canarino
Forumer attivo
States with the Highest Foreclosure Rates
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Macroeconomia Crisi finanziaria e sviluppi (1 Viewer)
- Creatore Discussione METHOS
- Data di Inizio
sethi
Forumer storico
Usa: Immobiliare, Record Di Pignoramenti Di Case Ad Agosto
giovedì, 16 settembre 2010 - 21:03
(AGI/WSI) New York ? In agosto il numero di americani che si sono visti pignorare l?abitazione e? cresciuto ad un record di 95364. La cifra e? stata resa nota da RealtyTrac. Si tratta di un rialzo pari al 3% rispetto a luglio e del 25% rispetto allo stesso periodo dell'anno scorso. Fino ad ora gli espropri nel 2010 sono stati di 1,2 milioni, livello senza precedenti. Nel 2005, prima della crisi, le banche avevano preso possesso di solo 100000 case.
porca miseria........... 1.200.000 abitazioni pignorate e siamo a settembre ............no comment
- Temi:
giovedì, 16 settembre 2010 - 21:03
(AGI/WSI) New York ? In agosto il numero di americani che si sono visti pignorare l?abitazione e? cresciuto ad un record di 95364. La cifra e? stata resa nota da RealtyTrac. Si tratta di un rialzo pari al 3% rispetto a luglio e del 25% rispetto allo stesso periodo dell'anno scorso. Fino ad ora gli espropri nel 2010 sono stati di 1,2 milioni, livello senza precedenti. Nel 2005, prima della crisi, le banche avevano preso possesso di solo 100000 case.
porca miseria........... 1.200.000 abitazioni pignorate e siamo a settembre ............no comment
paologorgo
Chapter 11
Usa: Immobiliare, Record Di Pignoramenti Di Case Ad Agosto
- Temi:
giovedì, 16 settembre 2010 - 21:03
(AGI/WSI) New York ? In agosto il numero di americani che si sono visti pignorare l?abitazione e? cresciuto ad un record di 95364. La cifra e? stata resa nota da RealtyTrac. Si tratta di un rialzo pari al 3% rispetto a luglio e del 25% rispetto allo stesso periodo dell'anno scorso. Fino ad ora gli espropri nel 2010 sono stati di 1,2 milioni, livello senza precedenti. Nel 2005, prima della crisi, le banche avevano preso possesso di solo 100000 case.
porca miseria........... 1.200.000 abitazioni pignorate e siamo a settembre ............no comment
stockuccio
Guest
integro il quadro con un recente post di Mazzalai ... 8 milioni di case da piazzare sul mercato IMMOBILIARE AMERICANO ....UNDERWATER OLTRE LA REALTA'! | icebergfinanza
l'ultimo comunicato della MBA ... il 14% ha almeno saltato una rata Delinquencies and Foreclosure Starts Decrease in Latest MBA National Delinquency Survey
già che ci sono metto qualcosa pure sull'immobiliare in Cina ... si calcolano 65 milioni di case vuote con prezzi che nelle grandi città spesso costano più di 50 volte il reddito medio ...
'And as the prices of new apartments soar — in Shanghai, for instance, they often exceed $200,000, while the average disposable income is about $4,000 a year' ... 'How many flats in China are sitting empty? The media recently floated a story — denied by power companies — that 64.5 million urban electricity meters registered zero consumption over a recent, six-month period. That led to a theory that China has enough empty apartments to house 200 million people….
Andy Xie on China’s Empty Apartments naked capitalism
l'ultimo comunicato della MBA ... il 14% ha almeno saltato una rata Delinquencies and Foreclosure Starts Decrease in Latest MBA National Delinquency Survey
già che ci sono metto qualcosa pure sull'immobiliare in Cina ... si calcolano 65 milioni di case vuote con prezzi che nelle grandi città spesso costano più di 50 volte il reddito medio ...
'And as the prices of new apartments soar — in Shanghai, for instance, they often exceed $200,000, while the average disposable income is about $4,000 a year' ... 'How many flats in China are sitting empty? The media recently floated a story — denied by power companies — that 64.5 million urban electricity meters registered zero consumption over a recent, six-month period. That led to a theory that China has enough empty apartments to house 200 million people….
Andy Xie on China’s Empty Apartments naked capitalism
dagoweb
Forumer attivo
* Ecco dove va la liquidita'
WallStreet allunga sui massimi di periodo, esplodono le acquisizioni
Websim - 20/09/2010 17:32:52
Wall Street si rafforza al rialzo con i tre indici principali che si portano sui massimi di periodo: Dow Jones +1%, S&P500 +1,1%, Nasdaq +1,2%. Il Nasdaq si porta su valori che non vedeva dal 21 giugno scorso, l'S&P500 si porta su valori abbandonati lo scorso 18 maggio.
Il mercato attende le decisioni del FOMC (Federal Open Market Committee) previste per domani sera alle 20.15. Gli economisti si aspettano che la politica monetaria rimanga espansiva con tassi vicini allo zero.
In proposito, secondo una recente ricerca, le aziende americane avrebbero approfittato dei bassi tassi d'interesse per finanziare operazioni di riacquisto di azioni proprie (buy back). Nel primo semestre 2010 le operazioni annunciate ammontano a oltre 200 miliardi di dollari, confrontabili con i soli 125 miliardi dell'intero 2009.
Non solo, perchè il basso costo del denaro fa esplodere il numero delle acquisizioni. Tra i titoli che oggi si muovono di più ci sono infatti quelli appartenenti a società oggetto di offerte d'acquisto: Netezza sale del 12,6% dopo l'Opa da 1,7 miliardi di dollari da parte di Ibm, Internet Brands (INET.O) balza del 45% dopo l'offerta da 640 milioni di dollari da parte di Hellman & Friedman. Nu Horizons Electronic (NUHC.O) +102%, dopo che Arrow Electronics (ARW.N) (+1,1%) ha lanciato un'offerta da 130 milioni di dollari in contanti sulla società che distribuisce prodotti tecnologici per rafforzare la presenza sui mercati emergenti.
- cut -
WallStreet allunga sui massimi di periodo, esplodono le acquisizioni
Websim - 20/09/2010 17:32:52
Il mercato attende le decisioni del FOMC (Federal Open Market Committee) previste per domani sera alle 20.15. Gli economisti si aspettano che la politica monetaria rimanga espansiva con tassi vicini allo zero.
In proposito, secondo una recente ricerca, le aziende americane avrebbero approfittato dei bassi tassi d'interesse per finanziare operazioni di riacquisto di azioni proprie (buy back). Nel primo semestre 2010 le operazioni annunciate ammontano a oltre 200 miliardi di dollari, confrontabili con i soli 125 miliardi dell'intero 2009.
Non solo, perchè il basso costo del denaro fa esplodere il numero delle acquisizioni. Tra i titoli che oggi si muovono di più ci sono infatti quelli appartenenti a società oggetto di offerte d'acquisto: Netezza sale del 12,6% dopo l'Opa da 1,7 miliardi di dollari da parte di Ibm, Internet Brands (INET.O) balza del 45% dopo l'offerta da 640 milioni di dollari da parte di Hellman & Friedman. Nu Horizons Electronic (NUHC.O) +102%, dopo che Arrow Electronics (ARW.N) (+1,1%) ha lanciato un'offerta da 130 milioni di dollari in contanti sulla società che distribuisce prodotti tecnologici per rafforzare la presenza sui mercati emergenti.
- cut -
Geller
Banned
Pimco Buys Bank Debt as Default Protection Costs Slump
By Shannon D. Harrington and Mary Childs
Mohamed El-Erian, chief executive officer of Pacific Investment Management Co. (PIMCO). Photographer: Jonathan Alcorn/Bloomberg
20.09.2010 - Bloomberg
The cost of protecting U.S. corporate bonds from default has fallen below yield premiums by the most since January as concern ebbs that the world’s largest economy will lapse back into a recession, giving Pacific Investment Management Co. more reason to snap up bank debt.
Gaps between credit-default swaps and bonds have widened to 0.25 percentage point from less than 0.02 percentage point about three months ago, according to Citigroup Inc. Pimco, manager of the world’s largest bond fund, is finding as much as 1 percentage point of extra yield even after paying to insure bank debt, said Mark Kiesel, a managing director at the Newport Beach, California-based firm.
Banks are “rebuilding capital very quickly,” Kiesel said. With the firms becoming safer credit bets and Pimco finding so- called negative basis trades with bank bonds paying excess yields of 0.8 percentage point to 1 percentage point, “those are two catalysts for spread compression,” he said.
U.S. central bankers may wait beyond their meeting tomorrow to announce additional steps to sustain the expansion, Pimco Chief Executive Mohamed A. El-Erian wrote on the company’s website. The Federal Reserve will cut its growth forecasts, El- Erian said. Still, home sales probably increased in August, a sign the real estate market is stabilizing, according to economists surveyed by Bloomberg.
The spreads Pimco is identifying in bank bonds and in the broader market compare with the average difference of more than 2.5 percentage points after the bankruptcy of Lehman Brothers Holdings Inc. two years ago, just before bonds posted a record rally. The record gaps emerged as credit markets seized up, causing bond spreads to soar while demand for swap protection failed to keep up.
‘Capital Scarce’
An increase in negative basis is attracting buyers that seek to profit by buying the debt while also purchasing credit swaps.
“When capital is scarce, the basis becomes more negative,” said Alberto Gallo, a New York-based strategist at Goldman Sachs Group Inc. He said the basis should narrow as monetary policy and regulation reduce risk in the financial system and stabilize funding costs.
Elsewhere in credit markets, DuPont Co., the third-biggest U.S. chemical maker, may sell debt in a three-part offering as soon as today, according to a person familiar with the transaction. The Wilmington, Delaware-based company may issue notes due in January 2021 in a benchmark offering as well as $300 million each of debt maturing in January 2016 and January 2041, said the person, who declined to be identified because terms aren’t set. Benchmark offerings are typically at least $500 million.
Swaps Index Roll
The Markit CDX North America Investment Grade Index, a benchmark credit-default swaps index gauging corporate credit risk, rose as banks and money managers began moving trades into a new series of the index. Series 15 of the Markit CDX traded at 107.75 basis points as of 11:36 a.m. in New York, 5.25 basis points wider than Series 14, according to broker Phoenix Partners Group.
The index typically climbs as investor confidence deteriorates and falls as it improves. New versions of credit swaps indexes are created every six months to replace companies that no longer meet criteria for inclusion, such as credit ratings.
Universal Health Dropped
Universal Health Services Inc., the operator of more than 100 U.S. medical facilities, was dropped from Series 15 of the CDX investment-grade index after Standard & Poor’s and Fitch Ratings cut the company’s debt ranking to speculative grade. CA Inc., the second-largest maker of software for mainframe computers, was added.
European and Asian credit swaps indexes rolled into their 14th series. The Markit iTraxx SovX Western Europe Index of swaps on debt sold by 15 countries rolled into its fourth series.
Credit-default swaps pay the buyer face value if a borrower fails to meet its obligations, less the value of the defaulted debt. A basis point equals $1,000 annually on a contract protecting $10 million of debt.
The extra yield investors demand to hold company bonds rather than government debt was unchanged at 171 basis points, or 1.71 percentage points, on Sept. 17, according to Bank of America Merrill Lynch’s Global Broad Market Corporate Index. Yields fell to 3.573 percent from 3.589 percent on the previous day.
Fed Meeting
Tomorrow, the Fed meets to set monetary policy. A survey of bond investors overseeing $1.34 trillion by Ried Thunberg ICAP, a unit of the world’s largest inter-dealer broker, found that 57 percent of respondents don’t expect the Fed to announce additional asset purchases at the meeting, while 43 percent expect policy makers to say they’re resuming quantitative easing.
The widening gap between U.S. corporate bond spreads and the cost of credit swaps on the debt may be exacerbated by the highest bond prices in six years. As prices rise above 100 cents on the dollar, the cost to hedge against default also rises, eroding the potential excess yield, Goldman Sachs’s Gallo said.
“Higher prices also make it less attractive to enter new trades, since you have to buy more CDS protection to hedge the full value of the bonds,” he said.
Assenagon Asset Management, which last year started a fund to profit from the basis between bonds and credit swaps, is still finding attractive gaps at the cusp of investment-grade and high-yield and in European government debt, said Jochen Felsenheimer, Assenagon’s Munich-based co-head of credit.
Pimco Favors Banks
“The fact that negative basis is still available just means there are still structural distortions in the market,” he said. “So it is an indication that the crisis is still there -- not as obvious as was probably the case two years ago, but it is not gone.”
High-yield debt is rated below Baa3 by Moody’s Investors Service and lower than BBB- by Standard & Poor’s.
The biggest gaps among U.S. bank bonds are in debt due between 2017 and 2020, said Pimco’s Kiesel, who in March called bank securities the best investment in credit markets.
“The fundamentals are turning more positive,” he said. “The banks are basically not making as many loans, so there’s not as much need for issuance. Deposits are very high. So the banks don’t need the cash. The rollover risk for U.S. banks is very small, particularly relative to U.K. and European banks.”
Bank of America Corp.’s $3.5 billion of 5.75 percent bonds due in 2017 last week were paying an asset-swap spread over benchmark interest rates that’s 99 basis points more than the 161 basis points it costs annually for seven-year credit swaps on the debt, data compiled by Bloomberg show. The gap has doubled since January, when it was as low as 44 basis points.
“It makes sense as a relative value trade,” said Mikhail Foux, a credit strategist at Citigroup in New York. “Overall, it makes a lot more sense to be long cash right now and have CDS overlays as hedges.”
By Shannon D. Harrington and Mary Childs
Mohamed El-Erian, chief executive officer of Pacific Investment Management Co. (PIMCO). Photographer: Jonathan Alcorn/Bloomberg
20.09.2010 - Bloomberg
The cost of protecting U.S. corporate bonds from default has fallen below yield premiums by the most since January as concern ebbs that the world’s largest economy will lapse back into a recession, giving Pacific Investment Management Co. more reason to snap up bank debt.
Gaps between credit-default swaps and bonds have widened to 0.25 percentage point from less than 0.02 percentage point about three months ago, according to Citigroup Inc. Pimco, manager of the world’s largest bond fund, is finding as much as 1 percentage point of extra yield even after paying to insure bank debt, said Mark Kiesel, a managing director at the Newport Beach, California-based firm.
Banks are “rebuilding capital very quickly,” Kiesel said. With the firms becoming safer credit bets and Pimco finding so- called negative basis trades with bank bonds paying excess yields of 0.8 percentage point to 1 percentage point, “those are two catalysts for spread compression,” he said.
U.S. central bankers may wait beyond their meeting tomorrow to announce additional steps to sustain the expansion, Pimco Chief Executive Mohamed A. El-Erian wrote on the company’s website. The Federal Reserve will cut its growth forecasts, El- Erian said. Still, home sales probably increased in August, a sign the real estate market is stabilizing, according to economists surveyed by Bloomberg.
The spreads Pimco is identifying in bank bonds and in the broader market compare with the average difference of more than 2.5 percentage points after the bankruptcy of Lehman Brothers Holdings Inc. two years ago, just before bonds posted a record rally. The record gaps emerged as credit markets seized up, causing bond spreads to soar while demand for swap protection failed to keep up.
‘Capital Scarce’
An increase in negative basis is attracting buyers that seek to profit by buying the debt while also purchasing credit swaps.
“When capital is scarce, the basis becomes more negative,” said Alberto Gallo, a New York-based strategist at Goldman Sachs Group Inc. He said the basis should narrow as monetary policy and regulation reduce risk in the financial system and stabilize funding costs.
Elsewhere in credit markets, DuPont Co., the third-biggest U.S. chemical maker, may sell debt in a three-part offering as soon as today, according to a person familiar with the transaction. The Wilmington, Delaware-based company may issue notes due in January 2021 in a benchmark offering as well as $300 million each of debt maturing in January 2016 and January 2041, said the person, who declined to be identified because terms aren’t set. Benchmark offerings are typically at least $500 million.
Swaps Index Roll
The Markit CDX North America Investment Grade Index, a benchmark credit-default swaps index gauging corporate credit risk, rose as banks and money managers began moving trades into a new series of the index. Series 15 of the Markit CDX traded at 107.75 basis points as of 11:36 a.m. in New York, 5.25 basis points wider than Series 14, according to broker Phoenix Partners Group.
The index typically climbs as investor confidence deteriorates and falls as it improves. New versions of credit swaps indexes are created every six months to replace companies that no longer meet criteria for inclusion, such as credit ratings.
Universal Health Dropped
Universal Health Services Inc., the operator of more than 100 U.S. medical facilities, was dropped from Series 15 of the CDX investment-grade index after Standard & Poor’s and Fitch Ratings cut the company’s debt ranking to speculative grade. CA Inc., the second-largest maker of software for mainframe computers, was added.
European and Asian credit swaps indexes rolled into their 14th series. The Markit iTraxx SovX Western Europe Index of swaps on debt sold by 15 countries rolled into its fourth series.
Credit-default swaps pay the buyer face value if a borrower fails to meet its obligations, less the value of the defaulted debt. A basis point equals $1,000 annually on a contract protecting $10 million of debt.
The extra yield investors demand to hold company bonds rather than government debt was unchanged at 171 basis points, or 1.71 percentage points, on Sept. 17, according to Bank of America Merrill Lynch’s Global Broad Market Corporate Index. Yields fell to 3.573 percent from 3.589 percent on the previous day.
Fed Meeting
Tomorrow, the Fed meets to set monetary policy. A survey of bond investors overseeing $1.34 trillion by Ried Thunberg ICAP, a unit of the world’s largest inter-dealer broker, found that 57 percent of respondents don’t expect the Fed to announce additional asset purchases at the meeting, while 43 percent expect policy makers to say they’re resuming quantitative easing.
The widening gap between U.S. corporate bond spreads and the cost of credit swaps on the debt may be exacerbated by the highest bond prices in six years. As prices rise above 100 cents on the dollar, the cost to hedge against default also rises, eroding the potential excess yield, Goldman Sachs’s Gallo said.
“Higher prices also make it less attractive to enter new trades, since you have to buy more CDS protection to hedge the full value of the bonds,” he said.
Assenagon Asset Management, which last year started a fund to profit from the basis between bonds and credit swaps, is still finding attractive gaps at the cusp of investment-grade and high-yield and in European government debt, said Jochen Felsenheimer, Assenagon’s Munich-based co-head of credit.
Pimco Favors Banks
“The fact that negative basis is still available just means there are still structural distortions in the market,” he said. “So it is an indication that the crisis is still there -- not as obvious as was probably the case two years ago, but it is not gone.”
High-yield debt is rated below Baa3 by Moody’s Investors Service and lower than BBB- by Standard & Poor’s.
The biggest gaps among U.S. bank bonds are in debt due between 2017 and 2020, said Pimco’s Kiesel, who in March called bank securities the best investment in credit markets.
“The fundamentals are turning more positive,” he said. “The banks are basically not making as many loans, so there’s not as much need for issuance. Deposits are very high. So the banks don’t need the cash. The rollover risk for U.S. banks is very small, particularly relative to U.K. and European banks.”
Bank of America Corp.’s $3.5 billion of 5.75 percent bonds due in 2017 last week were paying an asset-swap spread over benchmark interest rates that’s 99 basis points more than the 161 basis points it costs annually for seven-year credit swaps on the debt, data compiled by Bloomberg show. The gap has doubled since January, when it was as low as 44 basis points.
“It makes sense as a relative value trade,” said Mikhail Foux, a credit strategist at Citigroup in New York. “Overall, it makes a lot more sense to be long cash right now and have CDS overlays as hedges.”
Yunus80
Del PIG non si butta nulla
Non è che sia poi chissà che notizia...
Questi signori comprano se REND > IRS + CDS.
Se siamo in una fase in cui il CDS cala, comprano prima che salgano i corsi. Viceversa se il CDS cresce.
Qualcuno qui pensa veramente che il mercato dei CDS rifletta la vera salute dei vari emittenti di bond?!
Questi signori comprano se REND > IRS + CDS.
Se siamo in una fase in cui il CDS cala, comprano prima che salgano i corsi. Viceversa se il CDS cresce.
Qualcuno qui pensa veramente che il mercato dei CDS rifletta la vera salute dei vari emittenti di bond?!
stockuccio
Guest
io sono favorevole ...
New York, 21 set. (Apcom) - Il presidente francese Nicolas Sarkozy ha chiesto all'Assemblea generale dell'Onu di adottare senza indugi una tassa universale sulle transazioni finanziarie allo scopo di finanziare gli obiettivi del Millennio per lo sviluppo. "I finanziamenti innovativi, le tasse delle transazioni finanziarie, possiamo deciderlo qui. Perché aspettare? Le finanze si è internazionalizzata, in nome di chi non chiederemo alle finanze di partecipare alla stabilizzazione del mondo prelevando su ogni scambio finanziario una tassa?", ha detto Sarkozy nel primo giorno del vertice Onu in corso a New York. "Occorre trovare nuove fonti di finanziamento per la lotta contro la povertà, per l'istruzione e per la risoluzione delle grandi pandemie del pianeta", ha insistito il capo dello stato francese. "Come prossimo presidente del G20 e del G8, mi batterò per sviluppare questa idea, è essenziale, c'è la nostra credibilità in gioco".
solito riepilogo settimanale The Automatic Earth: September 19 2010: Debt Saturation and Peak Complexity
'It is not whether to default, but how' ... Ask Not Whether Governments Will Default, but How | John Mauldin | Safehaven.com
i fondi pensione prevedono il 7,8% di rendimento nei loro calcoli ... Pensions: Even Worse Than They Seem ? DollarCollapse.com
New York, 21 set. (Apcom) - Il presidente francese Nicolas Sarkozy ha chiesto all'Assemblea generale dell'Onu di adottare senza indugi una tassa universale sulle transazioni finanziarie allo scopo di finanziare gli obiettivi del Millennio per lo sviluppo. "I finanziamenti innovativi, le tasse delle transazioni finanziarie, possiamo deciderlo qui. Perché aspettare? Le finanze si è internazionalizzata, in nome di chi non chiederemo alle finanze di partecipare alla stabilizzazione del mondo prelevando su ogni scambio finanziario una tassa?", ha detto Sarkozy nel primo giorno del vertice Onu in corso a New York. "Occorre trovare nuove fonti di finanziamento per la lotta contro la povertà, per l'istruzione e per la risoluzione delle grandi pandemie del pianeta", ha insistito il capo dello stato francese. "Come prossimo presidente del G20 e del G8, mi batterò per sviluppare questa idea, è essenziale, c'è la nostra credibilità in gioco".
solito riepilogo settimanale The Automatic Earth: September 19 2010: Debt Saturation and Peak Complexity
'It is not whether to default, but how' ... Ask Not Whether Governments Will Default, but How | John Mauldin | Safehaven.com
i fondi pensione prevedono il 7,8% di rendimento nei loro calcoli ... Pensions: Even Worse Than They Seem ? DollarCollapse.com
Geller
Banned
E' soltanto uno "spot demagogico" per lucidare l'immagine un poco sbiadita dell'attuale Inquilino dell'Eliseo ...
Ovvio che incontri il favore popolare chiedere sempre nuove tasse alla finanza per curare i mali del Mondo ...
In seguito, se la cosa meriterà ancora qualche attenzione, si dirà o tutti o niente ... e la proposta finirà in fondo al "cassetto delle cause perse" ...
The Beast
Rating? No grazie!
Blockbuster in Chapt11:
La catena di videonoleggio Blockbuster ha chiesto al tribunale la procedura fallimentare prevista dal Chapter 11, zavorrata da oltre USD900 mln di debiti ed è in difficoltà a causa della concorrenza della distribuzione di film via mailbox o streaming. Da fonte Reuters, gli azionisti senior dovranno fornire a Blockbuster un finanziamento da USD125 mln per sostenere le operazioni mentre la società è protetta dalle richieste dei creditori, come prevede il Chapter 11. Carl Icahn possiede circa un terzo del debito senior.
Un saluto a tutti il forum dalla Vs Bestia che vi segue sempre ma nn ha mai troppo tempo per postare
La catena di videonoleggio Blockbuster ha chiesto al tribunale la procedura fallimentare prevista dal Chapter 11, zavorrata da oltre USD900 mln di debiti ed è in difficoltà a causa della concorrenza della distribuzione di film via mailbox o streaming. Da fonte Reuters, gli azionisti senior dovranno fornire a Blockbuster un finanziamento da USD125 mln per sostenere le operazioni mentre la società è protetta dalle richieste dei creditori, come prevede il Chapter 11. Carl Icahn possiede circa un terzo del debito senior.
Un saluto a tutti il forum dalla Vs Bestia che vi segue sempre ma nn ha mai troppo tempo per postare