riporto pure quì ...
trading su Bund ,Eurostoxx e Fib con Elliott e i cicli di borsa (2) - Pagina 123 - Forum di Finanzaonline.com
questa è la realtà nuda e cruda caro, oltre ai fondi pensione integrativi una (buona) parte dei tuoi conributi che versi all'INPS mese per mese per la pensione vanno a finire dentro a questa cac.ca di bund che rende meno dell'inflazione ... è anche per quello che ti dicevo che i tedeschi stanno facendo i fin.occhi ... si ... ma con il cu.lo degli altri!
Ossia di tutti quei lavoratori che mese versano il proprio futuro (la pensione) in quello che x matematica è una perdita certa!
Tempo tre mesi e pure questa bolla esploderà ... però intanto i soliti por.ci avranno fatto i soldi a spese di milioni di contribuenti ... perchè gira e rigira la frittata ... questo è quello che stanno facendo!
Ohhh ecco cosa fanno.......
......al prezzo di 104 e fischia NON c'era domanda sufficente to cove i 5 miliardozzi e una bella fetta ora ce l'ha in pancia la Buba da vendere sul secondario.......
Germany Pays Record-Low Yield at Auction
07/11/2012 | 06:56am US/Eastern
-- Investors focus on safety over returns
-- Swiss yields also fall at long-dated auction
-- Market skepticism prevails
Germany raised cash for 10 years at record-low borrowing costs at an auction Wednesday, as worried investors remain willing to forgo real returns in exchange for keeping their funds safe.
In a separate auction, Swiss funding costs remained low on long- and ultra-long-dated government bonds as investors skeptical about the euro's survival flock into investments outside the single-currency area.
Since the European Central Bank cut its key refinancing and deposit rates to unprecedentedly low levels last Thursday, investors have been scrambling to buy short-term German debt. They have also lapped up debt from other states seen as central to the euro, such as France and the Netherlands, while Spain has put the finishing touches to its bailout.
Germany sold 4.153 billion euros ($5.103 billion) of the 1.75% July 2022 Bund at an average yield of 1.31%, below the 1.52% at the previous auction June 13, and also below the lowest 10-year auction yield so far this year, which was 1.47% on May 16.
The bid-to-cover ratio, a key gauge of investor demand that compares the amount of incoming bids to the amount sold, came in at 1.5, from 1.4 last time, signaling upbeat demand even at high prices. Germany had secured such a strong bid-to-cover ratio for 10-year paper at only one previous auction this year.
Investors holding German debt currently don't make any real return. The Federal Statistics Office, or Destatis, Wednesday confirmed its first estimate and said that annual consumer price inflation in Germany stood at 1.7% in June, the lowest level since December 2010.
The EUR5 billion offer received EUR6.391 billion of bids.
The Bundesbank, which conducts German federal debt sales, retained 16.9% of the offer size, the lowest retention rate at a 10-year German auction in the year to date, with retention rates so far ranging between 17.9% and 22.6%. A low retention rate usually signals a well received auction.
In another sign of a strongly received auction,
the average and minimum accepted prices matched at 104.11. In the market's parlance, the auction therefore had no so-called tail.
"The Bund auction (at a record-low yield) was very strong, with no tail and [strong] overbidding," said Peter Chatwell, fixed-income strategist at Credit Agricole CIB.
Retention for market-tending purposes is a regular phenomenon at German auctions, with the retained tranche to be sold in the secondary market some time after the tender.
For now, very short-term German yields are in negative territory, signaling very strong investor demand. Longer-term yields are near record lows as well, signaling that investors doubt that European policy makers can restore confidence in markets. Many market experts say there's still sense in buying, even at these levels.
"Although yields are near all-time lows, fundamentally, we would continue to buy Bunds on dips given the lack of fundamental progress in arresting the [euro-zone] crisis," said fixed-income strategists at Citigroup.
The Swiss treasury sold a total of 576 million Swiss francs ($589.3 million) in June 2024 and June 2037 bonds, with the yield at 0.657%, down from 0.768% on May 9 on the 2024-dated bond, and at 1.011%, up from 0.924% on June 13 on the 2037 bond. Swiss auctions are conducted with open volumes and thus the amount sold is set according to the incoming bids.
Some investors don't see value in expensive core government bonds, and consider debt from Spain and Italy risky, even if, on the surface, yields are attractive.
"We see little value in core markets at these levels but, by the same token, central bank policy suggests that we are unlikely to see a significant spike in core yields," said Mark Burgess, chief investment officer at Threadneedle Investments. In Threadneedle's view, within fixed-income investments, investment-grade, high-yield and emerging-markets bonds offer the best risk-adjusted return potential.
-Write to Emese Bartha at
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