Zorba
Bos 4 Mod
Se il nuovo decennale greco dovesse davvero rendere il 7,3%, non mi dispiacerebbe affatto affiancarlo ai perpetual.
Greece May Have to Pay More Than 7% to Sell Bonds (Update1)
By John Glover
Feb. 19 (Bloomberg) -- Greece may have to pay as much as 7.3 percent to attract buyers for an issue of 10-year bonds as the government struggles to persuade investors it can reduce its budget deficit, according to UniCredit SpA.
The nation is likely to sell as much as 5 billion euros ($6.75 billion) of 10-year notes by March, Spyros Papanicolaou, the former head of the country’s debt agency, said Feb. 2. Greece needs to raise 53 billion euros this year and faces about 16 billion euros of bond redemptions by May as it struggles to narrow a deficit more than four times the European Union limit.
Greece’s issue of 8 billion euros of five-year notes last month was “a disaster,” according to UniCredit strategist Philip Gisdakis, as the bonds tumbled in the secondary market and have yet to return to their issue price. The bonds, priced to yield 381 basis points more than similar-maturity German debt, fell more than 3.6 percentage points by Jan. 28, sending the yield soaring to 462 basis points more than the benchmark.
“The risk is that something similar happens next time,” said Munich-based Gisdakis. “That would be a huge blow to Greek efforts to refinance and would lead to the need for a more consistent bailout.”
Greek 10-year notes currently yield about 330 basis points more than the benchmark. The nation can expect to offer a premium of about 30 basis points to that, based on its sale of five-year notes, plus another 40 or 50 basis points to compensate for the risk of another plunge in price, Gisdakis estimated. Adding 80 basis points to current 10-year yields of about 6.55 percent, is equivalent to more than 7.3 percent.
Spanish Issue
Spain issued 5 billion euros of 15-year bonds to yield 4.668 percent, or about 106 basis points more than German notes, on Feb. 17. Portugal priced 3 billion euros of 10-year bonds to yield about 164 basis points over German debt on Feb. 10,
“A 15-year maturity is awkward, so it was a bit of a litmus test for the market,” said David Schnautz, a strategist at Commerzbank AG in Frankfurt. “It went well, so that’s encouraging.”
Schnautz, who expects Greece to have to offer a yield of about 360 basis points more than German debt, said market conditions “can’t get any better.”
“The others have opened the door for Greece to return to the market,” he said.
Greece May Have to Pay More Than 7% to Sell Bonds (Update1) - Bloomberg.com
Greece May Have to Pay More Than 7% to Sell Bonds (Update1)
By John Glover
Feb. 19 (Bloomberg) -- Greece may have to pay as much as 7.3 percent to attract buyers for an issue of 10-year bonds as the government struggles to persuade investors it can reduce its budget deficit, according to UniCredit SpA.
The nation is likely to sell as much as 5 billion euros ($6.75 billion) of 10-year notes by March, Spyros Papanicolaou, the former head of the country’s debt agency, said Feb. 2. Greece needs to raise 53 billion euros this year and faces about 16 billion euros of bond redemptions by May as it struggles to narrow a deficit more than four times the European Union limit.
Greece’s issue of 8 billion euros of five-year notes last month was “a disaster,” according to UniCredit strategist Philip Gisdakis, as the bonds tumbled in the secondary market and have yet to return to their issue price. The bonds, priced to yield 381 basis points more than similar-maturity German debt, fell more than 3.6 percentage points by Jan. 28, sending the yield soaring to 462 basis points more than the benchmark.
“The risk is that something similar happens next time,” said Munich-based Gisdakis. “That would be a huge blow to Greek efforts to refinance and would lead to the need for a more consistent bailout.”
Greek 10-year notes currently yield about 330 basis points more than the benchmark. The nation can expect to offer a premium of about 30 basis points to that, based on its sale of five-year notes, plus another 40 or 50 basis points to compensate for the risk of another plunge in price, Gisdakis estimated. Adding 80 basis points to current 10-year yields of about 6.55 percent, is equivalent to more than 7.3 percent.
Spanish Issue
Spain issued 5 billion euros of 15-year bonds to yield 4.668 percent, or about 106 basis points more than German notes, on Feb. 17. Portugal priced 3 billion euros of 10-year bonds to yield about 164 basis points over German debt on Feb. 10,
“A 15-year maturity is awkward, so it was a bit of a litmus test for the market,” said David Schnautz, a strategist at Commerzbank AG in Frankfurt. “It went well, so that’s encouraging.”
Schnautz, who expects Greece to have to offer a yield of about 360 basis points more than German debt, said market conditions “can’t get any better.”
“The others have opened the door for Greece to return to the market,” he said.
Greece May Have to Pay More Than 7% to Sell Bonds (Update1) - Bloomberg.com
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), il gruppetto degli amici obbligazionisti perpetui ha deciso di aprire il 3d relativo al proprio cassetto (senior, azionario alto dividendo, azionario bancario, etc).