Novenove
Moderator
Oltre alla permanente incertezza sulla Grecia, i dati americani sono stati negativi, i prezzi degli immobili in Cina fanno registrare cadute da record e le agenzie di rating continuano con i downgrades. Ieri è toccato alla Grecia (da B- a CCC; per una volta non sorprende il downgrade, ma il fatto che il paese fosse stato upgradato a metà marzo), alle banche Spagnole e a 4 Regioni della Spagna (nonostante 16 delle 17 regioni starebbero rispettando i target del 2012). Sono 16 gli istituti bancari coinvolti, tra cui spiccano i nomi di Santander e BBVA e i rating sono scesi da 1 a 3 notch, con outlook che in molti casi rimane negativo (uno dei motivi citati è la ridotta capacità dello stato di supportare le banche). Bankia soffre pesantemente in borsa, perdendo circa il 30% in un singolo giorno, mentre altri report affermano che, da quando la banca è stata nazionalizzata il 9 maggio, sarebbero stati prelevati 1bn di depositi. La settimana prossima sarà presentato il piano di ristrutturazione per l’istituto.
Sale la pressione sull’ECB per riattivare l’SMP.
Oggi pochi dati, da segnalare soltanto il discorso di Angela Mekel di oggi e il meeting del G8 nel week end.
Sul fronte dei governativi:
- Rally in core bonds continue in full swing. German futures broke new records with 10 year and 5 year rallying 8 bps. Netherlands and Finland too benefitted from the safe-haven bid and DSL 10 year reached lowest levels of yields today (1.90%). The good performance of DSLs and Finland in the rally is really impressive.
- Yesterday noncore yet again under selling pressure. At the time of the Spanish auction Bonos were 10 bp wider. Auction was well received on the off the run above all the 4/16 of which two accounts took 50% of the auction, while for the benchmark 7/15 the marginal price was almost 8BP below the mid market just before the auction.
-Surprisingly Italy underperformed Spain with 2y Btps at a certain point 34 BP wider to close 15BP wider. Italian curve is finally flattening aggressively in line with outright yield levels while Spanish curve is still far to steep above all on the 2-3 year sector.
- The peripheral 10-30y flattened by 5bp, following a more global flattening of the peripheral curves.
Sale la pressione sull’ECB per riattivare l’SMP.
Oggi pochi dati, da segnalare soltanto il discorso di Angela Mekel di oggi e il meeting del G8 nel week end.
Sul fronte dei governativi:
- Rally in core bonds continue in full swing. German futures broke new records with 10 year and 5 year rallying 8 bps. Netherlands and Finland too benefitted from the safe-haven bid and DSL 10 year reached lowest levels of yields today (1.90%). The good performance of DSLs and Finland in the rally is really impressive.
- Yesterday noncore yet again under selling pressure. At the time of the Spanish auction Bonos were 10 bp wider. Auction was well received on the off the run above all the 4/16 of which two accounts took 50% of the auction, while for the benchmark 7/15 the marginal price was almost 8BP below the mid market just before the auction.
-Surprisingly Italy underperformed Spain with 2y Btps at a certain point 34 BP wider to close 15BP wider. Italian curve is finally flattening aggressively in line with outright yield levels while Spanish curve is still far to steep above all on the 2-3 year sector.
- The peripheral 10-30y flattened by 5bp, following a more global flattening of the peripheral curves.
