Oil prices moved below the budget-critical $70 a barrel…
CDS via CMA DataVision
- This Is From The Wall Street Journal
- Momentum in Stock Market Returns: Implications for Risk Premia on Foreign Currencies
- Links
- DTCC Posts 6-Month Market Activity Snapshot on CDS Market
- Default in Today’s Advanced Economies: Unnecessary, Undesirable, and Unlikely
- The Impact of Banks’ Cumulative Reserve Position on Federal Funds Rate Behavior
- A Wolf in Sheep’s Clothing
- TBA Trading and Liquidity in the Agency MBS Market
- Impact of High and Growing Government Debt on Economic Growth
- Financial Amplification of Foreign Exchange Risk Premia
- The Central-Bank Balance Sheet as an Instrument of Monetary Policy
- Exorbitant Privilege and Exorbitant Duty
- The Information Value of the Stress Test and Bank Opacity
- Price of Risk—Recent Evidence from Large Financials
- Shadow Banking
- Summer Doldrums
- Credit Default Swaps: What Are the Social Benefits and Costs?
- The International Role of the Euro
- Chronicle of Currency Collapses: Re-Examining the Effects on Output
- The Paradox of Toil
- Links
- What the Fed Did and Why
- Markets and Government Before, During and After the 2007-20xx Crisis
- Detecting and Interpreting Financial Stress in the Euro Area
- Are We Building the Foundations for the Next Crisis Already? The Case of Central Clearing
- Links
- Links
- OIS Discounting
- Multimarket Trading and the Cost of Debt: Evidence from Global Bonds
- Is Economics Coursework, or Majoring in Economics, Associated with Different Civic Behaviors?
- China’s High Saving Rate: Myth and Reality
- Oil Spill
- Eurozone €440 Bln SPV Aid Fund
- ECB Financial Accounts and ECB Financial Strength
- Central Bank Swap Networks
- DTCC Posts CDS Market Activity Snapshot
- ECB: Financial Stability Review (June 2010)
- Global CDO Issuance by Transaction Structure
- Links
- TBAC Minutes: Sovereign CDS and Swap Spreads
- Goldman Sachs Underwriting Market Shares in Subprime RMBS and CDOs
- Abacus for Dummies
- The World’s Safest and Riskiest Sovereign Debt (Update)
- Increased Sovereign Risk Behind Negative Swap Spreads
- Haircuts
- Markets, Religion, Community Size, and the Evolution of Fairness and Punishment
- Beyond the Dollar: Rethinking the International Monetary System
- Links
- Amazing Discovery
- ABCP Outstanding: Still Crashing
jck- Russian banks and corporates do have USD debt and can’t print USD to cover such debts. This they have in common with US corporates and banks.
More to the point- Russia has net public sector assets. It would take a real trick to default when the USD you have in your Central Bank are greater than your USD debt plus you have unlimited taxing authority.
no question, deleveraging is a big factor
Have a look at turkey CDS, looks exactly the same, last mkt I saw (16:15 LDN, 17th) was 590/610.
Do you not think this more likely a withdrawal of foreign capital from these countries as the global deleveraging continues.
Have a look at USD TWI (on Bloomie: IBUSUSD Index, GP) against these CDS
the difference is that the US has debt in $ and can print them and Russia ( banks, corps..) has debt in $ and can’t print them.
wow, if they didn’t have $600 billion squirreled away in CB reserves and their Stabilization Fund they would be in real trouble. By the way how much did W salt away in the US Stabilization Fund? I googled it and couldn’t find the answer.
Also I’m very worried about Russia’s budget balance b/c if oil falls to $70 they will not have a budget surplus. But I guess that would still put their 2009 budget $1 trillion ahead of ours? No time to think, let’s sell rubles anyway.