r*****t
发帖数: 7278 | 1 The U.S. Treasury Department announced the sale of 1.1 billion ordinary
shares of the bank of Citigroup in the second tranche sale of securities of
the company. Based on the current market value of securities, U.S. Treasury
could bail out more than $ 4 billion total number of shares sold by the U.S.
Treasury Citigroup has reached 2.6 billion shares, and total revenues
reached 10.5 billion dollars, said the agency. |
|
m********0
发帖数: 2717 | 2 one of my friends just told me that
you can buy some tranche of MBS with $1000 recently.
it's such a cheap lottery. |
|
G*********8
发帖数: 644 | 3 Big Week Ahead for Euro Zone
By EMESE BARTHA
FRANKFURT—The eurozone debt market faces another big test next week as
fiscally-weak governments prepare a deluge of new bond issues even as
worries about default risk increase. Market watchers expect the yields
demanded by investors to rise sharply from previous offers as a premium.
"In our view, next week's market attention will be mainly focused on EMU [
euro-zone] peripherals' supply as the market has already shown renewed
interest for highly-rate... 阅读全帖 |
|
v****e
发帖数: 19471 | 4 血
Breaking News： EU and IMF say they see Greece receiving next tranche of aid
by early July. |
|
m*****u
发帖数: 5534 | 5 Greece Announces New Measures to Close Budget Gap
By NIKI KITSANTONIS
Published: September 11, 2011
ATHENS — With foreign creditors and global markets piling pressure on
Greece to meet the conditions of an international bailout and stave off a
default that would shake the euro zone, the debt-ridden government announced
further budget cuts on Sunday and introduced a one-time property tax, even
as thousands of Greeks protested months of austerity.
The announcement of the new fiscal measures, made ... 阅读全帖 |
|
m*****u
发帖数: 5534 | 6 ATHENS (Dow Jones)--Greece's government said Sunday that it will miss its deficit target this year, forcing the country to take some 6.6 billion euros ($8.8 billion) in austerity measures in 2011 and 2012 to bring its budget back on track with commitments made to its international creditors.
In a statement, the finance ministry said that Greece's cabinet has approved the country's 2012 draft budget, which is due to be formally introduced in Parliament Monday and voted on by the end of October.
A... 阅读全帖 |
|
t***y
发帖数: 2276 | 7 http://www.cnbc.com/id/44747592
Austria's finance minister, Maria Fekter, appeared optimistic, but far
from
absolutely certain on the disbursement. Fekter told Germany's Welt am
Sonntag newspaper that Greece looks likely to get the next bailout
installment.
"The probability that the next tranche of euro8 billion ($10.7 billion)
will
be paid out to Greece in October is clearly higher from my point of
view
than it not being paid out," Fekter was quoted as saying.
Fekter said she believes that Gree... 阅读全帖 |
|
G*****S
发帖数: 303 | 8 这个好像要等到 13号才分晓吧。
Members of the euro zone will do everything to avoid a Greek debt default,
Jean-Claude Juncker, prime minister of Luxembourg and president of the
Eurogroup of finance ministers said Monday. Speaking at a late-night news
conference broadcast over the Internet, Juncker said no euro-zone country
advocated that Greece default on its debt or that it be ejected from the
euro. Juncker said a decision on whether to award Greece the next tranche of
aid under a European bailout would be m... 阅读全帖 |
|
d******8
发帖数: 1972 | 9 (Reuters) - The European Union has agreed that around 100 billion euros is
needed to recapitalise the European banking system, but deep splits remain
before a high-profile summit on Sunday over how to strengthen the euro zone'
s bailout fund.
Sources in Germany's governing coalition said the European leaders' summit
would not reach a decision on increasing the scope of the European Financial
Stability Facility, the key element financial markets were looking for to
combat the crisis.
Failure on t... 阅读全帖 |
|
e**s
发帖数: 4638 | 10 大侠给总结一下先
23 October 2011
Draft Terms and Conditions
Maximising the lending capacity of the EFSF
The capacity of the extended EFSF can be enlarged without extending the
guarantees underpinning the EFSF. This optimisation would take due account
of the rules of the Treaty.
Within the terms and conditions of the endorsed framework agreement, the
maximization of EFSF efficiency would support the continued market access of
Euro area Member States under pressure and the proper functioning of the
sovere... 阅读全帖 |
|
d******8
发帖数: 1972 | 11 看来这个戏还要演很长一段时间。
Reuters) - Germany and France told Greece on Wednesday it should make up its
mind by mid-December whether it wants to stay in the euro zone when Greeks
vote on a 130-billion-euro ($178 billion) bailout.
French President Nicolas Sarkozy and Germany's Angela Merkel summoned George
Papandreou for crisis talks in Cannes, before a G20 summit of major world
economies, to push for rapid implementation of measures to tackle the euro
zone debt crisis, which Athens has thrown into doubt.
S... 阅读全帖 |
|
g***c
发帖数: 11523 | 12 坚持住的熊熊总是有回报的
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) — The amount of interest Greece would pay
bondholders appeared to snag critical sovereign debt talks, with the top
negotiator for the country’s private-sector creditors leaving Athens on
Saturday without a final deal, according to reports.
Click to Play
Europe's week ahead: World Economic Forum
The rich and the powerful travel to Davos, Switzerland for the 42nd annual
meeting of the World Economic Forum. Germany's chancellor will gi... 阅读全帖 |
|
i*******e
发帖数: 1904 | 13 Link: http://www.examiner.com/international-trade-in-national/merkel-wants-greece-to-default-and-
leave-the-eurozone
Merkel wants Greece to default and leave the Eurozone
Angela Merkel, German Chancellor, wants Greece to default on its loans and
leave the Eurozone according to sources who spoke on condition of anonymity
because the proposal is still being negotiated at the ECB/IMF/EU level for
implementation.
The information obtained about how to push out Greece was confirmed
yesterday by a reli... 阅读全帖 |
|
c*******y
发帖数: 1630 | 14 tranches?
not trenches. |
|
b*x
发帖数: 5456 | 15 【 以下文字转载自 Chicago 讨论区 】
发信人: bmx (BMX), 信区: Chicago
标 题: 小小人在芝版和三番版认输吧， 否则别来发帖了吧
发信站: BBS 未名空间站 (Sun Sep 29 01:55:10 2013, 美东)
所有的RSU和Option都是给share的。 你不会野鸡的连SEC都看不懂， 还装天天看10-K?
Tim Cook的RSU， 是contract吗？
人家100，000个share都不写成1，000 contract， 无数其他几十股的硅工咋办？0.1
contract？？
http://www.sec.gov/Archives/edgar/data/320193/00011931251326762
As a result of the adoption of a performance component and regular
performance measurements, and the absence of a performance multiplier, the
Committee has modified Mr.... 阅读全帖 |
|
u******4
发帖数: 4281 | 16 这是好消息还是坏消息啊：
$PAL Increases Size of First Tranche of Offering by $2M to $32M, Adds
Warrants, Includes Full Ratchet/Anti-Dilution Provisions. |
|
a**********2
发帖数: 355 | 17 微信公众平台 USOPTIONS
http://mp.weixin.qq.com/s?__biz=MzA4MDQzNDIyNQ==&mid=200081094&
Goldman Sachs Research
Global Markets Daily: EM FX: China slowdown risk not fully priced
Published 06:05 AM Tue Mar 18 2014
----------------------------------------------------------------------------
----
Chinese growth has slowed significantly; sequential IP growth in Jan-Feb was
near 0%.
A clear shift back towards CNY TWI appreciation may not occur until activity
recovers.
But, in our view, positioning for a wea... 阅读全帖 |
|
b*****r
发帖数: 2065 | 18 https://360.gs.com/research/portal/research/econcommentary/?action=viewpage&
st=1&d=16792280&isRouted=true
Goldman Sachs Research
Global Markets Daily: Market views muted ahead of the FOMC
Published 05:12 AM Wed Mar 19 2014
----------------------------------------------------------------------------
----
•The FOMC is now meeting for the first time with Janet Yellen as Chair.
•Our US team expects the FOMC to deliver an accommodative message...
•…alongside a continued tapering o... 阅读全帖 |
|
D***3
发帖数: 12712 | 19 - Currently, Alibaba’s stake owned by Yahoo has a $10 – 20
billion tax bill associated with it, depending on how it trades post-IPO
- The Yahoo Japan (YJ) stake owned by Yahoo has about a $3 billion
tax bill associated with it at current market prices
- Yahoo’s Wall Street analysts all discount the taxes Yahoo would
have to pay on these stake sales in their current price targets for Yahoo
- Let’s assume that Alibaba becomes a $200 billion market cap
company po... 阅读全帖 |
|
d******5
发帖数: 4273 | 20 FireEye plans $600M convertible debt offering
FireEye (NASDAQ:FEYE) plans to sell $600M worth of convertible senior
notes due 2035 in two tranches. Initial purchasers are expected to have
$90M worth of overallotment options. Pricing hasn't been set yet.
Proceeds will be use for "general corporate purposes, including capital
expenditures, investments, working capital and potential acquisitions and
strategic transactions." The company adds it currently has "no
commitments with respect to any such ... 阅读全帖 |
|
d******5
发帖数: 4273 | 21 FireEye plans $600M convertible debt offering
FireEye (NASDAQ:FEYE) plans to sell $600M worth of convertible senior
notes due 2035 in two tranches. Initial purchasers are expected to have
$90M worth of overallotment options. Pricing hasn't been set yet.
Proceeds will be use for "general corporate purposes, including capital
expenditures, investments, working capital and potential acquisitions and
strategic transactions." The company adds it currently has "no
commitments with respect to any such ... 阅读全帖 |
|
M*******s
发帖数: 4074 | 22 澳大利亚税务局提供给美国国税局三万银行帐号。
中国的也就是个早晚而已。
ATO hands over bank details to US Internal Revenue Service
http://www.theaustralian.com.au/business/economics/ato-hands-ov
Australia’s tax information exchange agreements have come under challenge
in some jurisdictions, most notably the Cayman Islands. Source: News Corp
Australia
The Australian Taxation Office has handed the US Internal Revenue Service
details of more than 30,000 bank accounts containing more than $5 billion in
the first transfer of informatio... 阅读全帖 |
|
b*x
发帖数: 5456 | 23 所有的RSU和Option都是给share的。 你不会野鸡的连SEC都看不懂， 还装天天看10-K?
Tim Cook的RSU， 是contract吗？
人家100，000个share都不写成1，000 contract， 无数其他几十股的硅工咋办？0.1
contract？？
http://www.sec.gov/Archives/edgar/data/320193/00011931251326762
As a result of the adoption of a performance component and regular
performance measurements, and the absence of a performance multiplier, the
Committee has modified Mr. Cook’s 2011 award of one million RSUs to vest as
follows: 100,000 RSUs remain scheduled to vest on August 24, 2016; 100,000
RSU... 阅读全帖 |
|
h**r
发帖数: 8078 | 24 ☆─────────────────────────────────────☆
bmx (BMX) 于 (Sun Sep 29 01:55:10 2013, 美东) 提到:
所有的RSU和Option都是给share的。 你不会野鸡的连SEC都看不懂， 还装天天看10-K?
Tim Cook的RSU， 是contract吗？
人家100，000个share都不写成1，000 contract， 无数其他几十股的硅工咋办？0.1
contract？？
http://www.sec.gov/Archives/edgar/data/320193/00011931251326762
As a result of the adoption of a performance component and regular
performance measurements, and the absence of a performance multiplier, the
Committee has modified Mr. Cook’s 2011 award of one million RS... 阅读全帖 |
|
m****s
发帖数: 7397 | 25 Did Michael Lewis libel Wing Chau?
http://blogs.reuters.com/felix-salmon/2011/02/28/did-michael-le
Felix Salmon
A slice of lime in the soda
Feb 28, 2011 22:45 EST
Is this a case of reality copying satire? A couple of weeks ago, Michael
Lewis caricatured the dissenters from the FCIC report:
Financial Crisis Cause No. 3: The Chinese
And then today, in his defamation lawsuit against Lewis, Wing Chau seems to
imply that’s what Lewis actually thinks:
Wing Chau and his immediate family are Chinese imm... 阅读全帖 |
|
d****4
发帖数: 50 | 26 你说下面这个？
Athens, Greece (CNN) -- Talks between political leaders and the Greek
president ended Wednesday night with no announcement of a new prime minister
and no confirmation of the imminent resignation of Prime Minister George
Papandreou, the presidency said.
Talks will resume Thursday morning.
Papandreou's office earlier said he would hand in his resignation to the
country's president Wednesday, but the move was postponed at least until
Thursday.
In a televised address to the nation, Papandreo... 阅读全帖 |
|
b*x
发帖数: 5456 | 27 【 以下文字转载自 Chicago 讨论区 】
发信人: bmx (BMX), 信区: Chicago
标 题: 小小人在芝版和三番版认输吧， 否则别来发帖了吧
发信站: BBS 未名空间站 (Sun Sep 29 01:55:10 2013, 美东)
所有的RSU和Option都是给share的。 你不会野鸡的连SEC都看不懂， 还装天天看10-K?
Tim Cook的RSU， 是contract吗？
人家100，000个share都不写成1，000 contract， 无数其他几十股的硅工咋办？0.1
contract？？
http://www.sec.gov/Archives/edgar/data/320193/00011931251326762
As a result of the adoption of a performance component and regular
performance measurements, and the absence of a performance multiplier, the
Committee has modified Mr.... 阅读全帖 |
|
S*A
发帖数: 7142 | 28 关键是工具组合，有两个人比较方便。
一个人用撬石头那种镐松土，后面人把松的土用 tranche shovel
铲出来。分工和做效率最高。 不是很建议 trencher, 容易挖烂下面
的东西。 |
|
R******0
发帖数: 6158 | 29 嗯嗯，这样应该比较高效，我也不是很敢用trencher。tranch shovel主要就是用来挖
窄坑的吧，除现有的杂草草皮用什么好呢？ |
|
E**********v
发帖数: 5509 | 30 果子你这是又参加funding syndicate，又参加tranches issue啊... |
|
t****e
发帖数: 193 | 31 关爱儿童组织于9月30日在官网宣布“德阳孤残儿童寄养培训和流浪儿童保护中心”援
建项目的捐款资金到位，包括章子怡基金的40万美金。有收据可以证明。
http://www.careforchildren.com/news/news_item.asp?ID=189
---------------------------------------------------------------------
De Yang update 30 September 2010
De Yang Groundbreaking Ceremony
Care for Children is pleased to announce that following the Groundbreaking
Ceremony of the Deyang Foster Care Training, Special Needs School and Street
Children Centre, we can confirm the receipt of donations which include that
of US$... 阅读全帖 |
|
c**i
发帖数: 6973 | 32 (1) David Sarno, Digital Technology Lets Libraries Share Their Fragile
Treasures With the World; Powerful scanners allow for the preservation and
easy dissemination of ancient texts, but the volume of material waiting to
be processed is enormous. Los Angeles Times, Nov. 24, 2010.
http://www.latimes.com/business/la-fi-digital-library-20101125,0,2150064.story
("Harvard-Yenching Library, likely the largest such collection outside of
China")
My comment:
(a) Story of Red Plum Blossom 紅梅記 (by 明朝 周朝俊)... 阅读全帖 |
|
j*****n
发帖数: 55 | 33 Got this from a recruiter. If interested, please talk to the recruiter
directly.
Quantitative Developer
Description There is an open position for a Quant Developer to support
the DRCM business in Structured Credit Derivatives. The person should
be highly skilled in financial engineering and be capable of driving
solutions to address the latest innovations in a range of structured
credit derivatives products (including CDOs, Options on Indices/Tranches).
The candidate is expected to have a very |
|
s**a
发帖数: 178 | 34 COMPANY: Global leading investment bank
LOC: London, UK
POSITION: Fixed Income Derivatives Correlation Quantitative Analyst
TITLE: VP/Director, DOE
RESPONSIBILITIES: Work with the London structurers and the global trading
desk to produce analytics in support of the Correlation Credit products
business. Products include CDS, CDO's, CDO-squared, CDS and CDO tranche
options, TRS, CPPI, and hybrid products. Activities include: researching,
implementing and testing new, cutting-edge models; producin |
|
s**a
发帖数: 178 | 35 Company: Top Investment Bank
Loc: CT
Position: Quant Developer
Description:
IT Credit Markets is looking for a Quant Developer to join its team.
Role involves a lot of analysis of credit contingent cashflows for bonds and
CDS, analyzing instruments like index CDS, synthetic CDOs, CSOs, CDS basis
trades, Digital CDS, Bespoke Tranches, etc. Models are complicated and a
solid understanding of credit markets and structured credit products are key
.
Skill Set Requirement:
Strong Excel/VBA
.NET a plus |
|
r**u
发帖数: 69 | 36
citi took 70$bn worth of siv back on its balance sheet. i suspect much of it
subprime cdo. so 18$bn writedown is not that bad (i.e. their might be more!)
得承
by default, you mean cdo default to its creditor or underlying asset default?
if you priced the cdo and it's not sold, it stays on your (siv's) balance
sheet. so a lot of writedown are unsold cdos. banks might retain higher
rated tranches as well as the yields were unattractive to buyers and they
thought it's secure to hold those.
have a ni |
|
s**a
发帖数: 178 | 37 分cash和derivatives(也叫synthetic,是合同不是actual股票啊债券本身, 比如
vanilla和exotic options之类的)
sales就是拉客户take order的,一般按client/industry/sector coverage分,很少中国
人在华尔街做sales, 除非是面对亚洲客户.有个北外的姐姐在morgan stanley做
japanese eq sales
marketer是帮助sales做marketing的,很多sales只陪客户吃喝玩儿乐,而不一定对所有
的产品都很了解, 所以marketer是cover product的
structuring就是tranch一些capital structure啊repackage一些asset然后包装成risk
不同的新derivatives产品
syndicate是贴价签的,根据客户的需求price自己做出来的产品然后确定要买的都基本
能照顾到,需求高的卖贵点儿,低的打折出售.有的desk没有syndicate,就由trader来承
担pricing的任务
sales trading |
|
b***k
发帖数: 2673 | 38 ☆─────────────────────────────────────☆
deam (matum) 于 (Tue Aug 12 15:31:42 2008) 提到:
1. Assume a 5 yr First-To-Default basket containing 5 reference assets with
the following spreads (A @ 100, B @ 90, C @ 80, D @ 70 , E @ 60).
- What are the risk drivers of the basket?
- Are there any boundaries to the price of this basket? How are they
derived?
- If the basket is fully delta-hedged, how would a 10d VaR be calculated?
2. I am an equity tranche investor, do I want names to defau |
|
q*******p
发帖数: 5 | 39 One way to think about the reason why equity tranche is long correlation is
to think about the survival. Because the higher the correlation is, the
higher the chance to survive altogether. Since in an default event, the loss
to equity is stopped after more than a certain number of defaults, one will
look at the chance to survive altogether. |
|
a***x
发帖数: 26368 | 40 没想到你消息嘎闭塞。
Lewis,
which
had
wrote
away
,
people
Poker
$$
a
future
thought
hope
will
book
Street
Yet
out
rebellion
tranches
ceased
never
market
of
Street
were
responded
part
big
was
thought
utterance
on
got
and
,
saw
insane.
worked
.
his
public
it.
business.
which
Financial
$$
Lomas
on
out
Eisman
smart
even
greatest
they
money
I
from
that
other
in
do
to
Electric
his
,
a
the
him.
put
say
more,
unhealthy
lending
the
late
it
problem
that
it
She
He
and
clear
world
bond
weren
at
had
,
been
the
first |
|
f*******y
发帖数: 988 | 41 以前街上没有PHD，按揭和国债也有生意的
一旦多了ARM啊，call option， 分tranche这些feature，就凭空多了无数的人来研究
事实上最土的T-BILL，定价都是market完成的，哪里还需要一堆人？
corporate的bond，如果结构和term都标准化的话，完全也都会变成market决定，你
model算来算
去还不是要反过来calibrate |
|
f*******y
发帖数: 988 | 42 以前街上没有PHD，按揭和国债也有生意的
一旦多了ARM啊，call option， 分tranche这些feature，就凭空多了无数的人来研究
事实上最土的T-BILL，定价都是market完成的，哪里还需要一堆人？
corporate的bond，如果结构和term都标准化的话，完全也都会变成market决定，你
model算来算
去还不是要反过来calibrate |
|
a***r
发帖数: 594 | 43 hedge is not costless, when you hedge, you basically cross bid-mids of some
instruments. though they might be more liquid assets than the one you want
to hedge. e.g. index vs. single stock, index vs tranches.
your theory is based on a few assumptions among others:
1. hedge is costless, or NEVER more expensive than the bid-ask or hair cut
of the instrument being hedged. this is not always true. And hedging costs typically blow up at you when you want to rebalance you hedge the most
2. hedge is in |
|
r******o
发帖数: 1530 | 44 ok，如果有共同点就可以继续讨论：
首先，银行没有办法推销衍生品，大家都觉得银行到处推销，这是不恰当的理解，金融
业是先有的demand，然后才有的supply。最近的例子，就是Super Senior CDO，为什么
会搞出来这么个东西，就是因为长期的低利率，造成的流动性过剩，钱太多没有什么投
资机会，很多退休基金只能投资AAA的产品，这样的大背景下金融业才通过债券化＋
tranche的方法来满足这部分需求，同样是AAA，利率比Treasury高几个bps，并从中取
利，这个不是金融业的错。由此看，“大机构创造一个新的流动性较差的衍生品推向客
户”这个是没道理。
还有一个例子就是丰田公司，丰田跟一些投行有些很难定价的OTC，你觉得是为什么？
为什么一个卖车的能整出这么个东西？比如，一个callable CMS Spread Cap／Floor，
strike还step up／down，你怎么value这个东西？比如callable cross currency swap
，等等。这是因为丰田在世界各地有厂，出口进口，还有发行的corporate bond，就有
这方面的风险，这些st |
|
a*********a
发帖数: 3656 | 45 synthetic CDO, (SCDO)
as oppose to a cashed or funed CDO, SCDO is a swap contract.
instead of buying a ware housing a pool of assets, the buyer of protection
in a SCDO transaction simply agree to payout the same quarterly cash flow as
a CDO.
in return, when the loss in the referenced pool of assets exceeds the
attachment of the tranche, the seller of protection pays the buyer of
protection the amount of the loss excceeding the attachment.
there is no money exchange at the beginning or expiration |
|
a*********a
发帖数: 3656 | 46 getting into the pricing of a CDO, one first note that the price of a CDO
depends on the correlation in the default processes.
to illustrate this consider CDOs on a basket of 2 assets in a one period
world. each asset has notional of 1, the total notional of the basket is 2.
recovery rates are both 0.
A and B. each has 50% prod to default between time 0 and T. coupon and
protection payments only happen at the end of the single period T.
we have two tranches, equity 0 - 50%, and super senior 50-1 |
|
m***y
发帖数: 94 | 47 Please contact me with your resume, compensation expetation, availability, whether you need work sponsorship etc details if you are interested.
y****[email protected]
Title: Associate or VP
Compensation: competitive package including base, bonus, and benefits
Description of position
Nomura Securities Inc is seeking to fill an Agency securities specialist
position in its Independent Valuations Group (IPV).
As an integral part of the IPV team, the Securitized specialist will work to
independently v... 阅读全帖 |
|
L********a
发帖数: 44 | 48 buy index or tranche or cds or bond
unless it is the same name, there are basis risks |
|
L********a
发帖数: 44 | 49 It all goes in cycle. with investors seeking for yields again, the leverage
will come back. Leverage comes in two forms. Balance sheet leverage (thru
repo ect.) and structured leverage (like tranche, HY ect.). CLO, CMBS are
back, non agency next ... ? |
|
h*y
发帖数: 1289 | 50 Index tranches are still rolling.
while
even |
|
