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スペインの財務省は30億4000万0000ユーロの国債を発行、1年満期の国債の金利は(1カ月前は3'09%)5'20%で24億0000'0000ユーロ,1年半の国債は金利が5'35%で(2週間前は3'40%)6億3900万0000ユーロ
El Tesoro paga por las letras a 18 meses el interés más alto en los últimos 15 años
Las dudas sobre España fuerzan al Estado a subir las rentabilidades para cumplir objetivos
Coloca 3.040 millones con una fuerte demanda en su primera subasta tras pedir el rescate
The Treasury pays for the letters to 18 months the highest rate in the last 15 years
Doubts about Spain force the state to raise the returns to meet objectives
Place 3,040 million with strong demand in its first auction after calling the rescue
Alvaro Romero Madrid 19 JUN 2012 - 10:58 CET
Doubts about Spain force the state to raise the returns to meet objectives
Place 3,040 million with strong demand in its first auction after calling the rescue
Alvaro Romero Madrid 19 JUN 2012 - 10:58 CET
The intensification of the doubts about Spain that has supported the Government's decision to apply for bank rescue bill has passed the Treasury, which has been forced to increase strongly the interests of their letters to place 3,040 million in debt. With the risk premium on top of all the euro was closer to Spain and Ireland to Italy as far as confidence is concerned, the agency under the Ministry of Economy has had to offer the highest payoff in 15 years his letters to 18 months in which was his first auction after seeking European aid. Thanks to this increase in interest, the State has failed to meet the maximum targets of the operation and demand has been strong.
The result of the auction, in any case has been well received in markets, and has led to a decrease in pressure on Spanish debt traded in the secondary, where securities are exchanged once issued and where Establishing the risk premium of a country.
Specifically, the Treasury has placed 2,400 million a year with a marginal interest, which is the last before closing the transaction, of 5.20%. Encouraged by this performance, which is the highest since last November when he scored the highest since the launch of the euro, investors have requested 2.16 times more titles that finally sold. A month ago she had only to pay an interest rate of 3.09% to overcome the doubts of the market.
At 18 months, the surge of interest has been strong, although the Central Bank has issued far less quantity with such titles as only placed 639 million euros. To do this, in any case, has been forced to commit up to 5.35%. To find an equal interest in the statistics of the Treasury for the same type of securities must be traced back to 1997 but in November, which until now was the last episode of regrowth of the turmoil in debt markets, and had to pay 5.32%. However, just two weeks was sufficient to provide 3.40% to achieve objectives.
The high interest that have the letters to 18 months has boosted investor demand for these securities, which shows that although Spain raises doubts and fears they may end up needing a bailout of the entire state, maintains a certain confidence market. The coverage ratio, which is the relationship between letters requested against those finally sold, has moved from 3.23 times from early June to 4.42 times. However, if as has happened in recent months most of the debt placed on Tuesday has gone to the bank of the country, increase the uncertainty generated by the increase of the link between sovereign risk and financial risk, which is not entirely positive for the outside. Prime Minister himself, Mariano Rajoy, has called for the G-20 a reformulation of the banking bailout to avoid this.
more informationThe market for debt relief welcomes the outcome of the auction of lettersRajoy seeks to rescue the banking and public debt does not computeCherry: "Spain is a solvent and recognizing their efforts will end"Spain's debt is already closer to that of the rescued Ireland from ItalyGreece leaves Spain in the storm
Economics has clarified that interest paid on Tuesday, despite the rise, have been placed below the levels at which they move these same types in the secondary. Also, remember that the average cost of debt issuance to 31 May 2012 is 3.09%, below the 3.90% it reached in late 2011.
After the test on Tuesday, the central bank will return to the market on Thursday. On this occasion, to place up to 2,000 million euros in bonds to two, three and five years. The aim of the auction is lower for this type of operation, since the State has already issued 58% of net debt expected this year (85,900 million). However, we have to go cashing in order to pay the maturity of next month, when Spain should return to creditors 18.652 million euros. July is, with October, the two months that the effort of the State to its creditors is higher, but coincide with times of collection of taxes, easing the process.
In the last issue three and five years, conducted in early June, the Treasury and had to commit a maximum interest of 4.483% and 5.443 to meet objectives. Now, if tensions persist over the next two days, the State could also be forced to offer higher yields in 15 years if, as analysts point out, the interests that are bought and sold right now on the market these titles move side to the primary market, where there are emissions.
Greece sells 1,300 million to six months to a lower interest
The Greek Treasury has successfully placed EUR 1,300 million in letters to six months, 300 million more than originally planned, at an interest rate almost similar to the last auction of the same periods a month ago to 4.31%.
For its part, the coverage ratio of the auction was 2.19 times, as demand rose to 2.188 million euros, down from 2.32 times of the earlier of May, when demand was 2,320 million.
The issue is the first by the country under a European bailout program, after the elections have given victory to New Democracy party to go ahead with the reforms mandated by the troika. However, pending negotiations with other groups for forming a government.
The result of the auction, in any case has been well received in markets, and has led to a decrease in pressure on Spanish debt traded in the secondary, where securities are exchanged once issued and where Establishing the risk premium of a country.
Specifically, the Treasury has placed 2,400 million a year with a marginal interest, which is the last before closing the transaction, of 5.20%. Encouraged by this performance, which is the highest since last November when he scored the highest since the launch of the euro, investors have requested 2.16 times more titles that finally sold. A month ago she had only to pay an interest rate of 3.09% to overcome the doubts of the market.
At 18 months, the surge of interest has been strong, although the Central Bank has issued far less quantity with such titles as only placed 639 million euros. To do this, in any case, has been forced to commit up to 5.35%. To find an equal interest in the statistics of the Treasury for the same type of securities must be traced back to 1997 but in November, which until now was the last episode of regrowth of the turmoil in debt markets, and had to pay 5.32%. However, just two weeks was sufficient to provide 3.40% to achieve objectives.
The high interest that have the letters to 18 months has boosted investor demand for these securities, which shows that although Spain raises doubts and fears they may end up needing a bailout of the entire state, maintains a certain confidence market. The coverage ratio, which is the relationship between letters requested against those finally sold, has moved from 3.23 times from early June to 4.42 times. However, if as has happened in recent months most of the debt placed on Tuesday has gone to the bank of the country, increase the uncertainty generated by the increase of the link between sovereign risk and financial risk, which is not entirely positive for the outside. Prime Minister himself, Mariano Rajoy, has called for the G-20 a reformulation of the banking bailout to avoid this.
more informationThe market for debt relief welcomes the outcome of the auction of lettersRajoy seeks to rescue the banking and public debt does not computeCherry: "Spain is a solvent and recognizing their efforts will end"Spain's debt is already closer to that of the rescued Ireland from ItalyGreece leaves Spain in the storm
Economics has clarified that interest paid on Tuesday, despite the rise, have been placed below the levels at which they move these same types in the secondary. Also, remember that the average cost of debt issuance to 31 May 2012 is 3.09%, below the 3.90% it reached in late 2011.
After the test on Tuesday, the central bank will return to the market on Thursday. On this occasion, to place up to 2,000 million euros in bonds to two, three and five years. The aim of the auction is lower for this type of operation, since the State has already issued 58% of net debt expected this year (85,900 million). However, we have to go cashing in order to pay the maturity of next month, when Spain should return to creditors 18.652 million euros. July is, with October, the two months that the effort of the State to its creditors is higher, but coincide with times of collection of taxes, easing the process.
In the last issue three and five years, conducted in early June, the Treasury and had to commit a maximum interest of 4.483% and 5.443 to meet objectives. Now, if tensions persist over the next two days, the State could also be forced to offer higher yields in 15 years if, as analysts point out, the interests that are bought and sold right now on the market these titles move side to the primary market, where there are emissions.
Greece sells 1,300 million to six months to a lower interest
The Greek Treasury has successfully placed EUR 1,300 million in letters to six months, 300 million more than originally planned, at an interest rate almost similar to the last auction of the same periods a month ago to 4.31%.
For its part, the coverage ratio of the auction was 2.19 times, as demand rose to 2.188 million euros, down from 2.32 times of the earlier of May, when demand was 2,320 million.
The issue is the first by the country under a European bailout program, after the elections have given victory to New Democracy party to go ahead with the reforms mandated by the troika. However, pending negotiations with other groups for forming a government.
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