Posts from Friday Dec 14 2012

TAG, you’re zero

Quite the rally in T-bills… continuing apace on Friday, now that the Transaction Account Guarantee has become increasingly, quietly, talked about in the past tense ahead of a year-end renewal deadline.

(Chart of the 1-year T-bill, click to enlarge. The yield on a T-bill maturing in January was close to zero at pixel time) Read more

FT Alphaville geek shirts for charity! Auction closes Dec 19, 9am

As part of FT Alphaville’s tendency to get sidetracked, we invite you to bid for cool, nerdy shirts we made.

All proceeds go to a good cause, the Global Fund for Children, a pioneering charity that supports local initiatives in many of the world’s poorest countries.

Below are the shirts on offer. So help us in some price discovery by clicking to bid! Read more

Markets Live: Friday, 14th December, 2012

Live markets commentary from 

The (early) Lunch Wrap

EU leaders delay crucial eurozone moves || China’s manufacturing PMIs continue to rise || Shanghai jumps 4% on upbeat data || A ‘frank’ fiscal cliff meeting was had by President Obama and John Boehner || Eurozone PMIs || Japanese business pessimism ahead of election || Japan’s LDP set for big win in Sunday election as yen suffers in anticipation || Alcatel-Lucent secures financing || Fed carries out first liquidity stress tests || Man Group faces big GLG write-off || Sprint’s Clearwire bid faces price hurdle || S&P downgrades outlook on UK rating || Markets roundup Read more

Tom, Dick and Harry in Rome

A riddle, wrapped in a mystery, inside an enigma, inside a pari passu clause.

Here are some terms from Italy’s 2015 US dollar bond, which it issued under New York law in 2010. It is a pari passu clause, even though you won’t find the words ‘pari passu’. Read more

Further reading

Elsewhere on Friday,

– Hempton on (possibly) the best fund manager you’ve never heard of.

– Denmark, Goldman, and those Japan put warrants.

– The robots in the garden.  Read more

The 6am Cut London

Asian markets mixed || EU leaders delay integration talks || Chinese flash manufacturing PMIs rise || Japan’s Tankan survey gloomy || Fiscal cliff talks: no progress || Alcatel-Lucent secures €1.6bn debt || Abe’s record on JGB yields Read more