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The CDS Trader

@thecdstrader

The road to hell is paved with positive carry.

 City of London, London
Joined November 2011
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Summer 2007. European bank CDS went from single digits to 50bps in a month.
Riqs (@riqsz5) profile pictureRiqs
@riqsz5Oct 12
For those who were adults during the 2008 financial crisis, what was your holy crap, the economy is actually crashing moment?
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The CDS Trader (@thecdstrader) profile pictureThe CDS Trader@thecdstrader30 Sep 2016
Everyone talking 2008, but it was 2007 that European bank credit spreads blew the fuck up (technical term). DB attached, sub was 14bps!
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Reminiscing of the good old days when Swiss bank AT1 was 30 times over-subscribed at new issue.
The CDS Trader (@thecdstrader) profile pictureThe CDS Trader@thecdstrader5 Sep 2017
The new Julius Baer AT1 today (4.75% Perpetual non-call 7y) was 30x over-subscribed, a $9bn book for a $300mm issue. Is this a record?
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I see the tourists have arrived to comment on CDS spreads.
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The cashtag $XOVER has only been used 3 times ever on Twitter (and 2 of those by @subfincredit!), I think we should adopt it for everyone's favourite index.
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Always seems to take a crisis to improve the market. CDS effective date used to be T+3 working days...until Railtrack, which was put into administration on a weekend (2001), so trades done the previous Wed-Fri were ineffectual. It was after that, CDS moved to T+1 calendar days.
Vlad Tenev (@vladtenev) profile pictureVlad Tenev
@vladtenev2 Feb 2021
It’s time for T+2 to go. (1/9)
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Just one of many examples of the CDS market changing after an "unforeseeable" event!!
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Where's GameStop CDS anyway? $GME
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If only the Wall Street Bets crowd could trade CDS.
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Buying CDS.
Sid Verma (@_SidVerma) profile pictureSid Verma@_SidVerma7 Dec 2020
What's a scam in your market niche but everyone's been conditioned to think it's normal?
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Citibank Q2 numbers tomorrow. On the bright side, am expecting lower q-o-q losses from their London canteen.
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We're sure CDS can't go negative, right..?
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*does not apply to CDS
Sajid Javid (@sajidjavid) profile pictureSajid Javid
@sajidjavid20 Mar 2020
Stop panic buying. I know many of you are tense and nervous. But it has real consequences for vulnerable people. Just think. And stop it.
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Well at least it's Friday tomorrow.
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The next Non-Farm Payrolls should be interesting. Some previous drops: Jan 2009 -741k Oct 2001 -315k Sep 1945 -1959k
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The CDS Trader retweeted
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The CDS Trader@thecdstrader5 Feb 2016
Wrong way round this week? Just remember, your bonds may have gone down but at least your carry went up.
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I'd like to nominate this as the greatest trade of all time: In 2000-01, Boots moved its entire pension fund from equities to long-term £ bonds. In 20yrs, gilts have gone from 4.5% to 0.5%, whilst FTSE is up <10%. No trading, auto reinvestment => tiny management charges.
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bbc.co.uk/news/amp/business-…
Former Barclays executives cleared of fraud charges

Former Barclays executives cleared of fraud charges

Roger Jenkins, Tom Kalaris and Richard Boath are found not guilty on all charges in under six hours.

bbc.co.uk
The CDS Trader retweeted
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The CDS Trader@thecdstrader3 Feb 2020
HISTORIC BANKING LOSSES 1995 - Barings $1.3bn on Nikkei options 1996 - Sumitomo $3.5bn on copper 2000 - Bawag $1.5bn on FX 2002 - AIB $700mm on FX 2008 - SocGen $8bn on Equity Index 2011 - UBS $2bn on Equities 2012 - JP $12bn on CDS 2019 - Citi £4.50 on a cheese sandwich
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HISTORIC BANKING LOSSES 1995 - Barings $1.3bn on Nikkei options 1996 - Sumitomo $3.5bn on copper 2000 - Bawag $1.5bn on FX 2002 - AIB $700mm on FX 2008 - SocGen $8bn on Equity Index 2011 - UBS $2bn on Equities 2012 - JP $12bn on CDS 2019 - Citi £4.50 on a cheese sandwich
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