• 02 Oct 2008 at 3:23 PM

Icelandic Meltdown?

By

Chart that speaks for itself, after the jump.
UPDATE: Glitnir by request…


ice.jpg
glit.jpg
Chart: CMA Vision

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Comments (87)

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  1. 1
    Posted by guest | October 2, 2008 at 3:26 PM

    The god damn plane has crashed into the mountain.

  2. 2
    Posted by bittergreen | October 2, 2008 at 3:27 PM

    If I knew what “Landsbanski Islands Sen EUR MMR” was, I’d surely be panicing.

  3. 3
    Posted by guest | October 2, 2008 at 3:27 PM

    Again, EP, information that would’ve been useful YESTERDAY!

  4. 4
    Posted by guest | October 2, 2008 at 3:28 PM

    What happened to Iceland? Large short position in wooden arrows?

  5. 5
    Posted by guest | October 2, 2008 at 3:31 PM

    URGENT: At 3:20PM today Thursday October 2, 2008.
    The http://marketwarnings.blogspot.com has called for a bottom. Fireworks start tomorrow!
    Deatils of the call are at:
    http://marketwarnings.blogspot.com/2008/10/stock-market-trading-call-urgent.html

  6. 6
    Posted by guest | October 2, 2008 at 3:32 PM

    Can someone explain WTF this means?

  7. 7
    Posted by guest | October 2, 2008 at 3:34 PM

    @5…back to Yahoo please. And go give yourself a blumpkin.

  8. 8
    Posted by guest | October 2, 2008 at 3:35 PM

    BoooYaaa

  9. 9
    Posted by guest | October 2, 2008 at 3:35 PM

    Roll call of House members who say they’ll switch their vote:
    R Zach Wamp of Tennessee
    R John Shadegg of Arizona
    D Emanuel Cleaver of Missouri
    R Jim Gerlach
    R Tim Murphy of Pennsylvania
    R Patrick Tiberi of Ohio
    source: http://www.bloomberg.com/apps/news?pid=20601110&sid=aXAAzVW4PHNI

  10. 10
    Posted by guest | October 2, 2008 at 3:35 PM

    5, stop your dbagger comments…nobody cares what your crap blog thinks about a potential bottom

  11. 11
    Posted by guest | October 2, 2008 at 3:36 PM

    @5 get the fuck out piker.

  12. 12
    Posted by guest | October 2, 2008 at 3:36 PM

    Bjork is fucked.

  13. 13
    Posted by guest | October 2, 2008 at 3:36 PM

    CDS, right?

  14. 14
    Posted by guest | October 2, 2008 at 3:37 PM

    the chart shows shows cost of protection on the debt of an Icelandic Bank (it is a credit default swap).
    Increase in cost implies higher perceived probability of default.
    4963bps means it costs 4.9mm dollars to insure 10mm worth of bonds. This spread is a little bogus since swap would be trading points, not spread right now.

  15. 15
    Posted by guest | October 2, 2008 at 3:38 PM

    9 so they added all that stupid crap like wooden arrows and nascar tracks and they couldnt even swing the vote for reps from oregon and north carolina
    wtf

  16. 16
    Posted by BSD | October 2, 2008 at 3:42 PM

    @14 – yeah i’m seeing 16/19 quotes on the 5yr

  17. 17
    Posted by guest | October 2, 2008 at 3:43 PM

    14, you can quote points upfront in bps if you want, markit does it everyday. on blmbg change the calc price to 2 and you can do it your self. stick with equity, dont want to give you a headache.

  18. 18
    Posted by guest | October 2, 2008 at 3:43 PM

    Bicycle commuter tax credits for business – maybe they can ride bikes around the fucking NASCAR track.

  19. 19
    Posted by guest | October 2, 2008 at 3:50 PM

    @5 – you do realize that you are held accountable for making that comment right? if the stock were to tank tomorrow. db reader has the right to sue your ass off.

  20. 20
    Posted by guest | October 2, 2008 at 3:54 PM

    @15 – what’s the point? Wachovia already tits up…

  21. 21
    Posted by guest | October 2, 2008 at 3:57 PM

    Rumor of major Euroland Auzzieland bank to go TU overnight – any guesses?

  22. 22
    Posted by guest | October 2, 2008 at 4:01 PM

    Whats the best free online source for CDS spreads?

  23. 23
    Posted by guest | October 2, 2008 at 4:02 PM

    @4 Nah, Iceland is experiencing a run.
    Is afraid of “Alaska Gal”..
    Heard she told Katie, she knew all about icebergs so she would qualify to invade Iceland.

  24. 24
    Posted by guest | October 2, 2008 at 4:06 PM

    $@6…this page is not for hicks…

  25. 25
    Posted by guest | October 2, 2008 at 4:13 PM

    @20 – there’s another fairly large bank in NC…

  26. 26
    Posted by guest | October 2, 2008 at 4:19 PM

    Who cares about iceland…it’s a country the size of Plano, Texas.

  27. 27
    Posted by guest | October 2, 2008 at 4:23 PM

    @4
    Best comment of the week!

  28. 28
    Posted by guest | October 2, 2008 at 4:23 PM

    @6,
    Some people use Icelandic CDS spreads as a proxy for the future of civilization.

  29. 29
    Posted by guest | October 2, 2008 at 4:30 PM

    For the highly stressed, I recommend a weekend trip to Iceland, including an afternoon spent having a relaxing soak in The Blue Lagoon (www.bluelagoon.com), which is a geothermal mineral spring. I’m sure the prices are now much less prohibitive.

  30. 30
    Posted by guest | October 2, 2008 at 4:49 PM

    Iceland, a ‘country’ of 300,000 cod trawlers amidst fire and ice. If they default, you’ll get paid in cod and coupons for geysir baths.

  31. 31
    Posted by guest | October 2, 2008 at 4:50 PM

    Iceland, a ‘country’ of 300,000 cod trawlers amidst fire and ice. If they default, you’ll get paid in cod and coupons for geysir baths.

  32. 32
    Posted by guest | October 2, 2008 at 4:54 PM

    actually wasn’t a favorite carry trade borrow yen and invest Icelandic KR?

  33. 33
    Posted by guest | October 2, 2008 at 5:02 PM

    Olaf Magnusson is going to go viking on your ass, bess

  34. 34
    Posted by guest | October 2, 2008 at 5:06 PM

    @ 32 — yep! Kronur deposits get like 15% @ year
    The ISK is one of the lamest currencies around though — it’s up to 100 per US dollar

  35. 35
    Posted by guest | October 2, 2008 at 5:21 PM

    Moody’s comments on Landsbanki’s divestment of European investment banking platform
    Further to Moody’s Investors Service’s announcement on 30 September that it has placed all of the ratings of Landsbanki Islands hf (“Landsbanki”) on review for possible downgrade, the rating agency said today that it will, as part of Landsbanki’s ratings review, assess the ratings impact of today’s announcement by the bank that it will divest its European investment banking platform.
    Specifically, Landsbanki today announced that it will be selling its corporate finance and securities brokerage platform in Europe for EUR380 million to Straumur-Burdaras Investment Bank, Iceland’s largest pure-play investment bank. The sale includes Landsbanki Securities in the UK, Landsbanki Kepler in Continental Europe and Merrion Landsbanki in Ireland. According to Landsbanki, the transaction will not result in any material loss or gain for Landsbanki. The agreement is subject to approval by the regulatory authorities in the respective jurisdictions in which the companies operate.
    According to Landsbanki, the transaction is expected to strengthen the bank’s Tier1 capital. Also, the divestment of corporate finance and securities brokerage operations will improve the bank’s earnings stability in the long run. “Moody’s will assess these potential benefits against its concerns about the bank’s asset quality development, particularly its exposure to investment companies and related parties as stated in Moody’s press release of 30 September 2008,” says Kimmo Rama, Vice President – Senior Analyst in Moody’s Financial Institutions Group.
    Headquartered in Reykjavik, Iceland, Landsbanki reported total assets of ISK3,970 billion (EUR32 billion) at the end of June 2008.

  36. 36
    Posted by guest | October 2, 2008 at 5:26 PM

    Nice call Moody’s!!! Kept me from investing in a buldge bracket Icelandic investment bank. Lucky me.

  37. 37
    Posted by guest | October 2, 2008 at 5:49 PM

    Anyone have quotes on the other banks in Iceland, like Glitnir and Kaupthing?

  38. 38
    Posted by ep | October 2, 2008 at 5:58 PM

    Yep. Updated.

  39. 39
    Posted by guest | October 2, 2008 at 6:14 PM

    Awesome EP, thanks.

  40. 40
    Posted by stimpy tec | October 2, 2008 at 10:57 PM

    Even Trogdor has returned to its lows of late 2006.
    http://tinyurl.com/43dotg

  41. 41
    Posted by guest | October 3, 2008 at 1:27 AM

    where is this data from?

  42. 42
    Posted by guest | October 3, 2008 at 3:42 PM

    After nailing the bottom of Yesterday (Thursday october 2, 2008), and the TOP of today Firday, a third call has just been issued.
    http://marketwarnings.blogspot.com/2008/10/stock-market-trading-call-urgent.html

  43. 43
    Posted by guest | October 3, 2008 at 3:42 PM

    After nailing the bottom of Yesterday (Thursday october 2, 2008), and the TOP of today Firday, a third call has just been issued.
    http://marketwarnings.blogspot.com/2008/10/stock-market-trading-call-urgent.html
    http://marketwarnings.blogspot.com/2008/10/stock-market-trading-calls-second-call.html

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