Latest DTCC CDS Update (Week Of August 14)

Started by CrackSmokeRepublican, August 21, 2009, 01:58:00 AM

Previous topic - Next topic

CrackSmokeRepublican

Latest DTCC CDS Update (Week Of August 14)
Tyler Durden's picture
Submitted by Tyler Durden on 08/20/2009 08:49 -0500

After several consecutive weeks of equity market mimicking and rerisking, the CDS market finally saw a net derisking in the week ended August 14, across virtually sectors, with the biggest action concentrated in the financials arena. Total net notional change was substantially higher than last week's -$14.5 billion, increasing to $66.1 billion, with a marked derisking in financials at $62.6 billion. Other notable derisking spaces were Consumer Services at $27.6 billion (again) and Utilities at $20 billion.

Total Gross CDS outstanding was at $26.2 trillion, a decline of $100 billion from the prior week. This consisted of $15.2 trillion in single names, $7.9 trillion in indices and $3.1 trillion in tranches, most of which were held by dealers once again.

In the single name category, there were no big surprises. In holding with the overall financial derisking theme, banks and financial companies made up the bulk of the Top 20 names: Credit Suisse led, with an impressive $2.7 billion in net derisking on a massive $30.8 billion increase in gross outstandings. Other financials in the group included Banco Santander, JP Morgan, Wells Fargo, Citi and MBIA. Notable derisking non-financials included Carrefour, Holcim, Rentokil, Ford, and an assortment of sovereign names including Portugal, Brazil and Italy, which seems to be a perennial contender in the weekly top derisking category.

On the rerisking side, some of the notable names were Bank of America, Starwood Hotels, Time Warner, Deutsche Bank, IBM, Caterpiller and Home Depot.

http://www.zerohedge.com/article/latest ... -august-14
After the Revolution of 1905, the Czar had prudently prepared for further outbreaks by transferring some $400 million in cash to the New York banks, Chase, National City, Guaranty Trust, J.P.Morgan Co., and Hanover Trust. In 1914, these same banks bought the controlling number of shares in the newly organized Federal Reserve Bank of New York, paying for the stock with the Czar\'s sequestered funds. In November 1917,  Red Guards drove a truck to the Imperial Bank and removed the Romanoff gold and jewels. The gold was later shipped directly to Kuhn, Loeb Co. in New York.-- Curse of Canaan