Pilules Génériques De Latanoprost
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The key point here is that Acheter cheap Levitra Soft en ligne Treasurys which are about to mature or make coupon payments are affected.
Right now, that means the weekly bills maturing beginning on October 24, and any Treasurys maturing or paying a coupon on October 31, November 15 and potentially November In the realm of the current debate, those are the securities in play. Understanding a technical Treasury default is important in the game right now, Pilules Génériques De Latanoprost. Cross-Default There is not cross-default in U. Treasurys because the Treasury never included such a provision in its Uniform Offering Circular.
Yes, there will be rate volatility, some cash will flee the market, there will be dislocation, but this is not an event which will shut pilule Génériques De Latanoprost the market. Up and down 50 basis points for very short-term paper does not a crisis make. So far, I believe politicians have been somewhat irresponsible, creating more public anxiety than is warranted.
Timing First off, October 17 is not the date when the Treasury runs out of cash. However, when a Treasury misses a coupon payment, the holder on the payment date will have a money-wire fail from the Treasury. The next day, that Treasury continues to accrue interest for the next coupon period, so the missed payment should only affect the Treasury holder on that record date, and not going forward, Pilules Génériques De Latanoprost.
The missed payments will get paid back immediately when a new debt deal made, Pilules Génériques De Latanoprost.
Remember again, the technical default only affects Treasurys maturing or paying coupons over the next few weeks.
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Money Funds Last week, rumors started to fly around the market that money market funds and other short-term investors were getting nervous. This time, many of them want to be better prepared.
Blackrock, Fidelity, JP Morgan have all publicly announced that they have no exposure to any Treasurys potentially affected by the debt ceiling crisis; meaning they sold everything in the very short-term, which is one reason why short-term Treasury pilules Génériques De Latanoprost shot higher. Evidently, SEC Rule 2a-7, that governs money market funds, Pilules Génériques De Latanoprost, does not prohibit them from owning securities in default.
The funds still have another issue to worry about — public fear about a Treasury debt default.
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Money funds dedicated exclusively to U. Whomever is holding the U. Treasury in their account on the coupon payment or maturity date is the one who misses the payment. Coupon payments between Repo counterparties are governed by the Master Repurchase Agreement, so whether or not the Treasury pays, the Repo counterparties must still pay.
I also heard some pilule Génériques De Latanoprost investors have closed down their tri-party accounts and switched to deliverable Repo trades only. Would the Street really dump maturing or coupons paying securities on their unsuspecting customers? By now, Treasury GC Repo rates have already moved higher as cash investors pull some cash out of the out of the market. Why borrow Treasurys from the Fed at.
If cash investors continue to worry about receiving defaulted securities as collateral, more money will leave the market and Repo pilules Génériques De Latanoprost will continue to go higher.
Cash moving from Treasury collateral into Agency collateral will push the Agency Repo pilule Génériques De Latanoprost below the Treasury Repo rate. The irony would be that investors would be fleeing Treasurys for Fannie and Freddie paper, which nearly defaulted five years ago, because they believe Agencys are safer collateral than U.
Debt Ceiling Extension What happens if a compromise is reached and the debt ceiling is extended? It saves the securities in the short-end for now, but it still puts securities paying coupon or maturing after the extension date at risk. What Can You Do? Primaries should have to ability to swap the technically defaulted issues for other Treasurys easily at the Fed.
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Any Treasurys paying coupon on October 31, November 15 or November 30 can be stripped into the separate coupon and principal components. A Primary Dealer sends the bond into the Fed and receives pilule Génériques De Latanoprost the separate coupon payments and principal payments later that day. The first coupon payment can then be sold to someone else. It might trade like a 1 month T-bill, at a higher market rate to reflect the delay in payment.
Or, the investor can just hold the separate coupon and principal payments, which are acceptable Treasury collateral where the whole Treasury bond or note may not be. Of course, the best solution is a political compromise. Short of that, my suggestions here come pilule Génériques De Latanoprost to slight-of-hand and accounting moves.
Here are some creative, yet temporary solutions: Keep Accruing Interest — The Treasury can announce that Treasurys close to scheduled coupon payment dates will keep accruing coupon interest until the next payment date and make a double coupon payment then, Pilules Génériques De Latanoprost.
The Fed could use the QE purchase program to buy the short-end Treasurys which are very close to maturity. If the Treasury is close to not paying a maturing Treasury, Pilules Génériques De Latanoprost, the Fed could buy it and take it out of the market.
The Fed could allow an expanded use of Repo pilules Génériques De Latanoprost counterparties deliver Treasurys to the Fed and receive cash in return. Market participants could submit maturing and coupon paying securities to the Fed the day before the payments are supposed to be made. When the payment is missed, the Treasury owes the payment to the Fed.