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外国や大規模な国際的な資金は、返済不能の可能性の不安から、スペインの国債を買うのを止める、国債を買っているのはスペインの銀行、2012年8月にスペインが国債返済不能に陥った時に、破綻するのはスペインの銀行
El ‘big money’ de los inversores estables se aleja de España por la desconfianza
Los grandes fondos de inversión internacionales dejan de comprar deuda pública española
The 'big money' of stable investors away from Spain by distrust
The large international investment funds stop buying Spanish public debt
Amanda Madrid Mars 24 JUN 2012 - 01:59 CET
The large international investment funds stop buying Spanish public debt
Amanda Madrid Mars 24 JUN 2012 - 01:59 CET
M & G Investments is one of the managers specializing in fixed income at the beginning of the crisis retreated so-called peripheral countries (countries of southern Europe, with deficit problems), including Spain, while maintaining positions in large Spanish companies, that they retain international confidence. It is a good reflection of what has happened in the country in recent years. "Now there is no international market for Spanish debt, when the Treasury makes an auction of letters and offers a 5% interest [bonds auctioned last Thursday to three years to a record profit of 5.5%], is in high demand, but all is internal, "says Ignacio Rodriguez Añino, director of the office of the firm in Madrid.
Only two out of every 10 euros of Spanish public debt is in foreign hands, excluding the European Central Bank (ECB), half that in early 2010, according to numbers prepared by Barclays Capital. International investors owned about 24% of the shares in the month of March, just half that in early 2010, and has probably dropped to 22.6% in May. Information on the origin of these foreign investments is very limited, but Barclays, in line with what other firms calculate estimates that the majority of foreign holders of these bonds and letters correspond to the euro zone.
Treasury securities and only of interest to Spanish banks and hedge funds
In the financial jungle, investors usually classified into two groups, those of big money or real money (big money or real money), which are the largest sovereign funds, pension or central banks and insurers are looking for the long term, limited their investments to debt with good grades and move from 50% to 70% of the money. Those are no longer betting on a Spain which, for one of the credit rating agencies (Standard & Poor's), is accessible in the junk bond and long ago lost the triple A (outstanding). "Spain is no longer in that group," match funders. Now is a product that only appeals to the Spanish banks and the second group of international investors: the credit or money fast (fast money), which are hedge funds (hedge funds) and other companies specializing in troubled countries.
The problem is that this group has little liquidity and the big money will not return in the short term, according to analysts agree, so the funding depends largely on domestic banks. Recent debt auctions have been covered mainly by Spanish banks, thanks in part to cheap credit manguerazos the ECB. In future releases, "domestic investors continue to be the only buyers of debt and even more to replace foreigners," says Barclays. The question is now how long will these last liquidity to do so if the ECB does not reopen the tap.
Only two out of every 10 euros of Spanish public debt is in foreign hands, excluding the European Central Bank (ECB), half that in early 2010, according to numbers prepared by Barclays Capital. International investors owned about 24% of the shares in the month of March, just half that in early 2010, and has probably dropped to 22.6% in May. Information on the origin of these foreign investments is very limited, but Barclays, in line with what other firms calculate estimates that the majority of foreign holders of these bonds and letters correspond to the euro zone.
Treasury securities and only of interest to Spanish banks and hedge funds
In the financial jungle, investors usually classified into two groups, those of big money or real money (big money or real money), which are the largest sovereign funds, pension or central banks and insurers are looking for the long term, limited their investments to debt with good grades and move from 50% to 70% of the money. Those are no longer betting on a Spain which, for one of the credit rating agencies (Standard & Poor's), is accessible in the junk bond and long ago lost the triple A (outstanding). "Spain is no longer in that group," match funders. Now is a product that only appeals to the Spanish banks and the second group of international investors: the credit or money fast (fast money), which are hedge funds (hedge funds) and other companies specializing in troubled countries.
The problem is that this group has little liquidity and the big money will not return in the short term, according to analysts agree, so the funding depends largely on domestic banks. Recent debt auctions have been covered mainly by Spanish banks, thanks in part to cheap credit manguerazos the ECB. In future releases, "domestic investors continue to be the only buyers of debt and even more to replace foreigners," says Barclays. The question is now how long will these last liquidity to do so if the ECB does not reopen the tap.
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