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スペインの10年国債の金利は、過去最高の6'8%に達する
El tipo del bono español a 10 años alcanza su máximo desde que existe el euro
La prima de riesgo sube a 543 puntos y el rendimiento del bono de referencia toca el 6,8%
El Ibex cierra con una mínima subida del 0,09% en 6.522,5 puntos
The rate of the 10-year Spanish bond reaches its highest since the euro exists
The risk premium rises to 543 points and the yield on the benchmark touches 6.8%
The Dow closed with a minimal increase of 0.09% at 6522.5 points
See the evolution of the main markets
Special on the crisis of the euro and the rescue of Spain
Lafont Isabel Madrid 12 JUN 2012 - 18:41 CET
The risk premium rises to 543 points and the yield on the benchmark touches 6.8%
The Dow closed with a minimal increase of 0.09% at 6522.5 points
See the evolution of the main markets
Special on the crisis of the euro and the rescue of Spain
Lafont Isabel Madrid 12 JUN 2012 - 18:41 CET
The sovereign debt market believes there are too many unresolved questions and the end of the tunnel is far from loom even though Europe is ready to rescue the Spanish banks with up to 100,000 million euros. Therefore, the risk premium (yield spread investors demand to 10-year bond compared to German), held a rally that has increased in the afternoon, when it has come to play the 543 basis points above 23 the level at which ended yesterday's session. Investors do not like the Spanish debt and so today have demanded the maximum interest rate which took effect from the single currency bonds to 10 years: 6.8%, thus exceeding the previous record, reached on 17 November at 6.781%.
At day's end, however, the premium was down to 528 points and the yield on the 10-year relaxed to 6.678%. Distrust of the Spanish sovereign debt today has been fueled by the credit rating agency Fitch, which predicts that the government of Mariano Rajoy will not be able to meet its deficit targets in 2012 and 2013.
Source: Bloomberg. / COUNTRY
The performance required of sovereign debt is a measure of market confidence in its solvency and it is considered that over 7%, the interest burden can be overwhelming. Greece asked for his first save (May 2010) when he came to 8.5%, the same level as Portugal in April 2011. However, Ireland was enough to touch 8.1% (November 2010) to seek international assistance.
The Spanish Stock Exchange, however, has been able to steer for much of the session the stresses of debt and the Dow has endured in green with a small profit. At a press time, however, went into losses and came to fall over 1% on news that the Fitch rating agency, yesterday downgraded Santander and BBVA, today made the same with 18 other entities , about the possibility of further deterioration of loan portfolios. Last week, Fitch downgraded the rating of the Kingdom of Spain to BBB.
At the end of the session, the Dow closed with a minimal increase of 0.09% and stood at 6,522.9 points. Telephone (+1,72%), Iberdrola (+0.66%) and Inditex (+0.56%) have staged the biggest gains. Bankinter (-4.44%), OHL 8-4.34%) and Gamesa (-3.55%) has led the losses of the day. All banking stocks have closed in the red. After Bankinter, Popular (-3.07%), Bankia (-1.62%), Sabadell (-1.02%), Caixabank (-0.42%), Santander (-0.21%) and BBVA ( -0.12%).
European shares, with the exception of Milan, who has given up 0.7%, we have noted increases, stimulated by the prospect that the Federal Reserve run some measure of monetary stimulus that ultimately could lead to a strained European exports. London has gained 0.76%, Paris and Frankfurt 0.14% 0.33%.
Spain and Greece continue to set the agenda for investors who manage uncertainty. In the first case, the lack of information about the rescue that last Saturday the Spanish government asked its European partners to clean up the Spanish banking. The response was generous: there will be up to 100,000 million euros in loans. But they have not detailed specific amounts or terms. Not even what the fund to provide resources.
What we have learned today from the mouth of Competition Commissioner and Vice President of the European Commission, Joaquín Almunia, Spain is at least an interest charge of 8.5% for banks that rescues because it is required by law Community.
Italy is also the focus of the markets and now has charge of inciting nervousness Austrian Finance Minister, Maria Fekter, saying it could be the next country to need a bailout. The risk premium Italian has come to rise to 490 basis points (at the end of the day was at 474) and the type of 10-year bond has touched 6.285%, but later yielded to 6.1%.
Concerns about a possible departure from Greece in the euro area in case the elections on Sunday to win the option proposed by this route, it weighs like lead on investor sentiment. So much so that European countries have developed emergency plans in case this is the result of the elections, with measures such as limiting cash withdrawals at ATMs and capital controls and border (such as suspension of the Treaty Schengen).
The unknowns on the bailout for the banks are many. First, the amount. The International Monetary Fund (IMF) has estimated sanitation needs of Spanish banks in about 37,000 million euros. Between that figure and the maximum granted there are many points that could increase the ratio of public debt to GDP (the Budget predicted, before the rescue, which this year reached 80%, which will be increased by the CSF .)
Moreover, although the spokesman of Economic Affairs of the European Commission, Amadeu Altafaj, has advanced the loans have an interest rate of 3% or 4%, it remains to determine what European fund will provide resources. The question is not trivial, since if it is the European Stability Mechanism (MEDE) will be a senior debt, subordinated only to the International Monetary Fund (IMF), and with priority over Treasury debt or any other issue Spanish debt. The MEDE enter into force as a permanent institution on July 1 and is the preferred option for Germany.
The European Financial Stability Fund (EFSF), established in 2010 on a temporary basis and will coexist with the MEDE one year, that privilege does not provide for loans from the body. So Finland has been quick to claim additional guarantees by Spain if you use this fund.
Until the Spanish Government does not receive the double assessment has commissioned various consulting and auditing, you can not determine the specific amount required by each entity and the modality to be adopted by the injection of funds received by the Bank Restructuring Fund (FROB) . In some cases institutions receive capital and other contingent convertible bonds (CoCo), debt securities that become equity if certain conditions are verified. And, basically: what institutions will use the money they receive? Office closures, layoffs, asset sales and liquidations of banks even be on the list.
Some economists point to the pernicious link between Spanish banks and sovereign debt. The bailout will receive the state and FROB-transmitted-via banks, would close a circle that began to be created with massive purchases of government debt held by Spanish banks in recent months to devote to that end much billion euros from the European Central Bank (ECB) injected to European banks in December and February. "The Spanish government rescues Spanish banks and Spanish banks the government rescues. Is voodoo economics. It has not worked and will not work," Reuters yesterday assured Nobel economist Joseph Stiglitz.
What the market reaction seems to indicate is that they consider the proposed solutions will not solve partial patches the merits without reliance on greater banking and fiscal integration. In other words, with the ECB acting as a true central bank can monetize debt, which presupposes the existence of Eurobonds. All in a horizon too far to the rhythm of the markets. "What we are seeing could be considered crumbs. What we need is a comprehensive European solution. Until we see something significant by the ECB, shall face the issue. The problem is not liquidity: it's solvency, "Reuters yesterday claimed James Dailey, portfolio manager of TEAM Financial Asset Management.
At day's end, however, the premium was down to 528 points and the yield on the 10-year relaxed to 6.678%. Distrust of the Spanish sovereign debt today has been fueled by the credit rating agency Fitch, which predicts that the government of Mariano Rajoy will not be able to meet its deficit targets in 2012 and 2013.
Source: Bloomberg. / COUNTRY
The performance required of sovereign debt is a measure of market confidence in its solvency and it is considered that over 7%, the interest burden can be overwhelming. Greece asked for his first save (May 2010) when he came to 8.5%, the same level as Portugal in April 2011. However, Ireland was enough to touch 8.1% (November 2010) to seek international assistance.
The Spanish Stock Exchange, however, has been able to steer for much of the session the stresses of debt and the Dow has endured in green with a small profit. At a press time, however, went into losses and came to fall over 1% on news that the Fitch rating agency, yesterday downgraded Santander and BBVA, today made the same with 18 other entities , about the possibility of further deterioration of loan portfolios. Last week, Fitch downgraded the rating of the Kingdom of Spain to BBB.
At the end of the session, the Dow closed with a minimal increase of 0.09% and stood at 6,522.9 points. Telephone (+1,72%), Iberdrola (+0.66%) and Inditex (+0.56%) have staged the biggest gains. Bankinter (-4.44%), OHL 8-4.34%) and Gamesa (-3.55%) has led the losses of the day. All banking stocks have closed in the red. After Bankinter, Popular (-3.07%), Bankia (-1.62%), Sabadell (-1.02%), Caixabank (-0.42%), Santander (-0.21%) and BBVA ( -0.12%).
European shares, with the exception of Milan, who has given up 0.7%, we have noted increases, stimulated by the prospect that the Federal Reserve run some measure of monetary stimulus that ultimately could lead to a strained European exports. London has gained 0.76%, Paris and Frankfurt 0.14% 0.33%.
Spain and Greece continue to set the agenda for investors who manage uncertainty. In the first case, the lack of information about the rescue that last Saturday the Spanish government asked its European partners to clean up the Spanish banking. The response was generous: there will be up to 100,000 million euros in loans. But they have not detailed specific amounts or terms. Not even what the fund to provide resources.
What we have learned today from the mouth of Competition Commissioner and Vice President of the European Commission, Joaquín Almunia, Spain is at least an interest charge of 8.5% for banks that rescues because it is required by law Community.
Italy is also the focus of the markets and now has charge of inciting nervousness Austrian Finance Minister, Maria Fekter, saying it could be the next country to need a bailout. The risk premium Italian has come to rise to 490 basis points (at the end of the day was at 474) and the type of 10-year bond has touched 6.285%, but later yielded to 6.1%.
Concerns about a possible departure from Greece in the euro area in case the elections on Sunday to win the option proposed by this route, it weighs like lead on investor sentiment. So much so that European countries have developed emergency plans in case this is the result of the elections, with measures such as limiting cash withdrawals at ATMs and capital controls and border (such as suspension of the Treaty Schengen).
The unknowns on the bailout for the banks are many. First, the amount. The International Monetary Fund (IMF) has estimated sanitation needs of Spanish banks in about 37,000 million euros. Between that figure and the maximum granted there are many points that could increase the ratio of public debt to GDP (the Budget predicted, before the rescue, which this year reached 80%, which will be increased by the CSF .)
Moreover, although the spokesman of Economic Affairs of the European Commission, Amadeu Altafaj, has advanced the loans have an interest rate of 3% or 4%, it remains to determine what European fund will provide resources. The question is not trivial, since if it is the European Stability Mechanism (MEDE) will be a senior debt, subordinated only to the International Monetary Fund (IMF), and with priority over Treasury debt or any other issue Spanish debt. The MEDE enter into force as a permanent institution on July 1 and is the preferred option for Germany.
The European Financial Stability Fund (EFSF), established in 2010 on a temporary basis and will coexist with the MEDE one year, that privilege does not provide for loans from the body. So Finland has been quick to claim additional guarantees by Spain if you use this fund.
Until the Spanish Government does not receive the double assessment has commissioned various consulting and auditing, you can not determine the specific amount required by each entity and the modality to be adopted by the injection of funds received by the Bank Restructuring Fund (FROB) . In some cases institutions receive capital and other contingent convertible bonds (CoCo), debt securities that become equity if certain conditions are verified. And, basically: what institutions will use the money they receive? Office closures, layoffs, asset sales and liquidations of banks even be on the list.
Some economists point to the pernicious link between Spanish banks and sovereign debt. The bailout will receive the state and FROB-transmitted-via banks, would close a circle that began to be created with massive purchases of government debt held by Spanish banks in recent months to devote to that end much billion euros from the European Central Bank (ECB) injected to European banks in December and February. "The Spanish government rescues Spanish banks and Spanish banks the government rescues. Is voodoo economics. It has not worked and will not work," Reuters yesterday assured Nobel economist Joseph Stiglitz.
What the market reaction seems to indicate is that they consider the proposed solutions will not solve partial patches the merits without reliance on greater banking and fiscal integration. In other words, with the ECB acting as a true central bank can monetize debt, which presupposes the existence of Eurobonds. All in a horizon too far to the rhythm of the markets. "What we are seeing could be considered crumbs. What we need is a comprehensive European solution. Until we see something significant by the ECB, shall face the issue. The problem is not liquidity: it's solvency, "Reuters yesterday claimed James Dailey, portfolio manager of TEAM Financial Asset Management.
スペインの10年国債の金利は、過去最高の6'8%に達する
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