TSLF Disaster
Gimmicks don’t work, Ben.
Collateral type 2 for 28-day: most auctions cleared around 25 bp, today’s was 300 bp !
Collateral type 2 for 14-day : 250 bp !
I forgot the bid-to-cover ratio: 4 times recent numbers.
TSLF operations
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Recent Entries - #Links
- Inside the AIG CDO LLC Facility
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- Quantitative Easing
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- U.K. CDS Breaks the 100 Barrier
- Official: Recession Started in December 2007
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- Only in America
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- Record U.S. CDS: 56 bp
- Fed Swap Lines: Good News
- Add $600 bn to Fed Balance Sheet
- Latest Scam: TALF
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- #Links
- Citi CDS Post-Bailout
- The Extraordinary Events in Credit Markets Over the Last Sixty Days
- CMBX-5
- Historic Day for the 30 Year Bond
- Credit Today
- French Sovereign Fund: Don’t Laugh
- GMAC Bank?
- #Links
- Moral Hazard and Adverse Selection in the Originate-to-Distribute Model of Bank Credit
- State Supported Banks
- Imperfect Information and Monetary Models: Multiple Shocks and their Consequences
- #Links
- Kiyoshi Ito, RIP
- Fed Swap Lines: Massive Mark-to-Market “Losses”
- Credit Today
- #Links
- Citi “Town Hall Meeting”
- #Links
- Must See Video
- From the 5th ECB Central Banking Conference
- Iceland
- “Long Live Small Traders, Thank You Lawyer”
- #Links
- CDS Volumes Decline
- “Unusual and Exigent Circumstances” Make American Express a Bank
- AIG: Official New Deal
- Bloomberg Sues Fed to Force Disclosure of Collateral
- ABX and DTCC Data
- Deleverage This
- Repos Fails: Improving
- BofE: Mega Cut Panic
- DTCC to Publish CDS Data
- OIS Still Plunging
- CPFF: $144 bln in 3 Days
- Repos Fails: Still Near Record
- NYSE Margin Debt Cut in Half
- DTCC Successfully Closes Out Lehman Bankruptcy
- Libor-OIS
- SLF
- Fed Swap Lines Expanded
- More Rate Cuts Coming
- $600 bln Anti-Foreclosure Plan
- Libor-OIS
- #Links: $20bn ‘Sting’ Edition
- Vast Majority of Employees Losing Sleep Over Financial Worries
- CPFF Rates
- Libor-OIS
- Dollar: Early Trades
- WaMu and Icelandic Banks CDS Settlements
- The Long Term Perspective on the TED Ratio
- Carry Trade: GBP/JPY
- Why You Should Cut Your Losses Quickly: Kerviel Edition
- Carry Trade: AUD/JPY
- Carry Trade: EUR/JPY
- Libor-OIS
- H.4.1
- Repos Fails: Getting Worse
- IMF FX Swaps
- WaMu CDS Auction: Initial Results
- Libor-OIS
- Credit Crunch: Provisional International Banking Statistics
- Paulson on Lehman’s Rescue: “We Didn’t Have The Powers”
- Derivative Dribble
- Success: DTCC Completes Credit Event Processing for Lehman Brothers
- Fed Raises Interest Rates
- Libor-OIS
- #Links
- Mega-Merger
- Official Non-Event of the Day: Lehman CDS Settlement
- Why Was Lehman Brothers Allowed To Fail?
- World FX reserves look to be topping out: Reuters
- The Fed’s Latest Scam: MMIFF
- Libor-OIS
- #Links
- Bill Auction
- Libor-OIS, TED Spread Improving…
- Lehman CDS Settlement
- #Links
- Liquidity and Congestion
- France’s Dumbest Bank “Discovers” 600 million Euros Loss
- Hooray, TED Spread Drops to 399
- Extended Discount Window: $441 bn New Record
- Repo Fails
- ECB: Central Bank Funds Have Not Solved Problems
- CDS of the Day: Russia
- #Links
- Libor-OIS
- UBS
- Swiss Government Takes a 9.3% Stake in UBS
- ECB To Fund BBB- Junk
- Libor-OIS
- #Links
- Securitization: Not Guilty
- DTCC: 209 million Transactions, Last Friday
- Treasuries Sink
- #Links
- Sovereign CDS Update
- Crunch Hits Goldman Sachs
- Paul Krugman Wins Nobel Prize
- VaR
- “Unlimited” Dollar Liquidity
- Suspend VaR Immediately!
- Misconceptions About the Credit Default Swap Market
- Volatility Remains Elevated…
- Russian Oligarchs Lose $230 Billion
- Lehman CDS Auction: Final Result
- Lehman CDS Auction: Initial Results
- 401-Keg
- Morgan Stanley CDS
- Don’t Panic
- OIS-Libor
- Repos Fails
- #Links
- Is a Credit Default Swap (”CDS”) a Contract of Insurance?
- Records Everywhere
- PIMCO/CPFF
- AIG: Additional $37.8 bn Cash
- This Is Not Iceland
- #Links
- Fed $ Swaps Outstanding
- Quote of the Day
- U.K. To Recap Banks
- TAF Undersubscribed
- Super-SIV: It’s Alive
- Return of the Currency Peg
- Fed’s New Plan: Unsecured Loans
- A Strange Lender of Last Resort
- Fannie/Freddie CDS Auctions: Final Prices
- Fannie/Freddie CDS Auctions: Initial Results
- Carry Trade Bloodbath: AUD/JPY
- Fed: We Are Doing This ‘Cause We Are Tapped Out
- Fed To Pay Interest on Required and Excess Reserves
- TAF: Up to $900 bn by Year-End
- OIS
- #Links
- Hypo Big Loser: J.C. Flowers
- Euro Bailout: It’s Back on the Table
- Early Dollar Trades
- That Was Quick…
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- Forms of Federal Reserve Lending to Financial Institutions
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- Libor: Quote of the Day
- Liquidity
- OIS-Libor
- Gazumped !
- From AIG Blog Relations Dept
- Some Good News
- Fed “Other Loans” Jump to Record: $400 bn
- Rate Cut
- CDS of the Day: Landsbanki Islands hf
- Dollar
- OIS-Libor
- Nobel Economics Prize Forecast
- #Links
- Warren Buffett Bailout of the Day: GE
- Bailout: Europe Edition
- Seventeen Principles and One Hundred Forty Seven Subprinciples for Sound Liquidity Risk Management and Supervision
- International Transmission of Liquidity Shocks and Liquidity Spirals
- Some Lessons from the Financial Market Correction
- Mark-to-Market Relaxed
- Soros on Paulson
- The Housing Meltdown: Why Did It Happen In The United States?
- #Links
- CDS: Goldman Better, Morgan Worse
- Scorecard: Fed Edition
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- They Forgot Iceland
- Permanent Open Market Operations
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- Bailout: Latest
- N.Y. State to Regulate CDS as Insurance
- Why the RUSH ? Is It That Bad ?
- #Links
- Paulson’s Put Is the Right Thing To Do, BUT…
- Bailout: Dubai Edition
- Updated Bailout Plan and Links
- Paulson’s Put
- USSA: Your Debt Limit Is
- AIG and the Fed
- ABX: Extraordinary Value
- RTC 2.0
- Amazing Ben!
- Prediction Markets
- #Links
- State Street
- AIG Fed Line
- Yet Another TSLF Disaster
- Nuclear Option
- #Links
- SEC Statement on the Wisdom of the Crowds
- Ted Spread
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- TSLF Disaster
- Free Money for Uncle Sam ( Almost )
- AIG CDS
- “Supplementary” Financing Program
- Ted Spread
- AIG CDS
- #Links
- Unusual Step…
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- No Strippers at Fannie and Freddie CDS Auctions
- CDS
- #Links
- Nuclear Option
- LEH RIP
- CDS of the Day: Goldman Sachs
- Lehman: Counterparty Risk
- Rate Cut Coming
- Pre-Market
- Helicopter Ben
- Fed: Send Us Your Junk
- Dow Jones: Early Trade
- #Links
- Dollar Early Trades
- BofA and Merrill in Merger Talks
- Derivatives and Systemic Risk: Netting, Collateral, and Closeout
- What Happened to Liquidity when World War I Shut the NYSE?
- Structured Finance: Writedown Scorecard
- Bailout Weekend
- Fan and Fred Credit Event
- AIG CDS Worse Than Lehman
- Help, Is This True?
- Credit Default Swap Rates and Stock Prices
- #Links
- Mother of All Foreclosures: Dubai Edition
- GSE Credit Event: Victim Found
- Quote of the Day
- Rate Cut?
- Upfront for Lehman CDS
- Lehman Crashing Again
- #Links
- Lehman CDS
- My Word Is My Bond
- 05 Vintage ABX ?
- #Links
- Biil Gross Had a Good Day
- CDS: Lehman, WaMu
- OIS Futures: Slow Start
- Wisdom of the Crowds?
- Obama Crashes on Intrade
- Official: ’tis a “Credit Event”
- Fan and Fred: CDS Trigger Update
- U.S. Treasuries Open
- Bailout: Market Reaction
- Fan and Fred Conservatorship: Paulson’s Statement
- In Defense Of Credit Default Swaps
- Banking Crisis Solutions Old and New
- The Credit Crunch of 2007-2008: A Discussion of the Background, Market Reactions, and Policy Responses
- Fannie and Freddie: CDS
- Fannie and Freddie Bailout
- E-mini Euro Denominated S&P 500 Futures
- Dollar After Hours
- #Links
- Bubbles in Credit and Currency: How Hot Markets Cool Down
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- Coming Soon: OIS Futures
- Subprime: $1 Billion Auction Rate Securities Fraud
- #Links
- Out of Stock
- Fragile Finance
- Corrigan III
- #Links
- Containing Systemic Risk: The Road to Reform
- LIBOR
- #Links
- Picture of the Day: Share of US ABS CDO Notes Downgraded
- Credit Risk Transfer – Developments from 2005 to 2007
- What is TOP?
- Auctions of TSLF Options
- Fed: TAF Extended
- Payday: Pictures
- Merrill Number Crunching, Ultra Short Edition
- CDS Contracts Could Change
- ABX: Writedowns Picking Up
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Blogs The Aleph Blog
Risk the Credit of the Republic for Homeowners
Yesterday, I was contacted by UrbanDigs, one of my regular readers, and he asked:
UrbanDigs Says:
[Link]Stumbling and Mumbling
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Portfolio.com: Market Movers
Jim Simons's Incentives
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L'euro survivra-t-il à la crise financière?
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A Dash of Insight
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At "A Dash" we are delighted with the early response to our "truthiness" inquiry. There are several excellent suggestions for ...
[Link]FT Alphaville
CDS update: The perils of record fatigue
This CDS report was written by Markit's Gavan Nolan We're in danger of record fatigue here in the credit markets. ... [Link]
Brad Setser: Follow the Money
China is starting to sound like a normal creditor country
Most creditors believe that the debtor needs to take the lead in addressing their own problems. China is, apparently, no different. ...
[Link]Derivative Dribble
Synthetic CDOs, Ratings, And Super Senior Tranches: Part 1
Super Senioritis
I’ve been perusing the finance blogs lately and I’ve noticed a recent obsession with Synthetic CDOs, specifically the super senior ...
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[Link]Across the Curve
Closing Comments December 04 2008
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[Link]
jck [at]
aleablog [dot] com