[Zen lento]

Originalmente inviato da Fleursdumal

altro che idem bloccato è iw bloccata

Sono dei pagliacci, tutto bloccato, con gli orari che retrodatano a singhiozzo

[Fleursdumal]

quantitative easing alla spagnola





How to roll debt, Spanish style

Posted by Izabella Kaminska on May 07 13:05.

• Take $3bn worth of five-year bonds to market.

• Offer an average yield of 3.53 per cent — 72 basis points more than offered the month before.

• Politely force ask your domestic financial institutions to participate.

That, at least, is what Spanish news website Cotizalia was alleging regarding Spain’s successful — albeit expensive — debt rollover on Thursday.
As the FT reported:

[Spain] had to pay an average yield of 3.53 per cent on the sale of €2.35bn ($3bn) of five-year bonds, 72 basis points more than when it sold five-year bonds only a month ago. It is the highest yield for the sale of new Spanish bonds over this maturity since May 2008.

But according to Cotizalia (via Google Translate):

The Government yesterday had to ask for help large Spanish financial institutions to place a bond issue five years, with low demand that recorded between foreign entities, as confirmed by several sources familiar with the operation.
In this way, managed to avoid a similar failure to that of Greece in late March, which gave rise to the top of the current resurgence of the debt crisis of the peripheral countries.

“With the sensitivity that is now in the markets to Spain, if they fail to cover a bond issue would have caused an earthquake,” said one of the sources consulted.
Hence, the Treasury touched the keys to prevent it. It was quite a dance to the entire banking given the small size of the issue, which ultimately was of 2,345 million euros.
Yes, the move towards the Treasury came out: in exchange for achieving a strong demand for 5.522 million (2.3 times the bid, the highest ratio of all placements, 2010), had to pay an interest rate of 3 , 58%, 26% more than in the previous placement of securities for that period, held on 9 March.

The allegation here is that the Spanish government was forced to lean on domestic institutions to pick up sovereign bonds, in case foreign investors didn’t show up.
If true, this could be why the auction has so far done little to restore risk appetite and why the cost to insure against default on Spanish government bonds still soared on Thursday, along with almost every other eurozone financial cds.
Here, specifically, was the action in Spanish sovereign cds:

Related links:
A Spanish bond auction litmus test - FT Alphaville
The slow death of the cajas – FT Alphaville
Who’s most at risk of falling into a European debt funding trap – FT Alphaville
This entry was posted by Izabella Kaminska on Friday, May 7th, 2010 at 13:05

[Fleursdumal]

Originalmente inviato da Zen lento

Sono dei pagliacci, tutto bloccato, con gli orari che retrodatano a singhiozzo

pensavo che fosse tutto l'idem invece aprendo altra piatta funzionava tutto

[gipa69]

Ocio......

[Fleursdumal]

pericoloso infatti, son tornati sul piano inclinatissimo dell'onda

[Fleursdumal]

cmq è ridicolo, stavolta l'idem si è bloccato su tutto ma una piatta riprende dopo qualche secondo l'altra rimane bloccata che minkia stanno combinando

[Fernando'S]

gli ultimi saranno i primi
oggi sono evangelico

[Fernando'S]

mi si è bloccata IW uora uora
non si muove il fib

[shabib]

Originalmente inviato da Fernando'S

gli ultimi saranno i primi
oggi sono evangelico

eh , caro FERNY , c'e' poco da evangelizzare : glie le hanno rotte a tutte ,le lines di supporto

[Fleursdumal]

azz sembra che siamo sul filo di un altro minicrack
su certi book i grossi si stanno iniziando a togliere