"Bond King"对希腊债务重组的观点 - 未名空间MITBBS历史存档

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"Bond King"对希腊债务重组的观点

"Bond King"对希腊债务重组的观点# Stock

c*r2012-03-09 08:03

1 楼

要点：
“I’m not forecasting a second default but the markets certainly are,”
Gross said. “Markets expect another one down the road.”
希腊的今天，和昨天没什么两样 - 前途也依然暗淡
“The rules have been changed here,the sanctity of their contracts is
certainly lessened. Bondholders have that to look forward to going into the
future.”
重组方案坏了债券市场的规矩，影响是深远的。
http://www.bloomberg.com/news/2012-03-09/gross-says-sanctity-of

O*l2012-03-09 08:03

2 楼

欧元区困难国家债卷没人敢再买了

s*i2012-03-09 08:03

3 楼

not just bond market itself, CDS market too.

h*92012-03-09 08:03

4 楼

个人当然没有敢用自己的钱去买，买的要么是能印钱的，要么是拿着别人钱的。

【在 O**l 的大作中提到】

: 欧元区困难国家债卷没人敢再买了

c*r2012-03-09 08:03

5 楼

I am pretty sure CDS will be triggered.
Let's wait and see...

【在 s********i 的大作中提到】

: not just bond market itself, CDS market too.

w*12012-03-09 08:03

6 楼

从今天的这个故事就可以看出来，市场已经不需要规则了。人家想怎么整就怎么整。以
前做什么至少还需要一个遮羞布，现在无所谓了。
看好2012是整个世界鸟蛋精光的一年。

the
diminished-by-greece-s-debt-swap.html

【在 c*****r 的大作中提到】

: 要点：
: “I’m not forecasting a second default but the markets certainly are,”
: Gross said. “Markets expect another one down the road.”
: 希腊的今天，和昨天没什么两样 - 前途也依然暗淡
: “The rules have been changed here,the sanctity of their contracts is
: certainly lessened. Bondholders have that to look forward to going into the
: future.”
: 重组方案坏了债券市场的规矩，影响是深远的。
: http://www.bloomberg.com/news/2012-03-09/gross-says-sanctity-of

c*r2012-03-09 08:03

7 楼

In fact, capitalism is dead.

【在 w********1 的大作中提到】

: 从今天的这个故事就可以看出来，市场已经不需要规则了。人家想怎么整就怎么整。以
: 前做什么至少还需要一个遮羞布，现在无所谓了。
: 看好2012是整个世界鸟蛋精光的一年。
:
: the
: diminished-by-greece-s-debt-swap.html

s*i2012-03-09 08:03

8 楼

no, only 5% that does not sign the agreement can trigger CDS. The major
accomplishment of the Greek deal is to avoid trigger CDS.

【在 c*****r 的大作中提到】

: I am pretty sure CDS will be triggered.
: Let's wait and see...

c*r2012-03-09 08:03

9 楼

ISDA declares Greek credit event, CDS payments triggered

【在 s********i 的大作中提到】

: no, only 5% that does not sign the agreement can trigger CDS. The major
: accomplishment of the Greek deal is to avoid trigger CDS.

l*g2012-03-09 08:03

10 楼

What does this mean? Does this mean anyone who did not agree to swap gets
his money back in full? If real, can those who agreed back out?

【在 c*****r 的大作中提到】

: ISDA declares Greek credit event, CDS payments triggered

c*r2012-03-09 08:03

11 楼

Means whoever hold the Greek bond CDS contract will be paid, no matter you
hold Greek bond or not ("naked" CDS holder).
On the other hand, if you hold Greek bond but did not participate the PSI
swap, and do not have CDS, you will not enjoy the CDS payout.
Just as you hold put option, not necessarily mean that you have to hold the
underlying stock bearing the put option.

【在 l****g 的大作中提到】

: What does this mean? Does this mean anyone who did not agree to swap gets
: his money back in full? If real, can those who agreed back out?

l*g2012-03-09 08:03

12 楼

I see, it looks like only fool will buy bond without protection from now on.
Problem is then changed into the bond could gets negative interest rate
when CDS is considered.

the

【在 c*****r 的大作中提到】

: Means whoever hold the Greek bond CDS contract will be paid, no matter you
: hold Greek bond or not ("naked" CDS holder).
: On the other hand, if you hold Greek bond but did not participate the PSI
: swap, and do not have CDS, you will not enjoy the CDS payout.
: Just as you hold put option, not necessarily mean that you have to hold the
: underlying stock bearing the put option.