ドイツ財務省は、1年の手形(国債?)を金利ー0'0184%で、11億7250万0000ユーロで発行
Alemania se sigue financiando gratis pero quiere más
El Tesoro alemán se queda con más letras de las que vende pese a lograr intereses negativos
El País Madrid 24 SEP 2012 - 17:25 CET
Germany continues to fund free but wants more
The German Treasury gets more letters than selling despite negative interest achieve
The Country Madrid 24 SEP 2012 - 17:25 CET
Germany made this morning an auction of letters to 12 months in which he has chosen to keep more money than they sold to investors. And that potential buyers were willing to put in your pocket and lose some of your investment in return for German Treasury bonds. However, the Central Bank of the first European power hopes to get an even better price on the secondary market. France, meanwhile, has also placed Monday short-term debt to negative types.
In particular, Germany has sold EUR 1,172.5 million to twelve months at an average yield of negative 0.0184%, which is a step backwards compared to 1,975 million euros and a negative interest of 0.0246% similar auction held in late August.
The Bundesbank (German central bank) has reported that the coverage ratio of debt issuance, which expires on September 25, 2013, was 5.1 times as requested titles that sold, as investors gave a very high of 6.015 million euros for titles.
However, the Central Bank has chosen to retain 1827.5 million as share market attendance, titles can then be sold on the secondary market, so the total issue volume amounted to issue 3,000 million euros as scheduled.
The interest has justified a spokesman of the German central bank, "was not in the expected price range." "Germany can get a better price on the secondary market," he added.
Strong demand for German debt, considered a very safe asset, has dragged its profitability to historic lows, even at negative interest due to the uncertainty of the debt crisis. This risk aversion of investors, who prefer to lose money rather than risk further losses recorded in other assets or debt has halved peripheral Europe. So while Germany, France, Netherlands, Austria and Finland are able to place their negative interest debt, Spain and Italy have come to be forced to commit record yields on its bonds and letters.
However, the ECB's announcement in early September that has a plan ready to intervene in the markets to help the troubled countries has brought some calm to the markets, which has allowed better financing conditions for partners South. While rates remain relatively high. Thus, compared to 0.018% interest that investors are willing to pay Germany for their letters to one year, Spain will require a return of up to 2.978%, according to the latest issue these deadlines on September 18.
In this environment, France on Monday also placed 6.765 million euros of short-term debt with interest rates still more favorable than last week and, as has been happening since the beginning of summer, some lines were even negative.
The demand for this auction of bonds with maturities of three, six and twelve months more than tripled the volume of awards since totaled 21.989 million euros, said a spokesman for the French Treasury Agency (AFT). As has happened continuously since July 9, the auction of securities repayable after three and six months was resolved with a negative interest, meaning that investors will have to pay a performance, though greatly reduced the State French.
Specifically, the 3.798 million euros of bonds maturing in twelve weeks were placed at a rate of -0.016% -0.012% compared to last week. The 1.698 million of bonds at 25 weeks were -0.008% -0.004% compared with September 10. The EUR 1,269 million shares at 51 weeks were placed with positive interest of 0.008%, but less than 0.029% on Monday of last week.
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