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

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Ritoccato i max, dello spread sul decennale, a 1085 pb.
Al momento, nessun intervento di contenimento.

Sono veramente curioso per l'Asta del Trimestrale, domani...
 
I TITOLI DEI GIORNALI:

The Monday edition of Athens' dailies at a glance



The economy and persistent debt restructure speculation were the main front-page items in Athens' dailies on Monday.



ADESMEFTOS TYPOS: "Samaras: We will not become co-culprits in PASOK's disastrous policy".

AVRIANI: "They're at risk of finding themselves behind bars if they do not leave now".

DIMOKRATIA: "What the civil servants will lose".

ELEFTHEROS: "Simitis proposal for debt restructure makes Papandreou livid".

ELEFTHEROS TYPOS: "All the indebted municipalities in Memorandum vise".

ELEFTHEROTYPIA: "Application has been made for (restructure) of the entire debt - Government has asked IMF and EU for extension of repayment period for the debt not included in the Memorandum, too".

ESTIA: "Change of faces mandatory, immediately".

ETHNOS: "Salary raises and promotions only after evaluation in civil service".

IMERISSIA: "Privatisations with three speeds".

TA NEA: "Debt restructure: Speculation, games and denials".

VRADYNI: "Legalization of the unlicensed buildings".


(ana.gr)
 
ASE Posts Further Losses



Banking index moves just above January lows on Monday, with early losses of 2.50%, as the speculation about a restructuring of Greek debt triggered a further widening of government bond spreads.

As long as the prospect of a credit event will be hanging over, ATHEX would be vulnerable and volumes would be poor”, said Marfin Analysis in its morning report. It expects a rather uninspiring week ahead of Easter period, while some interest could be seen on stocks where State’s participation is significant.

Pegasus Securities commented that the announcement of privatization program was able to provide investors even with a short upward reaction, and “it seems that the market will retain its downward trend, at least until the 1,450 units, a region which has historically provided us with strong ascending moves.”

Kyprou Securities reiterates its cautious stance since some further drop on the ASE is possible. “However, we would cautiously increase our position on selected ASE equities as the benchmark index approaches year lows”, it added.


Across the board, the General Index is at 1,462.80, down 0.46% on a very thin turnover of €26m, while it had posted early losses of 1.09%. A total amount of 33 shares rise, 79 decline and 36 remain unchanged.

Banks fall by 1.34%, at 1,134.76. Geniki Bank and Alpha Bank are under pressure, posting losses of 3.20% and 2.90% respectively, while Proton Bank, Hellenic Postbank and National Bank decline by 1.67%, 1.64% and 1.56% respectively. Bank of Cyprus and Piraeus Bank move downwards by 0.82% and 0.80% respectively.

(capital.gr)
 
unedì, 18 aprile 2011 - 11:38 Una ristrutturazione del debito greco penalizzerebbe banche e fondi pensioni, colpirebbe l'accesso ai mercati dei capitali e avrebbe un effetto catastrofico, ha detto il governatore della banca centrale del paese agli azionisti.
"La Banca di Grecia ha spiegato con chiarezza dallo scorso ottobre che un'opzione di questo tipo non è necessaria e non è auspicabile", ha detto George Provopoulos.
Il governatore ha poi previsto che la recessione proseguirà quest'anno con una contrazione del Pil del 3% o leggermente maggiore.
 
Spain T-bill yields jump on periphery jitters






Mon Apr 18, 2011 5:46am EDT

* Treasury sells 3.5 bln of 12-mth bills, 1.2 bln of 18-mth
* Yields rise on both bills vs last auction in March
* Spain/Germany spreads 226 bps vs 214 bps before auction
(Adds details, quote)


MADRID, April 18 (Reuters) - Spain paid substantially more to issue 12- and 18-month Treasury bills on Monday compared with last month as uncertainty hovered over a Portuguese bailout and speculation intensified about Greek debt restructuring.
The sale was at the low end of the Treasury's target range of 4.5 billion to 5.5 billion euros ($6.51 billion-$7.95 billion) and comes ahead of a closely watched long-term debt auction on Wednesday of bonds maturing in 2021 and 2024.
Madrid paid between 64 and 93 basis points more than last month, selling 3.5 billion euros of 12-month bills at an average yield of 2.77 percent compared to 2.128 percent at the last auction in March and at a bid-to-cover of 1.6, down from 2.4.
It sold 1.1 billion euros of the 18-month bills with an average yield of 3.364 percent, up from 2.436 percent at the last auction, and a bid-to-cover ratio of 2 after being 3.5 times subscribed in March.
Investors are turning their attention to Spain as the next weakest link in the euro zone chain after Portugal said it would seek aid from the European Union and the International Monetary Fund, the third to fall after Ireland and Greece.
"Everyone was very quick to say that there were no contagion risks bubbling out of Lisbon, but people were very rash in those original assumptions," economist at 4Cast Jo Tomkins said.
"Liquidity is definitely dropping back due to the Easter effect on participation in the T-bill auction. The vultures are circling over Madrid, but I think the lions share of the market thinks Spain will be okay."
The difference between 10-year Spanish bonos and the German Bund stood at around 226 basis points on Monday after the auction, up from 214 bps before the sale. ES10YT=TWEBDE10YT=TWEB
That still reflects vastly lower risk priced in than for Greece and Portugal. The Greek/German 10-year government bond yield spread was last 11 basis points up on the day at 1,079 bps while the equivalent Portuguese/German spread neared 600 bps.
Many economists say Spain has distinguished itself from Portugal, Greece and Ireland after a slew of austerity measures and structural reforms but contagion fears remain and the T-bill auction results suggests a sharp rise in bond yields at Wednesday's auctions.
The yield on the benchmark Spanish 10-year bond with a 5.5 percent coupon, to be auctioned on Wednesday, rose to 5.6 percent on Monday in the secondary market compared to an average yield of 5.162 percent at the last time it was auctioned in March.



***
Rendimenti in salita anche per la Spagna.
 
Spain T-bill yields jump on periphery jitters






Mon Apr 18, 2011 5:46am EDT

* Treasury sells 3.5 bln of 12-mth bills, 1.2 bln of 18-mth
* Yields rise on both bills vs last auction in March
* Spain/Germany spreads 226 bps vs 214 bps before auction
(Adds details, quote)


MADRID, April 18 (Reuters) - Spain paid substantially more to issue 12- and 18-month Treasury bills on Monday compared with last month as uncertainty hovered over a Portuguese bailout and speculation intensified about Greek debt restructuring.
...
***
Rendimenti in salita anche per la Spagna.

bene
peggio per tutti, meglio per noi
 
Non conosco i precedenti statistici, ma mi chiedo: quanti sono gli stati sovrani che non hanno ristrutturato con spread sopra i 1000 ormai abbastanza stabilmente?

Poi tutto può essere, anche che si punti al panico con prezzi in caduta libera fino a 10 - 5 per poter fare il buy-back stile fondi avvoltoio...:D
però razionalmente ci credo poco.

Siceramente sto sempre più scivolando verso la posizione...gaudente :(

I miei pochi (per fortuna) ggb li tengo ancora solo ed esclusivamente per pura scaramanzia e per mantenere il coinvolgimento emotivo, sperando nel miracolo.
Dal punto di vista contabile, il valore l'ho già personalmente svalutato del 70% e stop.
E non mi sogno nemmeno di fare acquisti ora.
 
che casino hanno messo in piedi rischio contagio evidente
va be si guadagna al ribasso sulle banche
 
Ultima modifica:
Non conosco i precedenti statistici, ma mi chiedo: quanti sono gli stati sovrani che non hanno ristrutturato con spread sopra i 1000 ormai abbastanza stabilmente?

Poi tutto può essere, anche che si punti al panico con prezzi in caduta libera fino a 10 - 5 per poter fare il buy-back stile fondi avvoltoio...:D
però razionalmente ci credo poco.

Siceramente sto sempre più scivolando verso la posizione...gaudente :(

.

Però attenzione qui il discorso dei cds vale e non vale, nel senso che se la grecia fosse da sola probabilmente già a 700 sarebbe saltata ma qui il punto di domanda è fino a che profindità l'europa decidere di sostenere la grecia. Per chi crede fermamente che l'europa la terrà su in ogni condizione i cds possono andare a 10.000.
 
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