Доходность краткосрочных векселей Испании выросла почти в 3 раза

По итогам прошедшего аукциона по продаже краткосрочных векселей правительством Испании, был зафиксирован рост доходности почта в 3 раза. Трех месячные векселя были проданы с доходностью 2.5% против 0.879% на предыдущем аукционе. Спрос составил 2.6 против 3.95 на аукцине в мае. Доходность по шести месячным составили 3.369% против 1.793%, при этом спрос составил 2.82 против 4.30 на предудщем аукционе. Испания разместила векселей в общей сумме 3.077 млрд евро, что оказалось выше запланированного объема.

MADRID, June 26 (Reuters) — Spain's short-term borrowing costs nearly tripled at auction on Tuesday, underlining the country's precarious finances as it struggles against recession and juggles with a debt crisis among its newly downgraded banks.
The yield paid on a 3-month bill was 2.362 percent, up from just 0.846 percent a month ago. For six-month paper, it leapt to 3.237 percent from 1.737 percent in May.
Spain has already asked its European Union partners for up to 100 billion euros in aid for its banks, but financial markets have not eased in their pressure, seeing much of the EU's efforts as only temporary solutions.
«A failure to see much in the way of traction at this week’s EU summit, as seems decidedly possible, will likely put further strong additional pressure on Spanish yields thereby rapidly raising the prospect of additional bailouts,» said Richard McGuire, strategist at Rabobank.
European leaders meet on Thursday and Friday for their latest attempt to address their 2-1/2 year old debt crisis.
Spain's ability to stop the spiralling of its debt pile amid a tough recession, to clean up its fragile banking system, and to keep its autonomous regions from overspending have kept the country at the centre of worries over a spreading euro zone crisis.
Investor unease at Spain's attempts to do all three means the Treasury has had to rely on domestic banks to sell its debt in recent auctions, strengthening the vicious link existing between sovereign and banking risk.
Economy Minister Luis de Guindos said on Tuesday at a parliamentary hearing that the negotiation of the European financial package to recapitalise Spanish banks was very complex and would take time.
It was dealt a further blow late Monday when Moody's followed up its sovereign downgrade by slashing the ratings of the country's banking system. (Full Story)
The Treasury sold 1.6 billion euros ($2 billion) of a 3-month bill, and 1.48 billion euros ($1.9 billion)of a 6 month bill, which together was just above its 2-3 billion euro target.

The Spanish government was forced to pay euro-era high rates on one- and five-year debt last week on expectations Madrid could be forced to seek a full-scale sovereign bailout following a first package targeted only at its banks.
Last week's auction meant Spain has now sold just over 61 percent of its planned medium- to long-term debt issuance after it took advantage of two bursts of cheap funding from European Central Bank auctions in December and February that encouraged banks to buy sovereign debt.
Since then the country's financing costs have touched euro era record highs. On Tuesday a major risk measure, the difference between its 10-year bond yield and that of Germany, was 517 basis points, down from over 580 hit last week, but up 10 bps from Monday.
The bill auction showed even domestic bank support for the country's debt fading from a month ago. The bid-to-cover ratio on the 3-month was 2.6, down from 3.9 last time, and it was 2.8, compared with 4.3 last time.
Spanish five-year CDS were trading around 585 basis points on Tuesday, having touched a record high above 600 basis points last week.
It now costs $585,000 a year to insure $10 million worth of five-year Spanish sovereign bonds against default. This cost has crept up from closer to $300,000 at the start of the year, reflecting the growing nervousness among investors over the creditworthiness of the euro zone’s fourth largest economy.

Кривые доходностей Германии и Испании

Изменение кривой доходностей Испании в за июнь 2012
  • 26 июня 2012, 14:25
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Детали реструктуризации банков Испании будут утверждены на заседании местного правительства 24 августа. Некоторые варианты решения этого вопроса были озвучены министром экономики страны в интервью испанскому новостному агентству Efe. Скорее всего за основу плана будет взята идея плохого банка, который возьмет на баланс плохие активы от коммерческих банков. Те банки которые получат фондирование от европейского суверенного фонда, будут обязаны передавать свои сомнительные кредиты на баланс плохого банка. 

Реструктуризация банков Испании
Spain will put its bank rescue fund in charge of the bad assets separated out from the nation’s struggling lenders that are receiving a European bailout. The FROB fund will be the main shareholder in a so-called bad bank, according to a proposal that will be approved by the Cabinet on Aug. 24, Economy Minister Luis de Guindos told the Efe news agency in an interview today. All the banks receiving loans from European rescue funds will have to transfer their non-performing assets to the bad bank, he said. The comments were confirmed by a Spanish official, who asked not be identified, citing government policy. Prime Minister Mariano Rajoy is struggling to avoid a second bailout after his government signed off on 100 billion euros ($123 billion) of loans from EU rescue funds on July 24 to recapitalize banks amid its second recession since 2009 and surging borrowing costs. Spain’s benchmark 10-year bond yield closed at 6.44 percent on Aug. 17, falling 76 basis points since European Central Bank President Mario Draghi said on Aug. 2 that the bank would buy sovereign bonds to bring down yields if countries applied for similar support from Europe’s rescue fund and accepted strict conditions in return. Preferred Shares Spain will also approve rules to restrict the sale of preferred shares on Aug. 24 to prevent repeating past errors, de Guindos said. Savings banks such as the nation’s third-largest lender, Bankia group, in 2009 resorted to selling preferred stock to retail clients through branch networks after debt markets dried up. New issues will have to have an institutional participation of at least 50 percent and have the same conditions as those set for retail clients, de Guindos said. In the case of non-listed entities, there will be a fixed minimum sales amount of 100,000 euros. Preferred shareholders, unlike depositors, aren’t insured by the government against losses. As many as 686,296 retail investors held about 22.5 billion euros of preferred shares sold by banks as of May 2011, according to Spain’s stock market regulator, known as CNMV. Holders must also under European Union rules share the burden of rescuing cash-strapped lenders to reduce taxpayers’ contribution to the 100 billion-euro bailout of Spain’s banking system. Bankia’s preferreds, which were issued by the Caja Madrid savings bank in 2009, last traded at 45 percent of face value on July 11, according to the Bolsas y Mercados Espanoles SA stock exchange.

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