Thursday, 19 July 2018

Michael Cartine' s stories

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  • Merkel with Obama

    IFR Comment: Periphs tighten on EFSF/ESM bond buying talk, Street squeeze

    Capital City | 20 June 2012

    Peripheral markets have zoomed tighter on the back of the Guardian/Telegraph stories about Germany potentially allowing the EFSF/ESM funds to plow their €750bn into buying bonds of weaker euro markets.

  • Spanish flag

    Delay to detailed audit of Spanish banks; letras bill results

    Capital City | 19 June 2012

    Aside from the peripherals selling by international real money accounts, disappointment has also been expressed over the Bank of Spain announcing it will delay the results of the audit of the Spanish banking system.

  • Hollande on May 1

    Analysis: Big event risk looms later in week

    Capital City | 01 May 2012

    Euro markets may have been closed today but that does not mean the day has been entirely bereft of noteworthy events. Looking forward, we have election Sunday, where former Greek finance minister and current head of PASOK Evangelos Venizelos cautioned in today’s Guardian that “The Greek people will have to give a clear answer as to whether it wants [to follow] a pro-European course, which is safe and responsible, or something else”.

  • Spanish bond trader

    IFR Comment: Growing localisation of euro markets as crisis wears on

    Capital City | 13 April 2012

    Given the renewed damage in Bonos following the Spanish banks’ borrowing data from the ECB, the relative strength of front-end BTPs stands out even more starkly. Consider, for instance, that two-year Bonos are 14 bps wider to Schatz on Tradeweb, while two-year BTPs traded tighter through much of the morning (though they are starting to come under pressure now).

  • 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.

  • 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…

  • 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.

  • 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.

  • 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.

  • 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