スペインの10年国債の金利は+300で4'3%に下落
La prima de riesgo baja de los 300 puntos por primera vez en más de un año
La deuda española aprovecha la euforia de los mercados y mejora con fuerza
El interés del bono a 10 años retrocede a los niveles previos al rescate irlandés
El Tesoro paga por sus letras a tres meses la rentabilidad más baja de la historia
La deuda mejora hasta los niveles del inicio de la crisis
Read this news in english
Álvaro Romero Madrid 23 ABR 2013 - 16:20 CET
Fuente: Bloomberg. / EL PAÍS
The lower risk premium of 300 points for the first time in over a year
Leverages Spanish debt market euphoria and enhances hard
The interest of the 10-year bond back to previous levels to Irish bailout
The Treasury pays for their three-month bills lower profitability of history
Debt improved to levels onset of the crisis
Read this news in Inglés
Alvaro Romero Madrid 23 ABR 2013 - 16:20 CET
Spain is still the country euro is taking better advantage of the euphoria experienced by the markets, liquidity buoyant and confident that there will be new central bank measures to overcome the crisis. Speculation, in this case positive, is supported by the idea that when the economy worse is now more monetary authorities will restore growth and its consequences have been a strong Spanish debt recovery. So, thanks to the increased appetite for the role of the state, yields on Treasuries have fallen to lowest in more than two years, the risk premium has fallen 300 points for the first time since March 2012 and the type required for three-month bills fell to levels that are unmatched in the statistics. The declines are extremely positive for Spain, as they reduce the cost of state for finance now that the country is facing the greatest volume of public debt in history.
Screen with movements in risk premiums. / Kote (EFE)
In the primary market, where the Treasury conducts its auctions, the State would have been enough to compromise a little interest from 0.15% to place their letters to three months, minimum historical series. These and other titles to nine months, a reference to the agency under the Ministry of Economy has started broadcasting this year, has awarded 3.011 million, an amount which again is above the maximum targets of the operation. To this end, the Central Bank has had strong demand from investors, which in the words of Jose Luis Martinez Campuzano, strategist at Citigroup in Spain, "they have money".
In the market there are plenty of liquidity and, as analysts expected after recent statements from the tower of the euro in Frankfurt, will be more short-term. The contraction called real economy, whose deterioration has taken hold at the start of 2013, gives arguments to the European Central Bank (ECB) to take action in order to secure a recovery that does not just come. Among the options is the reduction of interest rates, something that is already discounting the market and what would further increase the money in circulation. Along with this, investors are trading the change of speech in Brussels, where extreme austerity losing ground in favor of the need to boost growth. The best stop of this has been, precisely, Spain, which will take two years to reduce the deficit.
"It is difficult to identify a single reason to explain the dramatic improvement markets that are recording. I would stick with what you said Draghi (Mario ECB president) about infectious optimism, "added Campuzano, who stressed" the race between investors "to find the hole where to bet your money. The result is, in its opinion, "the optimistic tone of the international markets," thanks to which Spain has reduced the cost hard financed.
In addition to the decline in the auction of letters, it was the last of April, in which the Treasury had to return a whopping 23,700 million to its creditors, have also been improvements in the secondary debt markets. In these markets where securities are exchanged once issued sovereign debt. Moreover, with respect to monies due the State, Treasury has not had much problem to the extent where he has since early this year stepping on the accelerator in their placements and emitting above objectives.
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In the afternoon and European markets triggered, the Spanish risk premium has managed to lose 300 points, which means it has dropped 26 basis points in a day. This, again levels for not transiting from the March 2, 2012, when the market liquidity also swam in the open bar ECB extraordinary. After that, the financial sector problems overflowed and the Government of Mariano Rajoy was forced to ask for help bank, which led to the premium to historic highs in July on 640 points.
The decline in the risk premium, which equals the required premium to Treasuries to 10 years versus German benchmark for its stability, has been possible because the interest of these securities has been below 4.3 %. The Spanish 10-year debt was down 4.3% no secondary markets since November 2010, before the eurozone take a step forward in the crisis with the Irish bailout. Italy's debt, meanwhile, is down 4%, but not lower your premium as much, just five points, to 276.
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