SAM334 G5 heading for OKC after a hold NE of Little Rock and SHINR40 back to Majors Airport
That G5 has been used as AF2 for both pence and kneepads (replace for pence and primary/replacement for kneepads
>>18512168, >>18512373 lb
Credit Suisse CDS Reach Crisis Levels as Banks Rush to Buy Protection
The cost of credit derivatives linked to Credit Suisse Group AG are blowing out to levels reminiscent of the financial panic of 2008 after the lender’s biggest shareholder said it doesn’t want to boost its stake.
The moves are being exacerbated by banks rushing to buy protection against a possible default by the Zurich-based firm to reduce their counterparty risk on trades, according to people with knowledge of the matter. In a chaotic day of trading, quotes for one-year credit default swaps were considerably more expensive than the offers for longer durations as lenders tried to give themselves a near-term shield from their exposure to the lender, the people said. Bid-ask spreads were as much as 10 points apart upfront they said, asking not to be named because they aren’t authorized to speak publicly. So far, the moves are limited to Credit Suisse and haven’t spread to other lenders. The bank declined to comment. Banks buy and sell derivative contracts and other instruments constantly, meaning they assume counterparty risk when they take the other side of a trade. When the default risk of one of the lenders increases, it can lead to mark-to-market losses known as a credit valuation adjustment even if the lender does not default. “CVA desks need to hedge counterparty risk,” said Jochen Felsenheimer, a portfolio manager at XAIA Investment. “Assuming they have been hedged at the end of 2022, they still have to hedge additionally on recently opened trades and against mark-to-market losses.” Even if the hedging is limited in size, it has a dramatic impact on prices because of thin volumes, he added. The spike in CDS quotes highlights the jitters among bankers and money managers after the failure of Silicon Valley Bank last week sparked concerns about potential contagion in the financial system. Credit Suisse’s shares and bonds plunged after the chairman of Saudi National Bank made the comments about the shareholding, which stands at just under 10%.
The Zurich-based lender, which is in the middle of a complex three-year restructuring, has been struggling to contain deposit outflows. While the bank has insisted that its financial position is sound, the spiking CDS prices are causing turmoil in the market. Similar moves were seen in the short-term credit derivatives linked to banks such as Morgan Stanley in the aftermath of the Lehman Brothers collapse in September 2008. Credit-default swaps on Credit Suisse covered a net notional of $2.06 billion of debt as of Friday, a slight increase from previous weeks, according to the latest available report from the Depository Trust & Clearing Corp. Data for this week isn’t available.
The bank appealed to the Swiss National Bank* and regular FINMA for a public show of support after Wednesday’s share price rout, the Financial Times reported earlier.
* Look for a large Franc/Dollar swap to come out of the NYFRB tomorrow-being done yesterday but reported tomorrow
Cap#2 is what they've done at Q3/4 end last year
AF2 C-40B on approach for Newark Int'l
Kamala Harris visiting New Jersey for DNC finance event
10x avg volume
>>18512326, >>18512600, >>18512663
SAM489 G5 inbound to JBA from Scott AFB with VM714 USMC C560 from Chatanooga Regional and finally RCH4136 C-17 heading west to go pick up Potato equipment in LV
489 pretty high up the food chain of the 99th Airlift Squad
and crickets from the FIN MSM on why this wasn't already in place
(fully aware of how useless this place-SEC-has been for decades).
Gary "saving" everyone as usual
>AZ Gov Hobbs left Muscat earlier today