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スペインの財務省は、24億9000万0000ユーロの国債を発行、うち2'7年の国債は金利が4'375%(以前は2'890%)で3億7100万0000ユーロで、4年のは、5'106%(以前は3'374%)で10億9700万0000ユーロ、3'2年のは金利が4'876%(以前は4'037%)で10億2400万0000ユーロ
スペインの国債(国家債券)の金利の額は、288億7600万0000ユーロに達する
El Tesoro cubre objetivos a costa de subir los tipos y vende 2.490 millones en deuda
La demanda por los bonos españoles sigue fuerte pese al repunte de las turbulencias
La rentabilidad aumenta en más de un punto en dos de los títulos emitidos
The Treasury aims to cover the cost of raising rates and sells 2,490 million in debt
Demand for Spanish bonds remains strong despite the rise in turbulence
The yield increases by more than one point from two of the securities issued
Alvaro Romero / The Country Madrid 17 MAY 2012 - 00:08 CET
Demand for Spanish bonds remains strong despite the rise in turbulence
The yield increases by more than one point from two of the securities issued
Alvaro Romero / The Country Madrid 17 MAY 2012 - 00:08 CET
The Treasury has met the objectives established for the auction this morning after selling 2,490 million in bonds to three to four years. However, the rise of instability in the debt markets and the rise to maximum risk premium bill has passed the central bank, which has been forced to raise the profitability compared to previous operations with the same type of security . In two of the three types of securities issued, the rebound has been over a percentage point.
Meanwhile, investor appetite remains strong despite serious doubts and demand has been very close to triple the offer. "These returns leaves demand," said Reuters Nicolas Lopez, director of analysis at MG Securities.
Titles that have been auctioned are exactly three years since they have put new bonds equal to those of previous references to the longer term, whose remaining life or time to maturity ranges from 2.7 to 4 years.
The auction takes place when growing doubts about Greece and the Spanish banking
Specifically, the Treasury has put 371 million in bonds with 4.40% coupon and a maturity of January 31, 2015. The interest of these bonds has been of 4.375% when just a month ago was enough to provide 2.890%. The demand stood at 4.47 times more demand than bonds sold, well above the 2.41 times of the auction of April 4. However, the amount of debt issued at that time (1,127 million) multiplied by three of this morning, which explains the jump in the cover ratio, which is the ratio between the front of the requested titles sold.
With the 3.25% coupon bonds maturing on April 30, 2016, the agency under the Ministry of Economy has sold 1.097 million at an average rate of 5.106%, below what they had to pay in December 2011, period in which debt issuance reached record yields in the euro era. In April, however, was enough to compromise a 3.374% to convince investors that their money apostasen Treasury paper to four years thanks to the beneficial impact, though transient-free bar that had the ECB's liquidity. In fact, the loss of effect of this injection of money into the financial system is felt clearly in demand for this type of security, which has moved from 4.13 times the auction of March 15, mostly supported Spanish banks by itself, to 2.38 times.
Finally, the Treasury has sold 1.024 million in bonds with 4% coupon and remaining life of three years and two months, since maturity is July 30, 2015. These titles are also placed at auction on May 3 at an average rate of 4.037% and now have placed 4.876%. For this type of bond auction itself has improved as the coverage ratio rose from 2.88 times greater unsolicited securities sold to 3.01 and has put more money earlier this month.
The outcome of the auction and rising interest repeat what happened on Monday in the issuance of letters of 12 and 18 months when the risk premium had not exceeded that level of 500 basis points. However, Daniel Pingarrón IG Markets analyst, argues that today "has been a better auction, because the increase in yields was accompanied by an increase in demand, while on Monday, demand and auction resented letters. "
The profitability of the titles to three years in the secondary market, where securities are traded once issued has risen sharply over the past two and half months, going from 2.76% to 4.8%. However, they are still far from levels of over 6% in November.
Despite market tension, the government says that the body can continue to issue wisely, facilitating the containment on the rise of the interest. This is possible because moderate profile has already covered more than 53% of the funding requirements provided in the Budget of 2012 in debt in the medium and long term.
Throughout the month of May, the Treasury held an auction of letters over three to six months the next day 22 and will not broadcast until June 7 when held a bond auction. In June, will also hold two auctions of letters and a bond. Emission targets for these auctions will be set shortly before realized.
Although there is some markets fear that Spain would not be able to finance itself by following up the risk premium, experts and analysts rule out, in general, that the country has to seek help from the European Union. Of course, the president, Mariano Rajoy, has acknowledged that tensions persist, Spain could face problems when going to market financed. At the moment, although the average return paid by the state into debt is relatively low, starting to pay interest is the largest budgets behind with 28.876 million pension.
The auction took place just as increased political uncertainty in Greece and also growing doubts about the Spanish financial system. Both circumstances have heightened tensions between investors and fired again the risk premium, which on Wednesday passed the barrier of 500 points.
Meanwhile, investor appetite remains strong despite serious doubts and demand has been very close to triple the offer. "These returns leaves demand," said Reuters Nicolas Lopez, director of analysis at MG Securities.
Titles that have been auctioned are exactly three years since they have put new bonds equal to those of previous references to the longer term, whose remaining life or time to maturity ranges from 2.7 to 4 years.
The auction takes place when growing doubts about Greece and the Spanish banking
Specifically, the Treasury has put 371 million in bonds with 4.40% coupon and a maturity of January 31, 2015. The interest of these bonds has been of 4.375% when just a month ago was enough to provide 2.890%. The demand stood at 4.47 times more demand than bonds sold, well above the 2.41 times of the auction of April 4. However, the amount of debt issued at that time (1,127 million) multiplied by three of this morning, which explains the jump in the cover ratio, which is the ratio between the front of the requested titles sold.
With the 3.25% coupon bonds maturing on April 30, 2016, the agency under the Ministry of Economy has sold 1.097 million at an average rate of 5.106%, below what they had to pay in December 2011, period in which debt issuance reached record yields in the euro era. In April, however, was enough to compromise a 3.374% to convince investors that their money apostasen Treasury paper to four years thanks to the beneficial impact, though transient-free bar that had the ECB's liquidity. In fact, the loss of effect of this injection of money into the financial system is felt clearly in demand for this type of security, which has moved from 4.13 times the auction of March 15, mostly supported Spanish banks by itself, to 2.38 times.
Finally, the Treasury has sold 1.024 million in bonds with 4% coupon and remaining life of three years and two months, since maturity is July 30, 2015. These titles are also placed at auction on May 3 at an average rate of 4.037% and now have placed 4.876%. For this type of bond auction itself has improved as the coverage ratio rose from 2.88 times greater unsolicited securities sold to 3.01 and has put more money earlier this month.
The outcome of the auction and rising interest repeat what happened on Monday in the issuance of letters of 12 and 18 months when the risk premium had not exceeded that level of 500 basis points. However, Daniel Pingarrón IG Markets analyst, argues that today "has been a better auction, because the increase in yields was accompanied by an increase in demand, while on Monday, demand and auction resented letters. "
The profitability of the titles to three years in the secondary market, where securities are traded once issued has risen sharply over the past two and half months, going from 2.76% to 4.8%. However, they are still far from levels of over 6% in November.
Despite market tension, the government says that the body can continue to issue wisely, facilitating the containment on the rise of the interest. This is possible because moderate profile has already covered more than 53% of the funding requirements provided in the Budget of 2012 in debt in the medium and long term.
Throughout the month of May, the Treasury held an auction of letters over three to six months the next day 22 and will not broadcast until June 7 when held a bond auction. In June, will also hold two auctions of letters and a bond. Emission targets for these auctions will be set shortly before realized.
Although there is some markets fear that Spain would not be able to finance itself by following up the risk premium, experts and analysts rule out, in general, that the country has to seek help from the European Union. Of course, the president, Mariano Rajoy, has acknowledged that tensions persist, Spain could face problems when going to market financed. At the moment, although the average return paid by the state into debt is relatively low, starting to pay interest is the largest budgets behind with 28.876 million pension.
The auction took place just as increased political uncertainty in Greece and also growing doubts about the Spanish financial system. Both circumstances have heightened tensions between investors and fired again the risk premium, which on Wednesday passed the barrier of 500 points.
スペインの財務省は、24億9000万0000ユーロの国債を発行、うち2'7年の国債は金利が4'375%(以前は2'890%)で3億7100万0000ユーロで、4年のは、5'106%(以前は3'374%)で10億9700万0000ユーロ、3'2年のは金利が4'876%(以前は4'037%)で10億2400万0000ユーロ
スペインの国債(国家債券)の金利の額は、288億7600万0000ユーロに達する
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