 2010
香港製造 (Made in Hong Kong) 2: Renminbi Credit Default Swaps
The sequel to the award-winning 1997 movie, Made in Hong Kong, could be out later this year. Rumours have it that Autumn Moon returns, this time having risen up the ranks from a violent teenage debt collector in the original movie to his new role as a volatile young professional credit default swaps trader. Time will tell whether film critics empathize with the alienation and commercial bank gang issues that CDS traders are facing in the sequel in the same way they did with teenage alienation and youth gang issues when awarding the Best Picture Award back in 1997.
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May 19, 2010
A new wall rises in Berlin (to keep short-sellers out)
It was about 20 years ago that Germany achieved re-unification between east and west with the fall of the Berlin Wall. Little did they realize that 20 years later, they would be re-enacting another wall to separate 2 different groups of people: long and short investors or more broadly speaking, free markets and capitalism vs. government regulation and politics.
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