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[QUOTE]Originally posted by BooDog: [QB] [QUOTE]Originally posted by stocktrader22: [qb] LMAO NCC is going to .50 Timeline for the Epic Lehman CDS Auction Tomorrow Here is (according to Reuters) the timeline for what will be an epic CDS auction tomorrow related to the Lehman bankruptcy. There are huge losses to go around, confusion about counter-parties, and I expect a host of releases tomorrow afternoon as people disclose their newfound liabilities. 9:45 a.m.-10 a.m. Auction participants will submit bids and offers for the debt backing the credit default swaps, which will be used to determine the initial recovery rate of the swaps. 10:30 a.m. Auction administrators Creditex and Markit will publish the initial recovery price and the open interest for the contracts will be published. The open interest reflects the amount of bids and offers that have been made, and will show if there are more buyers than sellers, or vice versa. 12:45 p.m. -1 p.m. Participating dealers will submit limit orders for the debt on behalf of themselves and their clients to fill the open interest 2 p.m. The final price of the auction will be published. Most people expect prices in the 12-to-13 cents on the dollar, leading to payouts in the $400-billion range. Comments (4) Sort by: Date Rating Last Activity Thread active 2 hours agoCollapse thread Paul Kedrosky•76p The Freddie/Fannie auction was this past Monday, and it went relatively cleanly, with high recovery rates on the debt, and only one lawsuit that I've seen. Lehman is a different issue altogether. POST REPLY» 2 hours ago Thread active 1 hour agoCollapse thread 0 Ted Murphy So they are selling 3.2T in Credit Default Swaps, representing 5.8% of a 55T global market in CDS. They are expecting to take a 87.5% hit, recouping $400B and losing 2.8T. This translates into further losses of $48.1T on the rest of the $55T. It seems so awful that it can't be true. POST REPLY» 7 hours ago +1 khyron4eva•22p Maybe this is stupid question and oversimplification, but I have to wonder why CDS contracts aren't simply being unwound? Now, we're all familiar with the backlog in these things that NYFED (and Geithner in particular) was was working to clear out -- paper records, bad novation records, etc. All that good stuff from 2005. So the question is, how accurate is $62T notional at this point in time. How many of those contracts are being unwound daily? Probably not huge (or even statistically significant) amounts, admittedly, but I have to imagine some players are just getting out, if they can. That said, you don't just unwind $50T+ of CDS contracts in a month, especially on a bankrupt reference entity. Just thinking aloud. The losses expected from this auction will absolutely wreck many banks tomorrow...some don't even know it yet, but they're dead men walking... [/qb][/QUOTE]No way. I don't believe you! This is a bull **** market! LOL :eek: :c: :g: to all of us [/QB][/QUOTE]
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