大坝裂口了：Greece Deal Triggers $3B in Default Swaps: ISDA

shoujie · 发表于 2012-3-9 08:10 PM

本帖最后由 shoujie 于 2012-3-9 20:16 编辑

By Abigail Moses and Mary Childs
March 09, 2012 5:30 PM EST

Greece’s use of collective action clauses forcing investors to take losses under its debt restructuring triggers payouts on about $3 billion of default insurance, the International Swaps & Derivatives Association said.

A total 4,323 credit-default swap contracts may now be settled after ISDA’s determinations committee ruled the use of CACs is a restructuring credit event, the industry group said in a statement today. Before the ruling, the cost of five-year Greek swaps rose to a record $7.68 million upfront and $100,000 annually to insure $10 million of debt.

shoujie · 发表于 2012-3-9 08:21 PM

本帖最后由 shoujie 于 2012-3-9 20:28 编辑

http://mobile.bloomberg.com/news ... -rules?category=%2F

（用 iPhone 不能贴 video，有空再贴。或者谁帮忙贴一下。谢谢了）

shoujie · 发表于 2012-3-9 08:26 PM

意大利 bond 跌的象狗屎一样了。

shoujie · 发表于 2012-3-9 08:30 PM

连接里有5 个 videos。

各个都是美女分析师。。。

oldpigwang · 发表于 2012-3-9 08:44 PM

回复 shoujie 的帖子

那手机耳边的蚊子叫呢？变成熊吼了吧？

ctcld · 发表于 2012-3-9 08:55 PM

老大，没见过世面啊？桥归桥，路归路。30亿零头都不够啊。以后在SWAP一下不全有了吗？

欧元区各国财政部长同意释放355亿欧元(约合470亿美元)的希腊援助贷款，并对该国与私人债券部门的债券交换计划表示支持，其中包括动用所谓的“集体行动条款”。

9号胡同 · 发表于 2012-3-9 09:34 PM

csw2002 · 发表于 2012-3-9 10:15 PM

Invocation of CAC and the resultant default event per ISDA announcement would not result in any major consequences for Greece per se. However, the same cannot be said of debt on other PIIGS nations whereby a clear incentive is now in place for going for broke and then asking for (or forcing) debt relief, followed by CAC on non-compliant creditors.

The smart trade over the last couple months should have been the playing of basis difference between bonds issued under local law vs non-local law of PIIGS nations. Longing the bonds issued under, say, UK law (where CAC is a lot more difficult), and shorting the bond issued under Greek law where CAC law is enacted retrospectively (of course matching for maturity and coupon rates between the two types of bonds) would have been quite profitable. Unfortunately, there isn't any ETFs readily available to average investors to play such basis differences.

shoujie · 发表于 2012-3-9 11:03 PM

本帖最后由 shoujie 于 2012-3-9 23:07 编辑

ctcld 发表于 2012-3-9 20:55
老大，没见过世面啊？桥归桥，路归路。30亿零头都不够啊。以后在SWAP一下不全有了吗？

欧元区各国财政部 ...

3B 当然是小菜（10%的追加希腊援助贷款）。问题是不要忘记，欠债的人都是想有样学样的。

你和你的邻居都是同样按揭。有一天你的邻居忽然不用还了，你会怎么想？

Diffusion · 发表于 2012-3-9 11:09 PM

silicon_beaver · 发表于 2012-3-10 12:45 AM

coexist · 发表于 2012-3-10 01:29 AM

Diffusion · 发表于 2012-3-10 01:40 AM

会不会出现这么个情况，Hedge Fund一手买CDS，一手空PIIGS债券。只要把一个国家逼到default，那么CDS也赚钱，空仓债券也赚钱。嘿嘿。下一个会是谁？希腊已经玩完了，意大利债市容量大，我看葡萄牙有戏。可惜小散参与不了。

万物生长 · 发表于 2012-3-10 09:19 AM

“买CDS"本身就是做空，什么叫“买CDS，一手空PIIGS债券“？

joep · 发表于 2012-3-10 11:14 AM

万物生长发表于 2012-3-10 09:19
“买CDS"本身就是做空，什么叫“买CDS，一手空PIIGS债券“？

buy put and sell short at the same time, get rich or wipe out instantly.

Ed02 · 发表于 2012-3-11 10:29 PM

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[新闻] 大坝裂口了：Greece Deal Triggers $3B in Default Swaps: ISDA

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