Sunday, 22 July 2018

Michael Cartine' s stories

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  • Euro ECB

    IFR Comment: EFSF/Greece headlines, plans taking shape; No panacea

    Ticker | 13 October 2011

    More headlines and stories are pouring out giving more details regarding both the restructuring of Greek debt and the plans for “leveraging” the EFSF, making it appear that concrete decisions are finally starting to take shape. Potentially this will bring more “risk-on” trading, but IFR again cautions the solutions being discussed do not at all address the underlying problems with the Euro’s faulty architecture.

  • Athens euro window

    IFR Comment: Has the euro really been that positive for Europe?

    Ticker | 08 November 2011

    Market participants in a broader sense are finally s

  • Euro ECB

    IFR Comment: Separate ECB interest rates would invite counter-productive capital flows

    Ticker | 16 November 2011

    Further thought about a “separate interest rate band” proposal from the European Central Bank suggests it would indeed be impractical.Consider that lower rates for weaker economies against a higher rate (presumably the 1.25% Refi Rate) for stronger economies would invite counter-productive capital flows or even capital flight.

  • Reports ECB eyes more accommodation

    Ticker | 30 November 2011

    The easier monetary policy stance from China is certainly the main push behind the current rally but just prior to these headlines the European Central Bank provided some of its own where newswires cited unnamed sources suggesting an increase in bond purchases, further cuts in interest rates and even taking the Refi Rate below 1.00% are all possible.

  • EFSF

    IFR Comment: EFSF called "structurally unstable" -- Where's the bid?

    Bonds | 12 December 2011

    Market participants are increasingly looking at the EFSF programme as a lemon they don’t want to go near and are reporting many accounts, including central banks, have not been approved for the name. To some extent this is understandable given the time it takes for paper work to go through (EFSF may itself not be a new name, but the bill programme is). Then again, the name has been around from the summer of 2010, with its funding programme formally starting with its first bond sold at the start of this

  • French and European flags are displayed during a news conference at the Hotel Matignon in Paris

    IFR Comment: Big fill on 10/21s makes for rough OAT auction, others go well enough

    Ticker | 05 January 2012

    The easiest thing to say about this morning’s OAT taps is this is a lot of bonds for the market to take down, especially with the jumbo €4bn awarded on the 10/21s. But other than the big fill on this award, the other legs of the auctions have gone well enough. €7.963bn were allotted across all four lines, close to the top end of the €7bn–8bn range.

  • Greece metro/Reuters

    European governments: Examining Greece escrow proposal and PSI negotiations

    Capital City | 07 February 2012

    The suggestion by Germany and France on Monday to create an escrow account for Greek interest payments is important as it effectively allows the EU and the IMF to cut the financial tap to Greece but without necessarily forcing disruption into broader financial markets.

  • Mario Draghi

    Draghi confirms Greece deal; peripherals/high beta trade well on news

    Capital City | 09 February 2012

    ECB President Mario Draghi confirms that an agreement has been reached by Greece and Eurogroup meeting will discuss further steps.

  • ISDA 200

    IFR Comment: ISDA rules no CDS event

    Derivatives | 01 March 2012

    ISDA has declared that CDS will not be triggered by the Greek PSI restructuring. Details are still coming out, but this looks exactly as IFR wrote earlier this morning, wherein the original question submitted on February 28 referenced only the imposition of Collective Action Clauses and their relation to the restructuring, and whether they would trigger CDS payments…

  • EFSF

    EFSF eyes three bond issues for next week - source

    Capital City | 13 March 2012

    Europe’s rescue vehicle European Financial Stability Fund is contemplating three debt issues next week, including a short-term bill, a five-year bond and a 25–30 year bond, a source close to the borrower said on Tuesday.

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