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欧州救済基金からスペイン銀行再編基金を通し融資して資本増強しスペインの銀行を破綻から救済するニュースにもかかわらず、スペインの株価は下落し、10年国債の金利は、6'5%に上昇
La Bolsa cierra en rojo y la prima sube a 521 puntos pese al rescate bancario
El tipo del bono a 10 años sube al 6,5% ante la falta de detalles sobre la ayuda europea
El Ibex borra las ganancias de la apertura y termina el día con una caída del 0,54%
Archivado en:
- IBEX 35
- Prima de riesgo
- Eurogrupo
- Mariano Rajoy
- Crisis deuda europea
- Política monetaria única
- Euro
- Indices bursátiles
- UEM
- Zona euro
- Financiación déficit
- Crisis financiera
- UE
- Moneda
- Déficit público
- Bolsa
- España
- Mercados financieros
- Finanzas públicas
- Organizaciones internacionales
- Economía europea
- Finanzas
- Economía
- Relaciones exteriores
Fuente: Bloomberg. / EL PAÍS
The stock closed in red and the premium rises to 521 points despite bailout
The rate of the 10-year bond rises to 6.5% in the absence of details on European aid
The Dow erased opening gains and ended the day with a fall of 0.54%
SPECIAL See live the evolution of the main markets
Special SPECIAL on European rescue for Spanish banks
Lafont Isabel Madrid 11 JUN 2012 - 18:53 CET
The rate of the 10-year bond rises to 6.5% in the absence of details on European aid
The Dow erased opening gains and ended the day with a fall of 0.54%
SPECIAL See live the evolution of the main markets
Special SPECIAL on European rescue for Spanish banks
Lafont Isabel Madrid 11 JUN 2012 - 18:53 CET
From euphoria to disappointment. The market sentiment has traveled the arc from opening until closing, on a day which has begun to absorb the consequences of the 100,000 million that could reach the Spanish banking requested by the European rescue last Saturday by the Spanish Government.
After an opening stock of which are not remembered, in which the Dow has gone up by 5.9%, the increases have been moderate until completely erased at the end of the session, which ended in 6516.4 points , with a drop of 0.54%.
The prospect of a sanitation EU-funded bank has not dispelled the uncertainty that clouds the sovereign debt market. Spain's country risk, measured as the yield spread that investors demand for Spanish bonds to 10 years for the Germans, has again exceeded the levels of last Friday, before the request for assistance was approved on Saturday a meeting of the Eurogroup.
more informationHow the bailout will affect you?Spain asks for a ransom of up to 100,000 million for the dealerBrussels links the rescue by setting deficit
The risk premium fell as 462 points after the market opening, but soon after began a long climb that has led to a daily maximum of 521 points (520 at the end of the day). The rate of the 10-year bond, which started the day at 6.1% and reached down to 5.9%, stood at that time at 6.5%. On 30 May reached 6.7%, the highest of the year.
Banks have experienced exceptional market opening. Investors seemed to celebrate the-perhaps-beginning of the end of the Spanish banking sector crisis to 100,000 million euros that Europe has committed to a loan that the Spanish government, through the FROB-channeled entities to clean up damaged balance sheets 40% of the sector portion is estimated to require a surgical solution.
But enthusiasm has been deflated and the end of the session was far more disappointing. Bankia, the entity that presumably require the greatest injection of capital, leads hikes in the sector (+1.17%), followed by Caixabank (+0.64%), Bankinter (+0.24%), Sabadell, which closed unchanged. By contrast, Santander (-0.31%), BBVA (-0.31%) and Popular (-1.62%) have invested their upward trend in the morning and ended with losses.
The lack of specificity of the conditions of the aid requested by the Spanish government and elections to be held in Greece on Sunday (in effect a referendum on the country's standing in the eurozone), are behind the collapse of optimism " missing details. And the first we've met are positive, but there are unresolved issues of timing, who puts the money, how it does and who supervises, "says Jose Luis Martinez, a strategist at Citi in Spain. "There is much nervousness in the market and Greece continues to weigh a lot," he adds.
Another factor behind the rise in risk premium is uncertainty about the priority of repayment of EU funds to be provided to the FROB for banks, ahead of Treasury debt. This case would be if resources were articulated through the European Stability Mechanism (MEDE), which comes into force on 1 July, as the treaty stipulates that it is preferred creditor will only subordinate to the International Monetary Fund (IMF .) "The risk now is that all the Spanish debt is subordinate to that of MEDE" said Steen Jakobsen Bloomberg yesterday, chief economist at Saxo Bank.
The European Financial Stability Fund (EFSF), to be replaced by one year MEDE but coexist with it, does not provide this priority in the list of creditors, and therefore that last weekend the Finnish finance minister, Jutta Urpilainen , claim warranty if used this fund to rescue Spanish.
A spokesman for the German Finance Ministry has said that probably is used MEDE, "a more effective" for its capital structure, said today in Berlin.
Italian debt, economic pressure from other markets and on weighing the risk of contagion in the event that the Spanish crisis is not contained, the differential with the bund has come to stand at 422 basis points, but then has undertaken a climbing up to 473 points (472 at the end).
"The problem for Italy is that, where Spain is, there is always the perception that Italy could go back," said Bloomberg Nicholas Spiro, president of analyst firm Spiro Sovereign Sovereign Debt Strategy. "Differentiation in financial markets is insufficient. Has been and is very clear that the economics of Spain are much worse than those of Italy, but this has not prevented the spread." Italy plans to achieve the deficit target of 3% this year and already in surplus before debt service, although this accounts for 120% of GDP. The Italian unemployment rate is less than half of Spanish (24%) and the Alpine country does not suffer the bursting of a real estate orgy, so that its banking sector is reasonably healthy.
The major European markets have also filed the morning gains. London finished the day with a fall of 0.05%, Paris has yielded 0.29% and 2.79% Milan. Frankfurt managed to complete in green, with a slight rise of 0.17%.
The euro has also experienced similar ups and downs. In the morning we celebrated the selective rescue for Spanish banks with a rise that has led to $ 1.2671 (thus exceeding 1.26 for the first time since May 28) but then again to lose that level and set a minimum of $ 1.2483, to recover to 1.25 at the end of the day.
Despite the injection of optimism that is the deal announced on Saturday, as they say, the devil is in the details and help you reach European counterparts imply, as pointed out today the European Commission Vice President and for Competition, Joaquin Almunia: "He who gives money never freely given, sets conditions and want to know what to do with their money," has said in an interview on the SER
According to sources, the interest rate on loans could be between 3% or 4%. But despite the insistence by the government of Mariano Rajoy there will be no "conditionality" or affect the budget deficit, experts point out that it seems difficult to avoid these points, since the loans received by the FROB computed, necessarily, as public debt and interest as an expense, which ultimately could affect the deficit figure if not offset by equivalent income.
In any case, the final agreement is agreed upon may provide different statistical treatment, as has happened in other countries, according to spokesman today said Economic and Monetary Affairs of the European Commission, Amadeu Altafaj. What is clear is that Brussels has linked the rescue to adjust the budget deficit by warning that the credit tap is closed if it breaches the Stability Pact.
The acceptance of aid from Spain is merely the first step in a long period that opens from now. The next stop of the process will determine the exact amounts you need each entity and if the contribution of funds where they need it will take the form of debt or equity. The calculations are based on double sector assessment commissioned by the government to various private firms. In the first phase, Roland Berger and Oliver Wyman are slated to present on 21 June the results of a stress test to the entire sector.
Next July 31 will be announced the results of the assessment to be implemented by Deloitte auditors, PwC, KPMG and Ernst & Young's internal systems for classifying entities, provision and measure the risks of their portfolios. From that moment, we can expect an intense process within institutions sales offices, business reorganization and possibly liquidation.
After an opening stock of which are not remembered, in which the Dow has gone up by 5.9%, the increases have been moderate until completely erased at the end of the session, which ended in 6516.4 points , with a drop of 0.54%.
The prospect of a sanitation EU-funded bank has not dispelled the uncertainty that clouds the sovereign debt market. Spain's country risk, measured as the yield spread that investors demand for Spanish bonds to 10 years for the Germans, has again exceeded the levels of last Friday, before the request for assistance was approved on Saturday a meeting of the Eurogroup.
more informationHow the bailout will affect you?Spain asks for a ransom of up to 100,000 million for the dealerBrussels links the rescue by setting deficit
The risk premium fell as 462 points after the market opening, but soon after began a long climb that has led to a daily maximum of 521 points (520 at the end of the day). The rate of the 10-year bond, which started the day at 6.1% and reached down to 5.9%, stood at that time at 6.5%. On 30 May reached 6.7%, the highest of the year.
Banks have experienced exceptional market opening. Investors seemed to celebrate the-perhaps-beginning of the end of the Spanish banking sector crisis to 100,000 million euros that Europe has committed to a loan that the Spanish government, through the FROB-channeled entities to clean up damaged balance sheets 40% of the sector portion is estimated to require a surgical solution.
But enthusiasm has been deflated and the end of the session was far more disappointing. Bankia, the entity that presumably require the greatest injection of capital, leads hikes in the sector (+1.17%), followed by Caixabank (+0.64%), Bankinter (+0.24%), Sabadell, which closed unchanged. By contrast, Santander (-0.31%), BBVA (-0.31%) and Popular (-1.62%) have invested their upward trend in the morning and ended with losses.
The lack of specificity of the conditions of the aid requested by the Spanish government and elections to be held in Greece on Sunday (in effect a referendum on the country's standing in the eurozone), are behind the collapse of optimism " missing details. And the first we've met are positive, but there are unresolved issues of timing, who puts the money, how it does and who supervises, "says Jose Luis Martinez, a strategist at Citi in Spain. "There is much nervousness in the market and Greece continues to weigh a lot," he adds.
Another factor behind the rise in risk premium is uncertainty about the priority of repayment of EU funds to be provided to the FROB for banks, ahead of Treasury debt. This case would be if resources were articulated through the European Stability Mechanism (MEDE), which comes into force on 1 July, as the treaty stipulates that it is preferred creditor will only subordinate to the International Monetary Fund (IMF .) "The risk now is that all the Spanish debt is subordinate to that of MEDE" said Steen Jakobsen Bloomberg yesterday, chief economist at Saxo Bank.
The European Financial Stability Fund (EFSF), to be replaced by one year MEDE but coexist with it, does not provide this priority in the list of creditors, and therefore that last weekend the Finnish finance minister, Jutta Urpilainen , claim warranty if used this fund to rescue Spanish.
A spokesman for the German Finance Ministry has said that probably is used MEDE, "a more effective" for its capital structure, said today in Berlin.
Italian debt, economic pressure from other markets and on weighing the risk of contagion in the event that the Spanish crisis is not contained, the differential with the bund has come to stand at 422 basis points, but then has undertaken a climbing up to 473 points (472 at the end).
"The problem for Italy is that, where Spain is, there is always the perception that Italy could go back," said Bloomberg Nicholas Spiro, president of analyst firm Spiro Sovereign Sovereign Debt Strategy. "Differentiation in financial markets is insufficient. Has been and is very clear that the economics of Spain are much worse than those of Italy, but this has not prevented the spread." Italy plans to achieve the deficit target of 3% this year and already in surplus before debt service, although this accounts for 120% of GDP. The Italian unemployment rate is less than half of Spanish (24%) and the Alpine country does not suffer the bursting of a real estate orgy, so that its banking sector is reasonably healthy.
The major European markets have also filed the morning gains. London finished the day with a fall of 0.05%, Paris has yielded 0.29% and 2.79% Milan. Frankfurt managed to complete in green, with a slight rise of 0.17%.
The euro has also experienced similar ups and downs. In the morning we celebrated the selective rescue for Spanish banks with a rise that has led to $ 1.2671 (thus exceeding 1.26 for the first time since May 28) but then again to lose that level and set a minimum of $ 1.2483, to recover to 1.25 at the end of the day.
Despite the injection of optimism that is the deal announced on Saturday, as they say, the devil is in the details and help you reach European counterparts imply, as pointed out today the European Commission Vice President and for Competition, Joaquin Almunia: "He who gives money never freely given, sets conditions and want to know what to do with their money," has said in an interview on the SER
According to sources, the interest rate on loans could be between 3% or 4%. But despite the insistence by the government of Mariano Rajoy there will be no "conditionality" or affect the budget deficit, experts point out that it seems difficult to avoid these points, since the loans received by the FROB computed, necessarily, as public debt and interest as an expense, which ultimately could affect the deficit figure if not offset by equivalent income.
In any case, the final agreement is agreed upon may provide different statistical treatment, as has happened in other countries, according to spokesman today said Economic and Monetary Affairs of the European Commission, Amadeu Altafaj. What is clear is that Brussels has linked the rescue to adjust the budget deficit by warning that the credit tap is closed if it breaches the Stability Pact.
The acceptance of aid from Spain is merely the first step in a long period that opens from now. The next stop of the process will determine the exact amounts you need each entity and if the contribution of funds where they need it will take the form of debt or equity. The calculations are based on double sector assessment commissioned by the government to various private firms. In the first phase, Roland Berger and Oliver Wyman are slated to present on 21 June the results of a stress test to the entire sector.
Next July 31 will be announced the results of the assessment to be implemented by Deloitte auditors, PwC, KPMG and Ernst & Young's internal systems for classifying entities, provision and measure the risks of their portfolios. From that moment, we can expect an intense process within institutions sales offices, business reorganization and possibly liquidation.
欧州救済基金からスペイン銀行再編基金を通し融資して資本増強しスペインの銀行を破綻から救済するニュースにもかかわらず、スペインの株価は下落し、10年国債の金利は、6'5%に上昇
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