The handicapper hasn't been kind to him and he's worse off with Ted Spread
, who beat him last time.
But Cheltenham punters will not have missed the fact that Ted Spread
was the third Paul Nicholls-trained favourite to fail.
consolidated upon a solid hurdling bow at Ascot in November when sent over this course and distance at the end of December.
DARRYLL Holland will return to action at Epsom on Thursday and is already thinking about a possible Classic challenge with Ted Spread
Derby odds:13-8 Jan Vermeer (from 7-4), 11-2 Workforce (from 6), 6-1 Midas Touch (from 7), Bullet Train (from 8), 9-1 Rewilding, 12-1 Azmeel, Cape Blanco, 20-1 Coordinated Cut, 25-1 Al Zir, 40-1 Ted Spread
, 66-1 Buzzword, Hot Prospect 150-1 At First Sight, 200-1 Bright Horizon (odds from William Hill).
In arithmetic terms the TED spread
is the difference between the (positive) interest rate on overnight, inter-bank loans and the (negative) interest or discount rate on short-term, 3-month U.
The TED spread
is the difference between interest rates on three-month Treasury bills, considered risk-free, and three-month dollar Libor, a widely used index for lending between banks and for business and mortgage loans.
The TED spread
narrowing to its smallest level since before the credit crisis began is a clear sign that credit markets are thawing.
So volatility spiked to 90 after Black Monday, the TED spread
(a metric of international banking risk) was 600 points during the Herstatt Bank failure after the Arab oil embargo of the 1970AEs, junk bond issuance froze after the blow up at Drexel and Mike MilkenAEs forced holiday in Club Fed, the collapse of Continental Illimois Bank in historyAEs first electronic run on an American money center bank in the Euromarkets.
Among other things, Lehman's failure prompted runs on money market funds and deposits at weaker banks and thrifts, while lending between banks and by banks froze up, driving up the spread between the three-month London interbank offered rate (LIBOR) and Treasuries--the so-called TED spread
Although the TED spread
trended up in 2005, reaching 56 bp at year's end, it is now at the 35 bp level, suggesting that the peak of market uneasiness about international conditions is past.
The difference between the eurodollar futures rate and the Treasury bill futures rate is known as the TED spread