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Seb2, Fast and Furious

EZB buttert CHF 150 Mrd in den Kredit-Markt!!!

Startbeitrag von Fast and Furious am 09.08.2007 14:23

Schaut euch mal das an, die overnight-rate im USD ist dramatisch gestiegen, die Liquidität im Kreditmarkt ist weg. Jetzt wird's ganz, ganz bitter...




Aug. 9 (Bloomberg) -- The European Central Bank, in an unprecedented response to a sudden demand for cash from banks roiled by the subprime mortgage collapse in the U.S., loaned 94.8 billion euros ($130.2 billion) to assuage a credit crunch.

The overnight rates banks charge each other to lend in dollars jumped to the highest in six years. The London interbank offered rate rose to 5.86 percent today from 5.35 percent and in euros gained to 4.31 percent from 4.11 percent.

The ECB said it would provide unlimited cash as the fastest increase in overnight Libor since June 2004 signaled banks are reducing the supply of money just when investors are retreating because of losses from the U.S. mortgage slump. BNP Paribas SA halted withdrawals from three investment funds today because the French bank couldn't value its holdings. Stocks in the U.S. and Europe fell and Treasury bonds rose, a turnaround from the past three days when investors concluded that credit market risks were abating.

``Liquidity in the market has completely dried up as investors aren't recycling their money back because of subprime concerns,'' said Saher Bin Jung, a trader on the commercial paper desk at Commerzbank AG. ``Levels have shot up dramatically since yesterday as issuers are trying to entice investors back.''

The ECB said today it provided the largest amount ever in a single so-called ``fine-tuning'' operation, exceeding the 69.3 billion euros provided on Sept. 12, 2001, the day after the terror attacks on New York.

Fed Reserves

``Banks reacted to the ECB's `sale' offer in a similar way one would react to a sale in a department store'' and ``got all the money they could,'' said Ulrich Karrasch, a money market trader at HVB Group in Munich.

The U.S. Federal Reserve added $12 billion in temporary reserves to the banking system today when it arranged 14-day repurchase agreements, or repos, about the amount analysts predicted. Just two days ago, the Fed said ``tighter'' credit conditions aren't a threat to economic growth.

Fed spokesman David Skidmore declined to comment on the increases in overnight money-market rates.

The ECB's announcement added to investor nervousness, pushing Europe's Dow Jones Stoxx 600 Index down 2.1 percent and the Standard & Poor's 500 Index of U.S. shares down 1.6 percent to 1,473.74. U.S. Treasury notes gained for the first time in four days as investors sought the safest assets, cutting yields on two-year notes by 13 basis points, or 0.13 percentage point, to 4.52 percent.

Corporate Bond Risk

The euro fell 0.9 percent to $1.3672, its biggest decline in more than a year. It dropped 2 percent versus the yen in the largest slump in two years.

``The one down side to the ECB doing something is that it may suggest there are more issues out there,'' said Barry Moran a euro-money market trader at the Bank of Ireland in Dublin. ``People are nervous.''

Credit-default swaps on the CDX North American Investment- Grade Index rose 10 basis points to 70 basis points, according to Phoenix Partners Group in New York, reflecting an increase in the perceived risk of owning corporate bonds.

Three-month dollar Libor rose to 5.5 percent from 5.38 percent.

`Extraordinarily Serious'

Concerns increased as BNP Paribas, France's biggest bank, stopped investors withdrawing from funds with assets totaling 2 billion euros because it couldn't ``fairly'' value their holdings after the sell-off in credit markets.

``For some of the securities there are just no prices,'' Alain Papiasse, head of BNP Paribas's asset management and services division, said in an interview. ``As there are no prices, we can't calculate the value of the funds.''

Dutch investment bank NIBC Holding NV also said it had lost at least 137 million euros on subprime investments.

For Bank of America Corp., the No. 2 U.S. bank by assets, today's increase in overnight borrowing costs was the biggest since the Federal Open Markets Committee raised interest rates at the end of June 2004. For UBS AG in Zurich, it was the largest jump since Europe's No. 1 bank by assets said in August 2004 that it may have overestimated its value-at-risk by more than 20 percent.

Both banks said their overnight borrowing costs rose 65 basis points to 6 percent. Royal Bank of Canada and Barclays Plc also said they're paying 6 percent.

``This is an old-fashioned credit crunch,'' Chris Low, the chief economist at FTN Financial in New York, said in a report today. ``This is not a small thing. A credit crunch, when the short-term credit markets seize up, is extraordinarily serious, almost always the precursor of a significant recession.''

Antworten:

War nicht eben noch von immenser Überliquidität die Rede?


von Seb2 - am 09.08.2007 20:08
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