Burbuja.info - Foro de economía > > > ¡Qué vienen los CDS!
Respuesta
 
Herramientas Desplegado
  #51  
Antiguo 05-nov-2008, 09:58
Tuttle Tuttle está desconectado
ir-
 
Fecha de Ingreso: 28-marzo-2007
Ubicación: Princesado de Asturias
Mensajes: 22.798
Gracias: 12.334
25.889 Agradecimientos de 8.272 mensajes
¿Alguien sabe lo que significan las columnas?

Si ordenamos por la segunda columna de mayor a menor adivinen quien tiene el segundo mayor net Notional:


Reference Entity Gross Notional Net Notional Number of Contracts

Remaining Single Names 571.740.768.266,00 183.298.109.579,00 10.175,00
REPUBLIC OF ITALY 148.617.213.985,00 22.649.907.205,00 3.253,00
KINGDOM OF SPAIN 61.362.202.916,00 16.648.584.672,00 1.899,00
DEUTSCHE BANK AKTIENGESELLSCHAFT 68.785.417.264,00 12.449.401.666,00 591,00
FEDERATIVE REPUBLIC OF BRAZIL 147.282.298.727,00 12.255.197.772,00 11.664,00
GENERAL ELECTRIC CAPITAL CORPORATION
86.003.350.507,00 12.153.297.831,00 8.457,00
FEDERAL REPUBLIC OF GERMANY 37.704.802.794,00 11.403.082.500,00 749,00
MORGAN STANLEY 91.941.632.210,00 8.361.620.604,00 9.913,00
RUSSIAN FEDERATION 110.068.180.097,00 8.306.875.852,00 7.651,00
HELLENIC REPUBLIC 34.412.341.491,00 8.237.191.129,00 1.069,00
MERRILL LYNCH & CO., INC. 94.555.034.977,00 8.163.378.452,00 9.931,00
REPUBLIC OF TURKEY 188.628.684.750,00 7.594.668.113,00 14.093,00
THE GOLDMAN SACHS GROUP, INC. 92.776.829.418,00 6.944.435.432,00 9.793,00
REPUBLIC OF KOREA 49.254.188.100,00 6.744.798.925,00 433,00


Responder Citando
  #52  
Antiguo 05-nov-2008, 10:20
MNSV MNSV está desconectado
Agarrao a las kalandrakas
 
Fecha de Ingreso: 13-mayo-2006
Mensajes: 1.794
Gracias: 19
433 Agradecimientos de 72 mensajes
Los CDS de Deuda Pública Italiana y Española los más negociados.

LA Italiana por el tamaño excesivo de la deuda pública y la española por la entrada en recesión.

El CDS baja otra vez por debajo de 100pbs.

Bloomberg.com: Worldwide

Resalto la referencia española:

.......
Spain, Italy

Investors have focused wagers on debt of industries and countries that may be most affected by a credit crisis entering its 15th month. The Spanish economy is headed toward its first recession in 15 years amid a slump in its housing market and banking and finance shares have dropped as the credit seizure caused some to collapse.
.........

Contracts on Spain climbed to 112 basis points on Oct. 24, from about 47 basis points at the start of September. They have since dropped back to 79 basis points.



Responder Citando
  #53  
Antiguo 05-nov-2008, 10:54
MNSV MNSV está desconectado
Agarrao a las kalandrakas
 
Fecha de Ingreso: 13-mayo-2006
Mensajes: 1.794
Gracias: 19
433 Agradecimientos de 72 mensajes
Por cierto, hoy subasta de los CDS de Glitnir, el banco islandes quebrado.

Se pagará a 1 céntimo por euro.

Y mañana hay subasta de otro banco islandés, el Kaupthing.

Bloomberg.com: Worldwide


Responder Citando
  #54  
Antiguo 05-nov-2008, 11:25
ventxema ventxema está desconectado
Idealisto
 
Fecha de Ingreso: 03-agosto-2006
Mensajes: 705
Gracias: 277
819 Agradecimientos de 298 mensajes
Iniciado por Hearts Ver Mensaje
Credit Default Swaps
A credit default swap (CDS) is a credit derivative contract between two counterparties. The buyer makes periodic payments to the seller, and in return receives a payoff if an underlying financial instrument defaults.[1] CDS contracts have been compared to insurance, because the buyer pays a premium, and in return receives a sum of money if a specified event occurs. However, this is a slightly misleading comparison because the buyer of a CDS does not need to own the underlying security; in fact the buyer does not even have to suffer a loss from the default event.

Obtenido en Credit default swap - Wikipedia, the free encyclopedia

Atención esta frase de el párrafo anterior es muy importante:
.. the buyer of a CDS does not need to own the underlying .. = "el compardor del CDS no necesita poseer el subyacente"

Me he quedado a cuadros


Responder Citando
  #55  
Antiguo 05-nov-2008, 14:03
cemento cemento está desconectado
Decorador estilista
 
Fecha de Ingreso: 26-julio-2006
Mensajes: 451
Gracias: 91
1.164 Agradecimientos de 141 mensajes
Iniciado por MNSV Ver Mensaje
Por cierto, hoy subasta de los CDS de Glitnir, el banco islandes quebrado.

Se pagará a 1 céntimo por euro.

Y mañana hay subasta de otro banco islandés, el Kaupthing.

Bloomberg.com: Worldwide

Ahí hay que tener narices!
Habrá buitres que se harán de oro con esto.

Es imposible que los caídos, sobre todo los soberanos o "soberanizados", no puedan responder de nada por lo que alguien va a sacar rentabilidades del 1000% arriesgando cuatro perras.

Lamentablemente los pringaos no tenemos acceso a eso...
Pero para el conjunto de la economía eso es una bomba de relojería a punto de estallar. La única solución es controlar a los ganadores y ponerles un impuesto del 99% con efectos retroactivos.

Ahí también hay que tener narices, pero de otra manera.


Responder Citando
  #56  
Antiguo 05-nov-2008, 16:51
Tuttle Tuttle está desconectado
ir-
 
Fecha de Ingreso: 28-marzo-2007
Ubicación: Princesado de Asturias
Mensajes: 22.798
Gracias: 12.334
25.889 Agradecimientos de 8.272 mensajes
Hay gente que está apostando $16.648.584.672 contra nuestra deuda , curiosamente la apuesta está cubierta con deuda pública entre ellos la nuestra .

¡Que viva el gran casino global!

Edito: ¿O serán $61.362.202.916?


Responder Citando
  #57  
Antiguo 05-nov-2008, 20:16
las cosas a su cauce las cosas a su cauce está desconectado
Excelentísimo, ilustrísimo y grandísimo miembro de élite de los gurús burbujistas
 
Fecha de Ingreso: 26-abril-2007
Mensajes: 7.714
Gracias: 1.241
4.332 Agradecimientos de 2.030 mensajes
Los CDS de España, Italia y Deutsche Bank se convierten en los favoritos de los operadores

Los operadores de credit default swaps (CDS, derivados para protegerse contra impagos) se han abalanzado la deuda de Italia, España y de Deutsche Bank, según un informe de Depository Trust & Clearing Corp. (DTCC) que proporciona los datos más amplios hasta ahora de este mercado no regulado. Hay en circulación un total de 33,6 billones de dólares (trillions) en transacciones sobre deuda de gobiernos, empresas y titulizada de todo el mundo, en términos brutos, según un informe DTCC distribuido ayer en su página web.

Los inversores han tomado 22.700 millones de dólares netos en contratos basados en deuda de Italia, 16.700 millones de dólares contra España y 12.500 millones de dólares sobre Deutsche Bank (DBK.XEDEUTSCHE BANK
34,60 -3,92% -1,41
Última noticiaLos CDS de España, Italia y Deutsche Bank se convierten en los favoritos de los operadores Ver más resumen noticias perfil recomendaciones / consenso gráficos histórico ), según el informe.

El DTCC, que opera como un registro central de contratos de permutas sobre riesgo crediticio, los credit default swaps, distribuyó los datos por primera vez debido a los pasos dados por el sector para contrarrestar las críticas entre los legisladores estadounidenses y los reguladores, que han responsabilizado a la falta de información de exacerbar el pánico financiero.

Los volúmenes en circulación son relativamente pequeños comparados con algunas estimaciones previas, y podrían mitigar algunas preocupaciones sobre la cantidad de riesgo al que se enfrentan inversores y operadores, señaló a Bloomberg Brian Yelvington, un estratega de análisis independiente de renta fija para CreditSights. en Nueva York.

"Demasiada desconfianza ha sido engendrada por la falta de transparencia", dijo Yelvington. "Aún hay mucho que no ha sido registrado. Pero es un paso en la dirección correcta".
El colapso de Lehman

El colapso de Lehman Brothers Holdings Inc. contribuyó a una caída de los mercados financieros el mes pasado porque nadie conocía cuántos contratos estaban en circulación sobre el banco de inversión, o quién los tenía. Las estimaciones los situaban en un rango de hasta 400.000 millones de dólares, aunque la cifra real resultó ser 72.000 millones, dijo DTCC.

Excluyendo los contratos redundantes, solo 5.200 millones de dólares realmente cambiaron de manos, dijo DTCC el mes pasado, la primera vez que había distribuido tal información de su base de datos.
España e Italia

Los inversores han centrado sus apuestas en la deuda de sectores y países que podrían verse más afectados por una crisis crediticia que entra ya en su décimo quinto mes. La economía española se dirige hacia su primera recesión en 15 años en medio de un desplome de su mercado de la vivienda y caídas de las acciones de bancos y financieras.

Las permutas sobre riesgo crediticio sobre Italia cotizaban a 108 puntos básicos este martes tras alcanzar un récord de 138 puntos básicos el 24 de octubre, según los precios de los contratos de CMA Datavision. Los contratos sobre España subieron a 112 puntos básicos el 24 de octubre, desde alrededor de 47 puntos básicos a principios de septiembre. Desde entonces han caído a 79 puntos básicos.

Este tipo de productos, que se originaron como protección ante la posibilidad de impagos, se han desnaturalizado mucho con el paso del tiempo. Si en un principio permitían a los bancos evitar pérdidas, ahora mismo se han convertido en una nueva manera de especular sobre la solvencia de compañías, países y otras instituciones.

Los CDS de Espa?Italia y Deutsche Bank se convierten en los favoritos de los operadores - 5/11/08 - elEconomista.es

Saludos...


Responder Citando
  #58  
Antiguo 06-nov-2008, 15:53
El_Presi El_Presi está desconectado
El Padrino II Revolution
 
Fecha de Ingreso: 30-junio-2006
Ubicación: Ecatepunk
Mensajes: 28.339
Gracias: 3.663
16.836 Agradecimientos de 5.592 mensajes
Bloomberg.com: Worldwide

Iceland Bank Swap Sellers May Pay $7 Billion to Settle Bonds

By Abigail Moses

Nov. 6 (Bloomberg) -- Sellers of credit-default swaps on bonds sold by Iceland's three biggest banks may pay 5.7 billion euros ($7.3 billion) to settle contracts triggered when regulators took control of them last month.

The size of the payout was determined at auctions this week, with credit-default swaps on Kaupthing Bank hf, Iceland's biggest bank, costing sellers 93.375 cents on the euro, or 2.8 billion euros. Sellers of contracts on Landsbanki Islands hf will have to pay 98.75 cents, or about 1.3 billion euros, and sellers on Glitnir Banki hf will pay 97 cents, or 1.6 billion euros.

The auctions by 14 dealers were held to settle credit- default swaps after Icelandic regulators seized the nation's biggest banks because they couldn't raise short-term funding. The cost to sellers of contracts linked to the banks may exceed the $5.2 billion for settling bankrupt Lehman Brothers Holdings Inc.

``Once a bank goes bust, the chances of getting anything out of it are very, very low,'' said Jim Reid, London-based head of fundamental credit strategy at Deutsche Bank AG. ``When banks go bust, it's because their liabilities went above their assets and they can't fund anymore.''

A final value of 6.625 cents on the euro was agreed for Reykjavik-based Kaupthing at an auction today. Landsbanki bonds were valued at 1.25 cents on Nov. 4 and Glitnir's at 3 cents yesterday. Default swap sellers have to pay the difference between the amount of debt protected by the derivatives and the bond value.

Auction Price

More than 160 banks and investors signed up to settle credit-default swaps based on the auction price, according to the International Swaps and Derivatives Association in New York. The prices are posted on www.creditfixings.com, a Web site run by auction administrators Markit Group Ltd. and Creditex Group Inc.

The outstanding notional value of credit-default swap contracts on Kaupthing is $3.8 billion, according to data compiled by the Depository Trust & Clearing Corp., which runs a central registry for credit-default swaps. Contracts on Glitnir have a $2 billion net notional value and Landsbanki's have $1.8 billion.

Credit-default swaps, financial instruments used to hedge against losses or speculate on a company's creditworthiness, pay the buyer face value in exchange for the underlying bonds or the cash equivalent set by the auction.

To contact the reporter on this story: Abigail Moses in London [email protected]
Last Updated: November 6, 2008 09:08 EST


Responder Citando
  #59  
Antiguo 06-nov-2008, 16:07
El_Presi El_Presi está desconectado
El Padrino II Revolution
 
Fecha de Ingreso: 30-junio-2006
Ubicación: Ecatepunk
Mensajes: 28.339
Gracias: 3.663
16.836 Agradecimientos de 5.592 mensajes
Bloomberg.com: Exclusive

Credit Swap Disclosure Obscures True Financial Risk (Update2)

By Shannon D. Harrington and Abigail Moses

Nov. 6 (Bloomberg) -- The most comprehensive report on unregulated credit-default swaps didn't disclose bets in the section of the more than $47 trillion market that helped destroy American International Group Inc., once the world's biggest insurer.

A report by the Depository Trust and Clearing Corp. doesn't include privately negotiated credit-default swaps that insurers such as AIG, MBIA Inc. and Ambac Financial Group Inc. sold to guarantee securities known as collateralized debt obligations. It includes only a ``small fraction'' of contracts linked to mortgage securities, according to Andrea Cicione at BNP Paribas SA in London.

New York-based DTCC's data, released on its Web site Nov. 4, showed a total $33.6 trillion of transactions on governments, companies and asset-backed securities worldwide, based on gross numbers. While designed to ease concerns about the amount of risk banks and investors amassed on borrowers from companies to homeowners, the report may have missed as much as 40 percent of the trades outstanding in the market, Cicione said.

The data are ``likely to underestimate the amount of net CDS exposure,'' Cicione, who correctly forecast in January that the cost of protecting European companies from default would rise, said in an interview. ``A broadening of the coverage to the entire market is what investors really need.''

`Increased Transparency'

DTCC released the data as dealers and investors in the market seek to counter criticism that the market has amplified the financial crisis. The Nov. 4 report showed, for example, that $15.4 trillion of contracts linked to individual companies, governments and other borrowers were created. After canceling out contracts that offset one another, though, sellers of that protection would have to pay $1.76 trillion if all underlying borrowers defaulted and debt holders recovered nothing.

The data is ``definitely a welcome development,'' Cicione said.

Trading of credit derivatives soared 100-fold the past decade as banks, hedge funds, insurance companies and other investors used the contracts to protect against losses or speculate on debt they didn't own. The growth was driven partly by CDOs, securities that parcel bonds, loans and credit-default swaps, slicing them into varying layers of risk.

Banks worldwide have taken $693 billion in writedowns and losses on loans, CDOs and other investments since the start of 2007, according to data compiled by Bloomberg.

CDX Indexes

Investors hedging against losses on CDOs helped push the cost of default protection to a record last week. The benchmark Markit CDX North America Investment Grade Index, linked to the bonds of 125 companies in the U.S. and Canada, reached 240 basis points on Oct. 27. The index rose 5 basis points to 192 basis points as of 48 a.m. in New York, according to broker Phoenix Partners Group.

The Markit iTraxx Europe rose to as high as 195 basis points from as low as 20 in June 2007. It was quoted at 139.5 basis points today, according to JPMorgan Chase & Co. A basis point on a credit-default swap protecting $10 million of debt from default for five years costs $1,000 a year.

Credit-default swaps, contracts conceived to protect bondholders against default, pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements. An increase indicates deterioration in the perception of credit quality; a decline signals the opposite.

$440 Billion

AIG first disclosed to investors in August 2007 that it held more than $440 billion of credit-swap trades linked to CDOs. The New York-based company was brought to the edge of bankruptcy in September after the value of the transactions plunged. The insurer was forced to come up with more than $10 billion in collateral to back the contracts after its debt rankings were cut. It accepted an $85 billion government loan in exchange for ceding control to the U.S.

MBIA and Ambac, previously the world's two biggest bond insurers, lost their top AAA ratings earlier this year because of potential losses on credit swaps sold to guarantee CDOs backed by home loans. Moody's Investors Service cut New York-based Ambac's bond insurance rating four levels yesterday to Baa1, three steps above junk, because of potential losses on the derivatives.

A market survey this year by the New York-based International Swaps and Derivatives Association, which includes credit swaps on CDOs and other contracts that may not be captured by DTCC's Trade Information Warehouse, estimates more than $47 trillion in gross contracts are outstanding.

`Gaps'

The Federal Reserve Bank of New York, which urged dealers to curb risks and improve transparency in the credit swaps market over the past three years, said regulators will continue to push for more disclosure. Among the information the Fed wants to see are prices at which the derivatives trade, according to a New York Fed spokesman.

``There appear to be gaps,'' said Henry Hu, a law professor at the University of Texas in Austin who has pressed for the creation of a data warehouse encompassing all privately negotiated derivative trades to offer a better understanding of their risks.

``Hopefully, regulators are getting more information,'' he said.

Because the DTCC registry captures only commonly traded contracts that can be confirmed over electronic systems, not every swap trade is in the company's report, spokeswoman Judy Inosanto said. Among those not included are credit-default swaps on CDOs, she said.

MBIA, the Armonk, New York-based insurer crippled by ratings downgrades earlier this year following losses from such contracts, has said it sold $126.3 billion in guarantees on slices of CDOs backed by corporate bonds, mortgages and other debt. Ambac sold $60.7 billion in guarantees on these so-called tranches, mostly through credit swaps, the company said.

CDO Losses

Insurers including AIG, MBIA and Ambac typically sold protection on the highest ranking slices of such deals, meaning they'd be required to make good on payments only after a substantial part of the underlying debt defaults.

The failures of Lehman Brothers Holdings Inc., Washington Mutual Inc. and three Icelandic banks that were widely held in CDOs linked to corporate debt caused no losses on tranches MBIA guaranteed, Mitchell Sonkin, the company's head of insured portfolio management, said in a conference call yesterday.

New York-based Lehman and WaMu, based in Seattle, filed for bankruptcy. Iceland's government took over its three biggest lenders last month after they were unable to raise short-term funding, triggering pay-outs on credit-default swaps.

Some investors holding the riskier slices of CDOs that weren't guaranteed lost more than 90 percent because of the bank failures.

``The worry is that these bespoke tranches are being eaten away, and who knows if and when these losses will get realized,'' Tim Backshall, chief strategist at Credit Derivatives Research LLC in Walnut Creek, California, wrote in a note to clients yesterday.

To contact the reporters on this story: Shannon D. Harrington in New York at [email protected]; Abigail Moses in London [email protected]
Last Updated: November 6, 2008 09:42 EST


Responder Citando
  #60  
Antiguo 18-jun-2010, 20:38
Espartaco Espartaco está desconectado
Miembro del BCE
 
Fecha de Ingreso: 28-mayo-2010
Mensajes: 562
Gracias: 1.186
410 Agradecimientos de 230 mensajes
Iniciado por El_Presi Ver Mensaje
Bloomberg.com: Worldwide

Depository Trust to Provide Credit-Default Swaps Data (Update3)

By Shannon D. Harrington

Nov. 4 (Bloomberg) -- The broadest set of data yet on the credit-default swaps market will be released today as traders in the market say concerns about potential losses from the more than $47 trillion in outstanding contracts are overblown.

The Depository Trust & Clearing Corp., which operates a central registry of credit swaps trades, will publish details including the top 1,000 contracts on its Web site after 5 p.m. New York time. The data is being released after pressure from regulators for more transparency about risks in the market after trading exploded the past decade. The data will for the first time offer a clearer picture of the amount wagered on the creditworthiness of the world's companies and governments.

The industry should ``get the word out about the small size of these risks compared with the notional amounts on which the contracts are based,'' said Mark Brickell, chief executive officer of Blackbird Holdings Inc., which provides an electronic trading system for derivatives, and former chairman of the International Swaps and Derivatives Association.

The industry has stepped up efforts to counter critics among U.S. lawmakers and regulators who say the lack of transparency in the market exacerbated the financial turmoil. The collapse of Lehman Brothers Holdings Inc. contributed to a decline in financial markets last month because no one knew how many contracts were outstanding on the securities firm, or who had held them. Estimates ranged as high as $400 billion, though the actual amount turned out to be $72 billion, the DTCC said.

After subtracting redundant trades, only $5.2 billion had to actually change hands, DTCC said last month in what was its first release of data from the warehouse.

Stop `Misinformation'

Even the size of the market is up for debate. ISDA says more than $47 trillion of contracts are outstanding, while the DTCC puts the figure closer to $35 trillion.

``The credit derivatives market is in need of PR to stop the flow of misinformation we continually hear,'' said Tim Backshall, chief strategist at Credit Derivatives Research LLC in Walnut Creek, California. The DTCC data ``should help,'' he said.

The DTCC, which matches and confirms 90 percent of electronic trades from the biggest dealers in the market, will list the companies and countries linked to the most credit- default swaps, including both the gross amount and a net figure that excludes offsetting trades between two parties.

Market Criticism

Criticism of the market intensified in September after the collapse of Lehman and the U.S. government's bailout of American International Group Inc., which faced bankruptcy after credit- rating downgrades forced it to post more than $10 billion in collateral on credit swap trades that had plunged in value. Auctions this week will settle default swaps on the combined 43 billion euros ($55 billion) of debt of Iceland's three biggest banks, starting today with Landsbanki Islands hf.

U.S. Securities and Exchange Commission Chairman Christopher Cox called for authority to regulate the credit swaps market, saying the lack of disclosure and the web of connections between dealers in the market threatened the stability of the financial system. The Federal Reserve Bank of New York, which has spent the last three years pushing dealers to curb risks in the credit swaps market, last week said it welcomed the DTCC's disclosure.

Transparency

``We need transparency,'' said U.S. Representative Bob Etheridge, a Democrat from North Carolina who heads the subcommittee that oversees the Commodity Futures Trading Commission, which is also seeking authority to regulate the market. ``Sunlight has a way of purifying a lot of things and sanitizing them, and that's why I think transparency is so critical in this area. You're dealing in substantial dollars.''

Separately, the European Central Bank met with regulators, lenders and investors yesterday to discuss ways of increasing transparency in the default swaps market. A central counterparty is an ``appropriate solution'' for reducing risk, the ECB said in a statement.

The DTCC's data will show the total dollar amount of contracts in its registry, including a breakdown of contracts linked to individual companies or governments and those tied to an index of companies. It also will show registered contracts that are tied to residential and commercial mortgage bonds and corporate loans. Starting next week, it will post trading volumes during the previous week.

DTCC Board

DTCC is controlled by a board of members, including JPMorgan Chase & Co., Goldman Sachs Group Inc. and other dealers that created and control trading in the credit-default swap market. Trading exploded during the past decade as the market went from being largely a tool for banks to hedge loans to a place where hedge funds, insurance companies and asset managers could speculate on the creditworthiness of companies, governments and other borrowers, including homeowners.

Until now, publicly available data on the market was largely limited to bi-annual surveys by ISDA and the Bank for International Settlements, that showed the gross notional value of trades outstanding for the entire market, a number akin to trading volume.

``The risk to the market from these instruments would be far less if investors had the benefit of basic disclosures,'' Cox wrote in an opinion column today in the Washington Post, in which he repeated his call for authority to regulate the market. ``The lack of transparency around credit-default swaps played a role in the collapse of AIG and contributed to the crisis of confidence that has enveloped other financial institutions.''

To contact the reporter on this story: Shannon D. Harrington in New York at [email protected]
Last Updated: November 4, 2008 13:43 EST



Responder Citando
Respuesta

Herramientas
Desplegado



La franja horaria es GMT +1. Ahora son las 03:44.