Spread between US 10Y and German 10Y suddenly widens …

The market seems to be forecasting increased fiscal integration which is, of course, just about the only way out of the Eurozone mess. In the short term probably not the best option for Germany but it works for everyone else.

This isn’t the first time a German Bund auction failed …

But it sure has folks all nervous and agitated. Some are calling it “nothing short of a disaster for Germany”. Best analogy I’ve read about the failed auction: “On the Titanic even first class passengers drowned“. Somewhat inappropriate. Somewhat.

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As you might have guessed, my name is Dave Coker. I'm an ex-expatriate New Yorker who has lived in London since 1997.

I've worked in Investment Banking since the early 1980's, starting my career in New York with Dow Jones . I next moved to Deutsche Bank, where I spent the bulk of my career as Vice President of Global Risk Management. While at Moody's I was responsible for Professional Services in Europe, The Middle East and Africa, and was responsible globally for resources. While at ABN AMRO I was Global Programme Manager Risk Management Technology. Needless to say, I've seen Investment Banking and financial services from a wide variety of perspectives.

I take a long view towards finance and economics. I believe past events - the study of economic history - can help us understand current market events.

Internationally educated, I'm completing a PhD in Finance (Zurich), currently hold an MSc in Quantitative Finance (London), an MBA (London), studied Mathematics & Computer Science at the Undergraduate level (New York), and, most importantly, I've been a lifelong Student of the Markets.

I currently write and sell market commentary to several banks and hedge funds, consult on Credit Risk to a Global Tier 1 Investment Bank, and teach finance at The University of Westminster in London.

I'm a polished and effective public speaker, sometimes presenting on finance as many as six or eight times a week. I've also made several media appearances over the past two years, once again on the subject of finance.
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Observations of a financial nature.