Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

Dove impiegare i vostri gain?
Qui potete trovare la soluzione ...

For sale. La Grecia pensa di vendere le isole per pagare i debiti (e intanto chiede una dilazione) - Il Sole 24 ORE

 

[tommy271]

Greek bonds put on star turn in eurozone

13. October 2010. | 18:32


Source: FT.com
Author: David Oakley, Kerin Hope




The Greek bond market has been the star performer in the eurozone in the past three months as confidence grows that Athens can turn round its economy.


The Greek bond market has been the star performer in the eurozone in the past three months as confidence grows that Athens can turn round its economy.

A combination of better data than expected, China’s pledge to buy the country’s bonds and hopes that international bail-out loans will be extended have boosted investor sentiment.

Greek 10-year bond prices have jumped 10 per cent, with yields falling 13 per cent, since June 30. The Greek bond markets have also recorded total returns of 8 per cent since June 30, according to iBoxx indices. It has comfortably outperformed the rest of the eurozone in price, yield and total returns.

It is the first time the Greek bond markets have recorded positive total returns and seen prices rise over a three-month period since theeurozone debt crisis started last September.

Ireland has been the worst performing market since June 30, with 10-year prices falling 6 per cent, yields rising 25 per cent and total returns of minus 3 per cent.

Analysts say Athens has a long way to go to restore its economy as debt remains high, its economy is in reverse and public sector protests increase.

But in the past two weeks, the Greek bond performance has been impressive, with 10-year yields falling about 1.5 percentage points. They have dropped from 10.42 per cent on September 24 to 8.94 per cent.

Greece’s cost of borrowing over Germany, Europe’s benchmark economy, has also fallen to a premium of 7 percentage points for 10-year debt, the lowest level since June 22.

Gary Jenkins, head of fixed income at Evolution Securities, said: “Greece has surprised investors due to better-than-expected data. China saying it will buy Greek bondsand the IMF suggesting it will extend loans has helped too.”

The growing confidence in Greece was underlined on Tuesday by the success of a short-term debt auction where the cost of borrowing fell by more than a quarter of a point for six-month money compared with the previous sale last month.

Athens issued €1.17bn of six-month bills at a yield of 4.54 per cent compared with 4.82 per cent at a previous sale last month. The amount borrowed was also higher than the planned €900m.

Petros Christodoulou, Greece’s debt manager, said: “There was a marked drop in the yield... it was a very positive outcome.”

Greece is still in effect shut out of the markets for longer-term debt as the borrowing rates it would have to pay are too high.


(ana.gr)

 

[tommy271]

Gov't dismisses rumors over support mechanism extension




(ANA-MPA) -- The government spokesman on Wednesday was repeatedly queried on the prospect of an extension of the repayment period for the 110-billion-euro EU-ECB-IMF support mechanism extended to Greece, an issue that has dominated press speculation in the local press over the last two days.

"The government is not discussing extensions. It discusses the firm observance of our goals because this brings results and is the only way out of the crisis. Rest assured that there will be no new terms or measures in the case of any formal discussion and decision," government spokesman Giorgos Petalotis said, adding: "a discussion is going on in the IMF ... Greece has made no such request, nor is it participating in this discussion".

(ana.gr)

 

[tommy271]

German government faces new low support​

English.news.cn 2010-10-14 00:20:48

BERLIN, Oct. 13 (Xinhua) -- The German coalition (CDU-FDP) government suffered a new low support, according to a survey released on Wednesday.
The supporting rate for the current government was 33 percent, said the survey by the Forsa institute for Stern magazine and local broadcaster RTL, about one quarter lower than the 48.4 percent they got during the general election last year.

German Chancellor Angela Merkel's CDU got 29 percent while her junior partner FDP only got 4 percent, which means it can not even hold a seat in the Bundestag, Germany's lower house of the Parliament.
According to the law of Germany, a party requires to win at least 5 percent of votes to win a seat in the Bundestag.
The opposition parties SPD and the Greens have earned 48 percent of supports from the survey of 2,502 representative voters during last week, with SPD 23 percent, the Greens 25 percent.

Although German economy has witnessed a record of increase during the period of this government, its popularity has kept sliding as it has passed several unpopular measures like aiding Greece, sharp budget saving measures, raising the statutory health premium, extending the lifespan of German nuclear stations and so on.

"It's people from the centre who reject a shift to the right by the CDU-CSU," Forsa director Manfred Guelner was quoted by the Stern.
The government's attitude to support the Stuttgart 21 rail project which has aroused great protests and demonstrations around Germany recently has also worsened its popularity much.

More than hundred people injured in the conflicts between demonstrators and the police during the protest against Stuttgart 21 rail project had strengthened the images among some voters that politicians cared too little about the people, Guelner said.

***
Esula, ma rientra nel contesto...

 

[tommy271]

Greece did not ask for IMF loan extension -govt spox





Wed Oct 13, 2010 12:43pm EDT

* Says repayment extension discussed at IMF
* Greece "not officially" taking part in talks
* Germany against extension, EU says no discussions
* Analysts say talk necessary but premature
* Greek/German yield spread at lowest since June
(Adds analysts, details)


By Ingrid Melander and Renee Maltezou


ATHENS, Oct 13 (Reuters) - Greece has not asked for an extension on repayments of its EU/IMF bailout and is not officially taking part in any talks, a government spokesman said on Wednesday.
The IMF and the Greek Finance Minister suggested earlier this week that rescheduling the payments was an option but Germany on Tuesday said it opposed the idea and the European Union's executive played down prospects of any extension. [ID:nLDE69B1MP]

Analysts said it was likely that Greece would eventually need additional help because of a jump in borrowing needs when the multi-billion euro bailout expires, but said it was premature to discuss this so early in the process.
"It's very positive, it's absolutely necessary but it's too premature," BNP Paribas bond analyst Ioannis Sokos said, adding that Greece must first prove that it has met the bailout's tough fiscal targets and is ready to go back to markets.

Athens' high borrowing needs in 2014/2015 risked discouraging investors from buying new Greek bonds, making talk of a possible rescheduling essential at that point, he said. Under the terms of the bailout Greece can stay away from markets until 2012 but it has said it wants to start issuing bonds some time next year.

"My only concern is the possibility of 'wasting a bullet' by negotiating/announcing this extension scenario at such an early stage of the Greek programme, where investors are not yet totally convinced about Greece," Sokos told Reuters.
Greece will receive a total 110 billion euros ($153.4 billion) under the three-year plan agreed by euro zone countries and the International Monetary Fund in May to save it from bankruptcy and keep the debt crisis from spreading to other euro zone countries.

Under the terms of the plan, Greece must tidy up its finances by slashing its deficit to below an EU ceiling of 3 percent of GDP in 2014. But its gross borrowing needs will jump to above 70 billion euros in 2014/2015 when it needs to pay its lenders back, from around 55 billion euros a year in 2011-2013. [ID:nLDE69B1IQ]
On Sunday, the IMF said loans to Greece could be stretched out or replaced if refinancing worries lingered in the markets, although it added it had no concrete plans for such an extension.

NO REQUEST
In response, Greek Finance Minister George Papaconstantinou told Skai television on Monday that there was a discussion on prolonging the repayment period. [ID:nLDE69A1YN]
The IMF and officials in international markets were discussing the possibility of wuch an extension, government spokesman George Petalotis told a news conference on Wednesday.

"(But) we have neither submitted such a request, nor are we officially taking part in this discussion," he said.
Analysts said suggestions Greece's international lenders were prepared to allow the country more time to repay their loans if necessary had calmed investors' fears that the official timetable was too tight to rule out default.

On Wednesday, the Greek/German 10-year bond yield spread GR10YT=TWEB DE10YT=TWEB narrowed to 661 basis points versus 695 basis points at Tuesday's settlement close.
Some analysts have compared Greece's situation with that of Turkey, which ended an IMF standby loan arrangement in May 2008 but for months prior to the decision had kept open the possibility of a successor programme as the government weighed investor sentiment.

Any decision on extending an IMF programme is usually taken shortly before it expires. Greece is just five months into the three-year aid programme.
"This is something markets will keep an eye on and as time goes on it will become a bigger and bigger issue," said Ben May, at Capital Economics. "It would be good to have some clarity of what would happen in future ... but I don't think it needs to be resolved immediately."

 

[tommy271]

Athens on fYRoM 'name issue'


(ANA-MPA) -- A foreign ministry spokesman on Wednesday again called on the leadership of the former Yugoslav Republic of Macedonia (fYRoM) to focus all its attention on the ongoing process for resolving the still pending "name issue", namely, via the efforts and mandate of UN special mediator Matthew Nimetz.

Speaking at a regular weekly press briefing, spokesman Grigoris Delavekouras warned against any possibility that the NATO and EU accession process will be bypassed to allow for fYRoM's membership without a previous resolution to the "name issue".

"Everyone now agrees that fYRoM's leadership is procrastinating," he stressed, reminding that the neighbouring country's prime minister failed to attend last month's UN General Assembly meeting in New York City, an absence that deprived the two prime ministers (Greece and fYRoM) of the opportunity to hold a face-to-face meeting.

(ana.gr)

***
La questione del nome ...

 

[g.ln]

ho swicciato con il '24 4.70% in carico a 84 ....
sono ancora in loss ma non di tanto...
Il mio tp e' 65 sul '25..

Ciao, Giuseppe

 

[g.ln]

oltre ogni previsione

Anche oggi, i nostri GGB stanno muovendosi bene: oltre le previsioni, in così breve tempo.
Teniamoci però pronti, in chiave trading, a qualche storno. Le condizioni ci sono tutte.
La curva dei rendimenti, nel frattempo, prende man mano la sua giusta collocazione.

Tommy, neppure io, che sono sempre stato un grande ottimista sulla ripresa dei corsi, avrei mai previsto una risalita così veloce .
Anche oggi si è salito bene, e debbo confessare il rammarico di aver alleggerito l'altro ieri e ieri il 25% dei titoli greci. Ma la prudenza lo imponeva. Adesso venderò a caro prezzo il restante 75%. Debbo stare attento nel prossimo storno a non farmi buttar fuori a causa di trailing stop troppo alti. Auguriamoci ancora qualche giorno forte di risalita, in modo che altri amici dei titoli greci possano venir fuori presto da incastri più o meno consistenti.
Buona serata, Giuseppe

 

[ferdo]

Tommy, neppure io, che sono sempre stato un grande ottimista sulla ripresa dei corsi, avrei mai previsto una risalita così veloce .
Anche oggi si è salito bene, e debbo confessare il rammarico di aver alleggerito l'altro ieri e ieri il 25% dei titoli greci. Ma la prudenza lo imponeva. Adesso venderò a caro prezzo il restante 75%. Debbo stare attento nel prossimo storno a non farmi buttar fuori a causa di trailing stop troppo alti. Auguriamoci ancora qualche giorno forte di risalita, in modo che altri amici dei titoli greci possano venir fuori presto da incastri più o meno consistenti.
Buona serata, Giuseppe

sarò controcorrente ma sto ancora incrementando:
ho venduto una scadenza vicina e messo lo stesso nominale su una più distante che oggi è disallineata di almeno 2 punti rispetto alle altre pari data, ed infine ho ancora preso la 2025 sugli scarichi: imho anche questa è ancora sotto tono. Mai avuto tanti tds come oggi.
Stasera mi rifaccio il grafico.
Target sempre 7,5% netto con grafico rendimenti piatto su tutte le scadenze. Manca ancora qualche punto per arrivarci, poi si vedrà cosa fare.

 

[g.ln]

lavorare di fino

sarò controcorrente ma sto ancora incrementando:
ho venduto una scadenza vicina e messo lo stesso nominale su una più distante che oggi è disallineata di almeno 2 punti rispetto alle altre pari data, ed infine ho ancora preso la 2025 sugli scarichi: imho anche questa è ancora sotto tono. Mai avuto tanti tds come oggi.
Stasera mi rifaccio il grafico.
Target sempre 7,5% netto con grafico rendimenti piatto su tutte le scadenze. Manca ancora qualche punto per arrivarci, poi si vedrà cosa fare.

Non credo che tu sia controcorrente: stai incrementando sulla rottura delle resistenze. E' una regola dell'AT. Solo che non sempre funziona (almeno con me), e se si prolunga (l'incremento) si rischia di acquistare sui massimi.
Vedo che tu adesso stai lavorando di fino: curare i disallineamenti, entrare su piccoli ritracciamenti, ecc.
Se si continua ancora a risalire bene per qualche giorno, il tuo lavoro darà ottimi frutti .
Io mi sono fermato (ero già pieno di titoli dei greci), anzi ho alleggerito un po', essendo in gain. Adesso lascio correre i guadagni, cercando di proteggerli, e attendo un probabile piccolo (speriamo) storno.
Ma il colpaccio lo abbiamo fatto incrementando senza paura il 7 e l'8 settembre sui minimi .
Ciao, ciao, Giuseppe