me l'ero persa, grazie
![Eek! :eek: :eek:](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
Come azz è possibile che persino le aste Grecia vanno bene, e i bund non li vuole nessuno ?
![Sono confuso :-? :-?](/images/smilies/icon_confused.gif)
La prima volta pensavo che era una mossa tattica, ma stavolta ? E' davvero che sono troppo cari e non rendono una cippa per essere dei decennali ?
Qui se ne parla meglio:
DJ CORRECT: German Bund Auction Flops As Risk Appetite Shifts
Last update: 9:10 a.m. EST Feb. 11, 2009
Germany suffered a bond-auction hiccup Wednesday as investors shunned a benchmark 10-year issue for the second time in a row.
Demand was 20% less than the EUR6 billion in debt on offer, suggesting that investors prefer higher sovereign yields available elsewhere in the euro area and are growing concerned about the fiscal position of Europe's largest economy.
The German auction contrasted with the recent successful placements of new bonds from Greece and the Netherlands.
The German federal government sold EUR4.209 billion of debt maturing in January 2019. It retained the remaining EUR1.791 billion for market-tending purposes.
Total bids were EUR4.962 billion, leaving the uncovered shortfall of the same magnitude as a month ago, when Germany sold the same bond. Moreover, the average yield Wednesday was 3.28%, up from 3% a month earlier.
Germany's fiscal needs "may lead to a situation in which investors prefer other sovereigns," said Juha Vainikainen, an analyst at Nordea.
Germany's latest 2009 budget, incorporating a new two-year fiscal stimulus plan worth EUR50 billion, doubles its new borrowing requirement.
Government bond auctions elsewhere are doing better. On Monday, Greece, the lowest-rated sovereign in the currency union, easily sold EUR7 billion, although it had to pay the highest premium on record since the currency union was formed.
On Tuesday, the Netherlands sold EUR6.523 billion in 10-year bonds, setting the cutoff spread at 75 basis points above the benchmark bund - the same series that went on auction Wednesday. Some 85% of the Dutch sale went to real-money investors.
Elsewhere, Portugal sold EUR762 million of six-year debt - tapping an existing 10-year issue to do so - with a healthy bid-to-cover ratio of two to one.
The tail, or difference between the average and the lowest accepted prices, was only seven cents, which suggests Portuguese auctions are steady, said Commerzbank strategist David Schnautz.
Meanwhile, Italy sold EUR12 billion in shorter-term debt.
Wednesday's German hiccup "confirms that there isn't particular interest in buying bunds at auction," said Giuseppe Maraffino, a fixed-income strategist at Unicredit in Milan.
He noted that demand for German bonds remains buoyant on the secondary market.
Indeed, German bunds outperformed peers Wednesday amid a "sizable reversal in sovereign spread tightening" that has marked recent trading sessions, said analysts at Calyon.
A lack of pre-auction cheapening of the Bund on offer, which could have cushioned demand, combined with the fact that primary dealers in Germany aren't obliged to make a bid at the auctions, unlike in other countries, were further contributors to lackluster demand, analysts said.
On top of that, the 10-year segment of the yield curve is more sensitive to the supply pressure all around in the Euro zone.
Yields on bonds issued by all major euro-zone governments are now higher than they were a month ago, when the European Central Bank cut its policy interest rate.
Bond auctions are being closely watched as a deluge of fresh debt issues is arriving this year from Europe and the U.S. at a time when Asian economies - typically significant buyers of western debt - are sputtering.
The German Finance Agency manages the country's federal debt, while the Deutsche Bundesbank is responsible for conducting the debt auctions.
http://www.marketwatch.com/news/sto...D5279-3D69-496A-8C5F-7032E41E77CB}&dist=msr_3