tommy271
Forumer storico
Al momento, infatti, nessuna fretta.
L'allungamento delle scadenze, in effetti, è il male minore.
Soprattutto per le banche ... forse meno per noi bondisti.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (7 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Al momento, infatti, nessuna fretta.
L'allungamento delle scadenze, in effetti, è il male minore.
Soprattutto per le banche ... forse meno per noi bondisti.
tommy271
Forumer storico
Axa IM’s Iggo: Greek govies tempting with 15% yield
23 Mar 2011 | 07:12
Emma Dunkley
Greek government bonds yielding 15% are ‘tempting’ as the chances of the country being forced into a restructure over the next couple of years have been reduced, says Chris Iggo at Axa Investment Managers.
The firm's CIO of fixed income says the message from the EU is seemingly to buy one to three year Greek government bonds, based on changes made to the European Financial Stability Facility over a week ago.
The EU agreed to lower the funding cost on the Greek bailout loan by 1% and to extend the maturity, as the country attempts to meet its demanding fiscal targets.
Iggo adds the EU has officially sanctioned a reduction in the gap between the funding cost of the debt and how much higher this is than nominal GDP growth, a reduction which improves debt dynamics.
"It may also mean that Greece is given longer to meet its targets with official help, before it reaches a situation whereby it is forced to restructure its debts. Theoretically, Greece could continue to receive official support for long enough to allow the vast majority of private sector creditors to have been paid back."
"Its debt/GDP ratio would still be very high and it would be technically insolvent, but would be kept alive by official financial assistance. This could happen if Greece can deliver a positive primary budget surplus."
He adds this would mean, at the very least, the chances of Greece being forced into a restructuring in the next one or two years have been reduced.
Read more: Axa IM?s Iggo: Greek govies tempting with 15% yield
23 Mar 2011 | 07:12
Emma Dunkley
Greek government bonds yielding 15% are ‘tempting’ as the chances of the country being forced into a restructure over the next couple of years have been reduced, says Chris Iggo at Axa Investment Managers.
The firm's CIO of fixed income says the message from the EU is seemingly to buy one to three year Greek government bonds, based on changes made to the European Financial Stability Facility over a week ago.
The EU agreed to lower the funding cost on the Greek bailout loan by 1% and to extend the maturity, as the country attempts to meet its demanding fiscal targets.
Iggo adds the EU has officially sanctioned a reduction in the gap between the funding cost of the debt and how much higher this is than nominal GDP growth, a reduction which improves debt dynamics.
"It may also mean that Greece is given longer to meet its targets with official help, before it reaches a situation whereby it is forced to restructure its debts. Theoretically, Greece could continue to receive official support for long enough to allow the vast majority of private sector creditors to have been paid back."
"Its debt/GDP ratio would still be very high and it would be technically insolvent, but would be kept alive by official financial assistance. This could happen if Greece can deliver a positive primary budget surplus."
He adds this would mean, at the very least, the chances of Greece being forced into a restructuring in the next one or two years have been reduced.
Read more: Axa IM?s Iggo: Greek govies tempting with 15% yield
tommy271
Forumer storico
Irish Two-Year Note Yields Are Near a Record; Greece's Securities Rise
By Lukanyo Mnyanda and Keith Jenkins - Mar 23, 2011 8:45 AM GMT+0100 Wed Mar 23 07:45:06 GMT 2011
The Irish two-year yield rose six basis points to 9.93 percent as of 7:43 a.m. in London, after climbing yesterday to as high as 10.18 percent, the most since at least 2003, when Bloomberg started collecting the data.
Greece’s two-year yield dropped two basis points to 14.89 percent, while that on similar maturity Spanish notes was little changed at 2.90 percent.
(Bloomberg)
By Lukanyo Mnyanda and Keith Jenkins - Mar 23, 2011 8:45 AM GMT+0100 Wed Mar 23 07:45:06 GMT 2011
The Irish two-year yield rose six basis points to 9.93 percent as of 7:43 a.m. in London, after climbing yesterday to as high as 10.18 percent, the most since at least 2003, when Bloomberg started collecting the data.
Greece’s two-year yield dropped two basis points to 14.89 percent, while that on similar maturity Spanish notes was little changed at 2.90 percent.
(Bloomberg)
EDESMO
GGB: Est!, Est?, Est.....
ma se le CAC (anti blocco ristrutturazione) saranno incluse in tutte le nuove, non possiamo dedurre che per le "vecchie" non possono variare nulla?
tommy271
Forumer storico
Come dicevo l'altro giorno, non sarà facile - da un punto di vista giuridico - "attaccare" i nostri GGB.
Salvo, appunto, dichiarare default.
Bisognerà attendere una stesura del quadro normativo ... basta una postilla ...
AAAA47
Forumer storico
appunto, e' quello che dico anche io
piu' chiaro di cosi', cosa volete? che ce lo scrivano nero su bianco che i bond attuali NON si possono toccare? se si potevano toccare, perche' stressarsi ad inventarsi queste nuove clausole dal 2013? lo facevano subito, no?
AAAA47
Forumer storico
e' ovvio che se vogliono possono fare qualsiasi cosa
ma se cambiano le regole per la grecia, allora potrebbero cambiare per qualsiasi altro paese...
e secondo voi, anche se la germania proponesse di mettere le clausole gia' da adesso, stati come la spagna, irlanda, portogallo , italia, la voterebbero? sarebbe un suicidio
EDESMO
GGB: Est!, Est?, Est.....
intendi "per fregarci ..."
è vero che tutto può accadere, però penso sia giusto dare anche un peso diverso alle varie possibilità
se analizziamo i vari input che arrivano ...
sono convinto anche io come 4A47 che tutto tenda più a nostro favore ...
concordo !!!
tommy271
Forumer storico
Credo che tutta l'impalcatura che stanno costruendo serva a rafforzare il ruolo dell'Euro e dei paesi che stanno sotto il suo ombrello.
Dall'altro lato si pongono le premesse giuridiche affinchè un singolo paese sia responsabile della gestione delle proprie finanze pubbliche, senza coinvolgere oltremodo tutti gli altri.
E' altrettanto chiaro che più passano gli anni, più i vincoli finanziari sono integrati.
Lo vediamo tutt'ora con gli spread sui periferici: bene o male tutti i movimenti sono correlati.
tommy271
Forumer storico
intendi "per fregarci ..."
è vero che tutto può accadere, però penso sia giusto dare anche un peso diverso alle varie possibilità
se analizziamo i vari input che arrivano ...
sono convinto anche io come 4A47 che tutto tenda più a nostro favore ...
concordo !!!
Per "fregarci" o per "salvarci" ...
Molto dipenderà da come evolverà quest'anno l'economia ellenica.
Io rimango positivo, anche perchè non riesco ad immaginarmi scenari entro cui muoversi se andiamo incontro ad un quarto anno in recessione ...
- Stato