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スペインの政府国債は、2011年02月から2012年02月までに、外国投資家の購入減で、11%の315億0000'0000ユーロを失い、2445億9500万0000ユーロに減少
España pierde 32.000 millones de inversión extranjera en deuda pública
El peso del capital internacional en bonos cae del 50% al 42% en dos meses
El interés de los bonos a 10 años no es sostenible, según la mayor gestora de renta fija
Spain lost 32,000 million of foreign investment in government debt
The weight of international capital in bonds fell 50% to 42% in two months
The yield on the benchmark 10-year is not sustainable, as the largest fixed income manager
Amanda Madrid Mars 23 ABR 2012 - 00:02 CET
The weight of international capital in bonds fell 50% to 42% in two months
The yield on the benchmark 10-year is not sustainable, as the largest fixed income manager
Amanda Madrid Mars 23 ABR 2012 - 00:02 CET
Spain is not Greece or Portugal, or Ireland. But Spanish bonds burned in the hands of many foreign investors. International money is withdrawn from the Spanish public debt, a sample-a more-climate of mistrust towards the Spanish economy and its ability to continue paying debts on time and in the future. Uncertainty has a lot of emotional, diffuse, but may also result in hard cash euros. The outstanding amount of foreign investment in government bonds has fallen by 31,500 million in a year-February 2011 to February this year, the most recent data, which means a decrease of 11% leaving the figure at 244,595 million.
International participation in the total government debt wanes in a rush. If in 2010 was 54.8% foreign ownership portion in 2011 was at 50.4%. But the sharpest drop has occurred very recently, only two months: the weight of foreign investors has risen from the 50% in December to 42% in February. Eight points in 60 days. For in that brief period, international portfolio of bonds and notes have evaporated State 25,000 million.
SOURCE: Bank of Spain / COUNTRY
One way to ask the market what happens to Spain to consult Pimco, the largest fixed income manager in the world. Andrew Balls, head of European fixed income management, explains that "Spain and Italy do not have a solvency problem, not Greece or Portugal, but in the case of Spain the nominal interest on their bonds to 10 years is 6% and that is not sustainable when the nominal growth of gross domestic product (GDP) will be close to zero this year. " So that juicy interest offered by the Spanish title "create more questions than attraction to investors," says Balls.
Morgan Stanley, owner of the largest brokerage firm, is one that has cut positions in the most indebted countries in Europe in recent months. Its net exposure to the club of the so-called peripheral (the rescued Greece, Ireland and Portugal on the one hand, along with Spain and Italy, on the other) is down 21% since January, from about 2.315 million to 1.823 million euros. Of these, Spain concentrates the main portion, nearly 1,000 million, according to data compiled by Bloomberg. Distrust is also experienced in the private sector. Foreign portfolio investment (stocks and bonds and private) chained to January, the latest data available, 11 months of net sales, with overall output in that period of about 100,000 million.
Are sovereign debt sales that raise the interest claimed and raise the country risk in Spain. Government bonds already issued are being exchanged between investors at an interest rate close to 6% and the risk premium (the differential is paid on the German bund) moves above the 420 basis points.
The soothing effect of the open bar ECB's liquidity has passed
Pimco, which still has recognized that debt continues to invest in Italian and Spanish, brings to the table the role of the European Central Bank (ECB). "If a country borrows money in your own currency may elect to suspend payments, but will not be forced to do so because its central bank can print money," says Andrew Balls. But if a country borrows in a foreign currency, yes there is a risk of bankruptcy. "If the ECB is not prepared to be a lender of last resort, it gives the impression that the country borrows in a foreign currency," he adds. That's the big difference between Spain and the UK. UK shares many challenges with Spain, as the fiscal deficit, the problems of the banking and real estate. But it has its own currency and its own central bank, which "virtual no chance of forcing Britain to default and its 10-year bonds are just above 2%."
Gone is the soothing effect of the free bar Liquidity European Central Bank a billion euros of credit to a 1% interest, which has served the Spanish banks to invest in bonds, although it has allowed the Treasury to have covered and half of the debt issuance expected this year.
The outflow of foreign capital of the Spanish public debt could be higher if the investments are deducted from the various European central banks, warns Javier Ferrer, director of the Bureau of Savings Bond Corporation. "The programs of the ECB buying bonds were articulated by the central banks of each country and these have foreign investors if they buy debt of another European partner," says Ferrer.
Now the European body has halted its bond-buying program and there is a clear message about his intentions. Today the Spanish assets back into the ring.
International participation in the total government debt wanes in a rush. If in 2010 was 54.8% foreign ownership portion in 2011 was at 50.4%. But the sharpest drop has occurred very recently, only two months: the weight of foreign investors has risen from the 50% in December to 42% in February. Eight points in 60 days. For in that brief period, international portfolio of bonds and notes have evaporated State 25,000 million.
SOURCE: Bank of Spain / COUNTRY
One way to ask the market what happens to Spain to consult Pimco, the largest fixed income manager in the world. Andrew Balls, head of European fixed income management, explains that "Spain and Italy do not have a solvency problem, not Greece or Portugal, but in the case of Spain the nominal interest on their bonds to 10 years is 6% and that is not sustainable when the nominal growth of gross domestic product (GDP) will be close to zero this year. " So that juicy interest offered by the Spanish title "create more questions than attraction to investors," says Balls.
Morgan Stanley, owner of the largest brokerage firm, is one that has cut positions in the most indebted countries in Europe in recent months. Its net exposure to the club of the so-called peripheral (the rescued Greece, Ireland and Portugal on the one hand, along with Spain and Italy, on the other) is down 21% since January, from about 2.315 million to 1.823 million euros. Of these, Spain concentrates the main portion, nearly 1,000 million, according to data compiled by Bloomberg. Distrust is also experienced in the private sector. Foreign portfolio investment (stocks and bonds and private) chained to January, the latest data available, 11 months of net sales, with overall output in that period of about 100,000 million.
Are sovereign debt sales that raise the interest claimed and raise the country risk in Spain. Government bonds already issued are being exchanged between investors at an interest rate close to 6% and the risk premium (the differential is paid on the German bund) moves above the 420 basis points.
The soothing effect of the open bar ECB's liquidity has passed
Pimco, which still has recognized that debt continues to invest in Italian and Spanish, brings to the table the role of the European Central Bank (ECB). "If a country borrows money in your own currency may elect to suspend payments, but will not be forced to do so because its central bank can print money," says Andrew Balls. But if a country borrows in a foreign currency, yes there is a risk of bankruptcy. "If the ECB is not prepared to be a lender of last resort, it gives the impression that the country borrows in a foreign currency," he adds. That's the big difference between Spain and the UK. UK shares many challenges with Spain, as the fiscal deficit, the problems of the banking and real estate. But it has its own currency and its own central bank, which "virtual no chance of forcing Britain to default and its 10-year bonds are just above 2%."
Gone is the soothing effect of the free bar Liquidity European Central Bank a billion euros of credit to a 1% interest, which has served the Spanish banks to invest in bonds, although it has allowed the Treasury to have covered and half of the debt issuance expected this year.
The outflow of foreign capital of the Spanish public debt could be higher if the investments are deducted from the various European central banks, warns Javier Ferrer, director of the Bureau of Savings Bond Corporation. "The programs of the ECB buying bonds were articulated by the central banks of each country and these have foreign investors if they buy debt of another European partner," says Ferrer.
Now the European body has halted its bond-buying program and there is a clear message about his intentions. Today the Spanish assets back into the ring.
スペインの政府国債は、2011年02月から2012年02月までに、外国投資家の購入減で、11%の315億0000'0000ユーロを失い、2445億9500万0000ユーロに減少
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