starei attento all'ibex spagnolo che perde l'1,4% ...le cose si saano a cose fatte....
Greek
bonds rose on speculation that a 110 billion-euro ($146 billion) bailout plan will help the country avoid a default as early as this month. German bunds declined.
The gains sent the yield on Greece’s two-year
note to the lowest level in a week after euro-region finance ministers approved the unprecedented package yesterday, including a bank- stabilization fund. Ten-year notes led the declines for German bonds, Europe’s benchmark debt securities.
The aid package “means that in operative terms, everything is on track for Greece to get funds by May 19, when the redemption of its bond is due,”
David Schnautz, a fixed-income strategist at Commerzbank AG in Frankfurt, wrote in a report. “Implementation risk has been reduced markedly. This should help to further ease tensions in the euro-zone government bond market.”
The yield on the Greek two-year note slid 134 basis points to 12.20 percent at 8:45 a.m. in London. The 10-year bund yield rose 3 basis points to 3.05 percent as the 3.25 percent security due July 2020 dropped 0.26, or 2.6 euros per 1,000-euro face amount, to 99.54.
The extra yield that investors demand for holding 10-year Greek debt instead of benchmark German bunds dropped to 576 basis points, the least since April 21, compared with 594 basis points on April 30 and 651 basis points a week ago.
Greek bonds are the worst performers among the euro region’s debt this year, handing investors a 16.8 percent loss compared with a gain of 3.89 percent from German government securities.
Portugal, Spain
The EU package failed to lift Portuguese and Spanish bonds. The yield on Portugal’s 10-year bond rose 2 basis points to 5.29 percent while Spain’s advanced 2 basis points to 4.08 percent.
“It is far from assured that this program will forcefully counter contagion risk,” said
Mohamed El-Erian, co-chief investment officer at Pacific Investment Management Co. in Newport Beach, California, which runs the world’s biggest bond fund. “Heavily exposed creditors” may try to head off potential losses and sell bonds, “increasing the pressure on core European governments to also provide a backstop for Portugal and Spain.”
Greece yesterday pledged to push through 30 billion euros ($40 billion) of budget cuts, equivalent to 13 percent of gross domestic product, in return for loans at a rate of about 5 percent for three years. Greece’s federation of civil servants responded by calling a 48-hour strike starting tomorrow.
European officials rushed to draw a distinction between Greece, whose misstated budget figures first roiled markets last year, and other countries.
“I don’t think the markets will put Portugal and Spain under attack because their situation is in no way comparable to Greece,” Luxembourg’s
Jean-Claude Juncker said yesterday after chairing the talks. French Finance Minister
Christine Lagarde said “Greece was a special case, because it reported special numbers, provided funny statistics.”
d:d
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