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Bank deleveraging has barely started

Bank deleveraging has barely started

Banks lending money to governments to help fund bank bailouts looks horribly circular

Abigail Hofman:

Abigail Hofman:

I wonder if ______ is an extremely optimistic person or in a cocoon of senior management denial

Tuesday, July 22, 2008

Finance ministry sells all PLN 1.5bn worth of T-bills, demand at PLN 3.7bn.





Finance ministry sells all PLN 1.5bn worth of T-bills, demand at PLN 3.7bn. The finance ministry sold at an auction the entire offers of 13-week T- bills (PLN 0.5bn) and 26-week notes (PLN 1bn). Demand for both papers totalled PLN 3.66bn. Demand for the 13-week T-bills was PLN 2.05bn and the minimum price was PLN 9,841.29, with the average yield at 6.368%. In the case of the 26-week bills, demand was PLN 1.61bn, the average yield 6.533% and the minimum price - PLN 9,677.58. At the last auction, on Jul 14, the ministry sold 52-week T-bills worth PLN 1.3bn (PLN 1.2bn offer) and 13-week notes worth PLN 0.63bn (PLN 0.5bn offer). ISB







We are much closer to the bottom than par, but this market could still go down 2% in a week simply on unknown news

John Redding of Eaton Vance outlines just how jittery the loan market has become

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