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スペインの財務省は銀行救済による財政債務の増大による支払い能力の不安から過去最高の金利の国債(国家債券)を22億0000'0000ユーロ発行、2年国債は[名目3'40%?]金利が4'791%で7億0000'0000ユーロ(3カ月前には2'069%)、3年国債は[名目4'00%]金利が5'51%で9億1800万0000ユーロ(1カ月前には4'917%)、5年国債は、[名目5'50%]金利が6'195%で6億0200万0000ユーロ(1月前は4'982%)
España paga las dudas sobre su solvencia y emite deuda al coste más alto en 16 años
El instituto emisor supera los objetivos prudentes que se había marcado en 200 millones
Spain pays the doubts about its solvency and issues debt to the higher cost in 16 years
The central bank targets cautious than it had set at 200 million
Alvaro Romero Madrid 21 JUN 2012 - 10:37 CET
The central bank targets cautious than it had set at 200 million
Alvaro Romero Madrid 21 JUN 2012 - 10:37 CET
Increasing doubts about the solvency of Spain, under the spotlight after calling the rescue of the banks would have gone today to the Treasury bill, which has been forced to pay higher interest on its debt in the middle term of any euro era. The increase in yields, the only way with which the State has to overcome the risk aversion of investors has allowed in any case the objectives of the auction, the second since he decided to activate the help of its European partners, although these were quite affordable.
Given the expectation that the issue was going to face, an agency of Economics had set some goals more than prudent with a range situated between 1,000 and 2,000 million euros. In the end, has placed 2,220 million with a demand that has more than tripled the offer. From Economy to justify this fact has already been issued for 61.4% of the emission forecast for the year in debt in the medium and long term, amounting to 85,900 million euros.
Specifically, the Treasury has put 700 million euros with a coupon (nominal interest) of 3.40% and mature on April 30, 2014. To sell these securities have had to compromise a 4.791% interest through when just three months ago was enough to give less than half (2.069%). The lawsuit, if any, has almost quadrupled the offer. Spain has issued such bonds six times since I started the series, in 1988, according to Treasury data, so there are not many comparisons possible. Nevertheless, the interest paid this Thursday is the highest since 1996. In so far was the worst of the crisis, November 2011, came to pay a rate of 4.363%, lower than today.
At three years, has issued 918 million with a 4.00% coupon bond maturing on July 30, 2015 to a record 5.510% interest, according to data released by the Bank of Spain on the auction. In the previous operation with the same type of security, on May 17, the maximum yield investors demanded to buy three-year debt was 4.917%.
more informationThe lower risk premium of 500 points after Treasury auctionPressure to make palatable the rescueThe Treasury pays the interest points higher in the last 15 years
Finally, the Treasury has sold 602 million five-year bond that pays a nominal interest of 5.50% and that deadline is July 30, 2017. It has therefore had to compromise an interest that has gone to the 6.195%, so that also for these titles will cost maximum euro era. In fact, to find a level you still need to go back 16 years ago. The last auction was closed the same bonds with a maximum rate of 4.982% on 3 May.
The emission result shows that the costs have to pay to finance Spain have returned to the times of the peseta, as happened in November. However, the rates paid on Thursday have been located for the bonds to two and three years below what they rented in the secondary market where investors could have gone and have had higher returns. In any case, it is clear that the tension has once again emerged from the lived truce at the start of 2012 and that the request for the bank bailout, which includes a credit of up to 100,000 million, and the lack of reaction to European level , which is the only framework that can solve problems, have increased harassment of the Spanish debt.
The result of this, the central bank and was forced on Tuesday to raise the interest on its short-term debt, which also reached record levels since the country joined the euro on the rise of the risk premium, which has touched maximum of this period on Monday. And now investors have not loosened the pressure on the Treasury, even if the situation has improved somewhat in the secondary markets, establishing the risk premium and exchange sovereign debt securities once issued.
The Pros and Cons: France sells bonds to historically low rates
Heads and tails. While Spain has today paid higher interest on its debt to two, three and five years of the euro era, France has lowered the costs to historically low levels to 9.873 million bond issue, which notes that the gap between a and other countries with regard to trust expands. Moreover, despite this decline, the demand has been strong, as it has more than doubled the offer.
Versus 4.7% rate that Spain has to offer for its shares to two years, France has been enough to commit 0.54%. Meanwhile, the bonds maturing in 2015 were placed at 0.83%, contrasting with 5.5% paid by its southern neighbor this morning. In five years, the distance ranges from 6.19% to 1.43% Spanish. This return is a significant cut to 1.72% against France paid less than a month ago, on 16 May.
Given the expectation that the issue was going to face, an agency of Economics had set some goals more than prudent with a range situated between 1,000 and 2,000 million euros. In the end, has placed 2,220 million with a demand that has more than tripled the offer. From Economy to justify this fact has already been issued for 61.4% of the emission forecast for the year in debt in the medium and long term, amounting to 85,900 million euros.
Specifically, the Treasury has put 700 million euros with a coupon (nominal interest) of 3.40% and mature on April 30, 2014. To sell these securities have had to compromise a 4.791% interest through when just three months ago was enough to give less than half (2.069%). The lawsuit, if any, has almost quadrupled the offer. Spain has issued such bonds six times since I started the series, in 1988, according to Treasury data, so there are not many comparisons possible. Nevertheless, the interest paid this Thursday is the highest since 1996. In so far was the worst of the crisis, November 2011, came to pay a rate of 4.363%, lower than today.
At three years, has issued 918 million with a 4.00% coupon bond maturing on July 30, 2015 to a record 5.510% interest, according to data released by the Bank of Spain on the auction. In the previous operation with the same type of security, on May 17, the maximum yield investors demanded to buy three-year debt was 4.917%.
more informationThe lower risk premium of 500 points after Treasury auctionPressure to make palatable the rescueThe Treasury pays the interest points higher in the last 15 years
Finally, the Treasury has sold 602 million five-year bond that pays a nominal interest of 5.50% and that deadline is July 30, 2017. It has therefore had to compromise an interest that has gone to the 6.195%, so that also for these titles will cost maximum euro era. In fact, to find a level you still need to go back 16 years ago. The last auction was closed the same bonds with a maximum rate of 4.982% on 3 May.
The emission result shows that the costs have to pay to finance Spain have returned to the times of the peseta, as happened in November. However, the rates paid on Thursday have been located for the bonds to two and three years below what they rented in the secondary market where investors could have gone and have had higher returns. In any case, it is clear that the tension has once again emerged from the lived truce at the start of 2012 and that the request for the bank bailout, which includes a credit of up to 100,000 million, and the lack of reaction to European level , which is the only framework that can solve problems, have increased harassment of the Spanish debt.
The result of this, the central bank and was forced on Tuesday to raise the interest on its short-term debt, which also reached record levels since the country joined the euro on the rise of the risk premium, which has touched maximum of this period on Monday. And now investors have not loosened the pressure on the Treasury, even if the situation has improved somewhat in the secondary markets, establishing the risk premium and exchange sovereign debt securities once issued.
The Pros and Cons: France sells bonds to historically low rates
Heads and tails. While Spain has today paid higher interest on its debt to two, three and five years of the euro era, France has lowered the costs to historically low levels to 9.873 million bond issue, which notes that the gap between a and other countries with regard to trust expands. Moreover, despite this decline, the demand has been strong, as it has more than doubled the offer.
Versus 4.7% rate that Spain has to offer for its shares to two years, France has been enough to commit 0.54%. Meanwhile, the bonds maturing in 2015 were placed at 0.83%, contrasting with 5.5% paid by its southern neighbor this morning. In five years, the distance ranges from 6.19% to 1.43% Spanish. This return is a significant cut to 1.72% against France paid less than a month ago, on 16 May.
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