Comments on: Signs of Worsening Credit Conditions http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions.html Sat, 21 Nov 2009 23:35:30 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Yves Smith http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions.html#comment-8752 Yves Smith Fri, 30 May 2008 04:06:00 +0000 http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions/#comment-8752 There are no Bloomberg type services. I am told investors get e-mails, daily, with indicative prices, from various dealers. Like the old fashioned bond market, you can always call for quotes.<br/><br/>There is a service that maintains quotes for indices since 2001, but I don't know if it offers current prices. I suspect not, but can't say so for certain. There are no Bloomberg type services. I am told investors get e-mails, daily, with indicative prices, from various dealers. Like the old fashioned bond market, you can always call for quotes.

There is a service that maintains quotes for indices since 2001, but I don’t know if it offers current prices. I suspect not, but can’t say so for certain.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions.html#comment-8751 Anonymous Fri, 30 May 2008 03:57:00 +0000 http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions/#comment-8751 Sy Krass asked...<br/><br/>Yves,<br/><br/> Where are those CDS spread rates posted? Is there an index or a website Sy Krass asked…

Yves,

Where are those CDS spread rates posted? Is there an index or a website

]]> By: Roger http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions.html#comment-8734 Roger Thu, 29 May 2008 16:03:00 +0000 http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions/#comment-8734 TO Anon2<br/><br/>I don't believe Anon1 was stating that financial firms are not seeing higher spreads. It seems that he or she was questioning the whether or not there is a crisis.<br/><br/>If there was a crisis in financial firms, (i.e. Bear Sterns), it is reasonable to conclude that iTraxx Eurpoe/Crossover indices would not be dropping. TO Anon2

I don’t believe Anon1 was stating that financial firms are not seeing higher spreads. It seems that he or she was questioning the whether or not there is a crisis.

If there was a crisis in financial firms, (i.e. Bear Sterns), it is reasonable to conclude that iTraxx Eurpoe/Crossover indices would not be dropping.

]]> By: Anon2 http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions.html#comment-8732 Anon2 Thu, 29 May 2008 15:49:00 +0000 http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions/#comment-8732 Anon 7:56<br/><br/>The article is explicit it is the financial firms that are seeing higher spreads. Anon 7:56

The article is explicit it is the financial firms that are seeing higher spreads.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions.html#comment-8726 Anonymous Thu, 29 May 2008 12:19:00 +0000 http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions/#comment-8726 There is a significant 'weather' vs. 'climate' aspect to what is happening. Bernanke's efforts seem directed at producing good weather reports while ignoring the climate. In this, he seems not that dissimilar from, say, the National Association of Realtors. There is a significant ‘weather’ vs. ‘climate’ aspect to what is happening. Bernanke’s efforts seem directed at producing good weather reports while ignoring the climate. In this, he seems not that dissimilar from, say, the National Association of Realtors.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions.html#comment-8724 Anonymous Thu, 29 May 2008 11:56:00 +0000 http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions/#comment-8724 European credit spreads fell on Thursday.<br/><br/>The iTraxx Europe index, (an index of the 125 most-liquid investment grade companies), fell about 5 basis points to 455.4bp.<br/><br/>The iTraxx Crossover list of 50 mostly junk-rated names was also trading lower, down about 2bp to 78.8bp.<br/><br/>From today's FT Alphaville:<br/><br/>"Meanwhile, long-running concerns about the vulnerability of the credit derivatives market to systemic shocks were tempered somewhat after news that 11 of the world’s biggest investment banks would create the first central clearer for the opaque contracts by September."<br/><br/>Are we to believe that these indexes are trading lower while we are at "crisis levels"? European credit spreads fell on Thursday.

The iTraxx Europe index, (an index of the 125 most-liquid investment grade companies), fell about 5 basis points to 455.4bp.

The iTraxx Crossover list of 50 mostly junk-rated names was also trading lower, down about 2bp to 78.8bp.

From today’s FT Alphaville:

“Meanwhile, long-running concerns about the vulnerability of the credit derivatives market to systemic shocks were tempered somewhat after news that 11 of the world’s biggest investment banks would create the first central clearer for the opaque contracts by September.”

Are we to believe that these indexes are trading lower while we are at “crisis levels”?

]]> By: a http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions.html#comment-8722 a Thu, 29 May 2008 09:46:00 +0000 http://www.nakedcapitalism.com/2008/05/signs-of-worsening-credit-conditions/#comment-8722 "Spreads on inter-bank Libor and Euribor rates in Europe are back near record levels."<br/><br/>He has good sources... Market was ok at the beginning of the week, but this morning is back at crisis levels (real rate - Libor > 30 bips). “Spreads on inter-bank Libor and Euribor rates in Europe are back near record levels.”

He has good sources… Market was ok at the beginning of the week, but this morning is back at crisis levels (real rate – Libor > 30 bips).

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