bonds

Markets 10th June 2014

DAX rocketing, Spanish risk premium at 120bp (and financing costs match US)

MADRID | The Corner | Despite the good performance of Western equities, many values are beginning to show signs of vertigo that could lead them to correct some of the gains of the past weeks in the coming days. In addition, the fact that trading volumes are shrinking as indexes advance is a clear sign that there are investors who feel dizzy levels. Therefore, Link experts point out, we shouldn’t rule out some small reductions in the short term even if it’s in an upward trend context.

Markets 20th May 2014

Liberbank’s capital increase: connecting the dots

MADRID | By Julia Pastor | Medium sized Spanish entity Liberbank, born from four vanished savings banks hit by the crisis, reflected on Tuesday the renowed interest of foreign investors in Spain’s banking sector. The lender was able to turn its 2012’s losses of €1.8 bn into profits of 48 million in 2013.

Markets 9th April 2014

Greece comes down the Olympus

MADRID | By The Corner | After years of painful restructuring and international bashing, Greek bond yields at 4-year low ahead of auction.

In Europe 3rd April 2014

ECB likely to bet on inaction again

MADRID | By The Corner | Bundesbank’s Jens Weidmann shift, more inclined to consider bonds purchases, basically reponds to pure economic policy. Although it could anticipate those are closer than ever, it does not mean that ECB is to take action in today’s meeting. Most of analysts at Madrid’s financial place agree that Draghi would be more explicit regarding eventual tools to fight deflation- or low inflation as European authorities prefer to call it now-. He could announce some kind of corporate financing support such as securitization’ buyings at most.

Markets 27th March 2014

Market chatter: bonds await ECB’s move

MADRID | By Julia Pastor | European sovereign bonds markets have put some champagne bottles on the fridge for next neek in the case the ECB decides to inject some stimulus on the euro zone at last. Without setting a precedent, president Mario Draghi and Bundesbank’s head Jens Weidmann seem to bring their positions over the mechanism closer. This change of direction led Spanish 10-years bonds to 2005’s minimum yields of 3.27% and was behind the successful issue of Italian public Treasury, which sold €2.5 bn at also very low prices. Just Greece’s bonds are trending downwards.

In Europe 26th March 2014

Is ice between ECB and Bundesbank melting?

MADRID | By Julia Pastor | The Bundesbank must be really worried about euro zone’s economy evolution. The German central bank’s chairman Jens Weidmann, paradigm of the country’s economic orthodoxy, opened the door to an ECB’s eventual bond purchase program for the first time in order to fight against common currency’s appreciation and the ghost of deflation. Furthermore, the German economy, strongly linked to Ukrainian interests, could suffer a downturn in the 2Q14, according to Bundesbank’s estimations. Meanwhile, the ECB could be studying some operational and legal points to start the stimulus program.

In Europe 6th March 2014

Spain is no longer Europe’s sick man; it’s Italy’s turn

MADRID | By Francisco López | Investment banks and international funds are betting on buying Spanish Treasury’s stocks. In fact, Spain’s 10 years bond yielded under 3.40% on Wednesday, an unprecedented level since 2006. Interests of Italian debt stands even under that of Spanish, but Brussels’ study on the euro zone imbalances pointed Italy as the new sick man of Europe, basically due to its high public debt and the lack of reforms.

Spanish economy 20th September 2013

Spanish Bonds Benefit from Fed’s Steroids

MADRID | The Corner Team | Spain’s borrowing costs dropped at a double bond auction on Thursday after the U.S. Fed announced it will not start tapering yet. The 3-year bonds were sold at an average yield of 2.225%, compared with 2.636% seen at the previous auction. Madrid expects that this will leave some margin to offset possible negative deviations elsewhere or to better fulfill the country’s deficit target (6.5% for 2013).

In Europe 4th September 2012

ECB should start new strategy buying Portuguese bonds (JP Morgan)

Almost all analysts have interpreted Mario Draghi’s comments about the “legality” of buying bonds with a duration of less than three years as a preview of what the ECB iwill announce on Sept. 6. JP Morgan’s Executive Director of Global Equity Sales Hugo Anaya believes such statements “are within the new idea of the ECB to intervene in the short term, justifying it by saying that it’s helping the transmission…

Markets 4th September 2012

Moody’s warn for Europe and Draghi’s new hint

From stable to negative. Moody’s new rating for Europe puts the continent on notice and made some European stock markets slip on Tuesday. According to the agency, Germany, France, the UK and the Netherlands could stop fulfilling their obligations to the EU if the crisis worsens. These four countries account for about 45% of the EU’s budget revenue. “The creditworthiness of these member states is highly correlated, as they are…

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