LTRO-ing, with Magnus
Intesa Sanpaolo’s chief executive says he’ll use ECB funds to buy Italian bonds…BBVA sells the first senior unsecured bond to be issued by a Spanish bank since...
Glenstrata — some backlash? [updated with more backlash]
The Scheme will be subject to the following conditions:2.1 its approval by a majority in number of the Scheme Shareholders who are on the register of members of Xstrata...
Further reading
Elsewhere on Tuesday,- Stigma (for some) in tapping the ECB’s LTRO.- Barry Ritholtz has a secret about Hank Paulson.- MF Global, the preliminary trustee report.-...
You either love it or you hate it, Morgan Stanley edition
This Bloomberg Markets headline (koan?) attracted puzzlement on Monday:Gorman Embracing Vegemite in New Wall Street’s 15% Bogey at Morgan StanleyThe anecdote behind the headline...
Otto’s revenge
- Parachuted in by the great powers of the time- Specifically, parachuted in by the great powers of the time to ensure Greek payment on their sizeable official loans- Subordinating...
Further reading
Elsewhere on Monday,- Go to the gym and stop reading the doomers.- Though… Krugman on jobs: “no, things are not O.K. — not remotely O.K.”- Theorising...
Imagine no recoveries in bank senior debt
Seems kinda churlish to throw this out amidst the biggest bank bond rally since 2009. But…We believe investors should assume a low (possibly 0%) recovery rate on most senior...
Squeaky Bumi time
We can’t let this Bumi RNS go unnoticed:REQUISITION OF GENERAL MEETINGThe Company announces that the Directors have received a notice from Borneo Bumi Energi & Metal Pte....
The preferred, puzzling, ESM
Eurozone states signed the final version of the treaty establishing the European Stabilisation Mechanism on February 2.(Click the image for the full document)The ESM treaty...
Breaking the Bank (in gilts)
This’ll be a controversial argument about the Bank of England’s buying of UK government debt, we know… but it comes from Philip Rush of Nomura:Aggressive quantitative...
CME’s farmer fund
This looks like a sign of the post-MF Global shift in the futures market…CME Group has unveiled its own $100m insurance fund for family farmers and ranchers, co-operatives...
