Vespasianus
Princeps thermarum
Rendimenti ventennali periferici in leggero rialzo, soprattutto il btp. Il portoghese resiste intorno a 4,3% in attesa dell'asta delle 11:30 (500-750 mln di OT a 5 anni).
Titoli di Stato area Euro Titoli di stato Portogallo - Tendenze ed operatività
- Creatore Discussione fiorino
- Data di Inizio
Vespasianus
Princeps thermarum
Come previsto, rendimenti in rialzo all'asta di oggi: 700 mln piazzati a un tasso medio di 2,112% (contro 1,751% della precedente asta di OT a 5 anni, tenutasi il mese scorso).
Os juros subiram na última emissão do ano. Para emitir 700 milhões de euros em obrigações do Tesouro a cinco anos, o Estado pagou um juro de 2,112%. Foi a taxa mais alto em leilões de dívida a cinco anos realizados este ano. Na última operação comparável, realizada no final de Outubro, a taxa tinha sido de 1,751%.
O valor colocado esta quarta-feira esteve perto do intervalo máximo do montante indicativo, que era de entre 500 milhões a 750 milhões de euros. Já a procura excedeu em 1,92 vezes a oferta, em linha com o último leilão semelhante, segundo dados da Bloomberg.
A taxa paga pelo Estado foi penalizada pela reapreciação das obrigações a nível global, que provocou subidas nos juros a nível global, uma tendência a que a dívida portuguesa não escapou.
No entanto, nos dois primeiros dias da semana houve algum alívio no mercado de dívida nacional, o que ajudou a mitigar esse impacto no leilão. Além disso, o Tesouro anunciou esta terça-feira o reembolso antecipado de mais 2.000 milhões de euros ao FMI. Um sinal que foi interpretado de forma positiva pelos analistas. "Fazer o reembolso é um sinal de confiança sobre a capacidade de executar o financiamento do próximo ano", referiu David Schnautz, estratego do Commerzbank.
(JdN)
Os juros subiram na última emissão do ano. Para emitir 700 milhões de euros em obrigações do Tesouro a cinco anos, o Estado pagou um juro de 2,112%. Foi a taxa mais alto em leilões de dívida a cinco anos realizados este ano. Na última operação comparável, realizada no final de Outubro, a taxa tinha sido de 1,751%.
O valor colocado esta quarta-feira esteve perto do intervalo máximo do montante indicativo, que era de entre 500 milhões a 750 milhões de euros. Já a procura excedeu em 1,92 vezes a oferta, em linha com o último leilão semelhante, segundo dados da Bloomberg.
A taxa paga pelo Estado foi penalizada pela reapreciação das obrigações a nível global, que provocou subidas nos juros a nível global, uma tendência a que a dívida portuguesa não escapou.
No entanto, nos dois primeiros dias da semana houve algum alívio no mercado de dívida nacional, o que ajudou a mitigar esse impacto no leilão. Além disso, o Tesouro anunciou esta terça-feira o reembolso antecipado de mais 2.000 milhões de euros ao FMI. Um sinal que foi interpretado de forma positiva pelos analistas. "Fazer o reembolso é um sinal de confiança sobre a capacidade de executar o financiamento do próximo ano", referiu David Schnautz, estratego do Commerzbank.
(JdN)
Vespasianus
Princeps thermarum
Rendimenti ventennali in recupero dopo l'impennata. Il portoghese non sfigura.
Vespasianus
Princeps thermarum
Rendimenti decennali in discesa. Il portoghese fa meglio di tutti: -10 pb e torna sotto 3,6%.
Vespasianus
Princeps thermarum
Ventennali.
Vespasianus
Princeps thermarum
PARIGI, 24 novembre (Reuters) - Le prossime decisioni della Bce sul futuro del programma di quantitative easing potrebbero essere prese in più meeting e non solo in quello di dicembre, secondo il banchiere francese Francois Villeroy de Galhau.
In un'intervista al quotidiano francese Expansion, Villeroy spiega che "per quel che riguarda il periodo dopo marzo, faremo il punto dei nostri progressi e decideremo con un approccio pragmatico".
"Abbiamo un paio di meeting davanti a noi per farlo, a partire da quello di dicembre. E abbiamo diverse opzioni aperte per il nostro programma di acquisto asset", ha proseguito il banchiere centrale.
Villeroy ha aggiunto che un'interruzione completa del programma dopo marzo 2017 dovrebbe essere esclusa, ma che comunque la Bce dovrà valutare attentamente un adattamento del programma.
Fonti hanno riferito a Reuters che Francoforte quasi sicuramente deciderà un'estensione degli acquisti oltre marzo e diversi osservatori guardano a una possibile annuncio in tal senso nel meeting del mese prossimo.
In un'intervista al quotidiano francese Expansion, Villeroy spiega che "per quel che riguarda il periodo dopo marzo, faremo il punto dei nostri progressi e decideremo con un approccio pragmatico".
"Abbiamo un paio di meeting davanti a noi per farlo, a partire da quello di dicembre. E abbiamo diverse opzioni aperte per il nostro programma di acquisto asset", ha proseguito il banchiere centrale.
Villeroy ha aggiunto che un'interruzione completa del programma dopo marzo 2017 dovrebbe essere esclusa, ma che comunque la Bce dovrà valutare attentamente un adattamento del programma.
Fonti hanno riferito a Reuters che Francoforte quasi sicuramente deciderà un'estensione degli acquisti oltre marzo e diversi osservatori guardano a una possibile annuncio in tal senso nel meeting del mese prossimo.
Vespasianus
Princeps thermarum
Dalla Financial Stability Review della Bce, i paragrafi dedicati ai tds.
Euro area long-term government bond yields remained at low levels over the review period, although displaying some volatility as a result of policy factors (see Chart 2.11). A renewed focus on additional monetary policy easing by leading central banks provided a supportive backdrop for global fixed income markets during the first half of the review period. The outcome of the UK referendum drove euro area market sentiment in June. Furthermore, following the initial announcement of the Bank of England asset purchase programme in August, there was a further broad-based decline in euro area yields, with the largest declines observed at longer maturities. In October and the first half of November, however, euro area bond yields increased somewhat owing to improved global growth prospects. Taking a longer perspective, apart from the sharp sell-off in spring 2015, euro area government bond yields have trended down in a measured manner in recent years, supported by the measures taken by the ECB to combat the low-inflation environment. The bulk of the decline in euro area government bond yields since the peak in June 2015 has been related to lower term premia demanded by investors (see Chart 2.12). The low levels of term premia demanded on euro area bonds do, however, require close monitoring and investors should maintain sufficient buffers to withstand any prospective reversal of premia over the medium term.
Market perceptions of sovereign risk remained contained. A model-based indicator of sovereign risk embedded in euro area government bond yields edged up slightly during the financial market turmoil recorded around the turn of the year and also ahead of the UK referendum. After the referendum, however, this indicator of sovereign risk declined and remained at low levels in the months thereafter. The resolute action taken by the Bank of England, the ongoing economic recovery in the euro area and favourable sovereign financing conditions in terms of both pricing and duration contributed to this reduction in sovereign risk. The view that systemic stress in euro area sovereign bond markets in 2016 has been contained overall is consistent with the sovereign composite indicator of systemic stress (CISS) (see Chart 2.13). Taking a longer perspective, the relatively limited movements in sovereign stress indicators in 2016 are in sharp contrast with the dynamics recorded in 2011 when sovereign tensions escalated.
Euro area long-term government bond yields remained at low levels over the review period, although displaying some volatility as a result of policy factors (see Chart 2.11). A renewed focus on additional monetary policy easing by leading central banks provided a supportive backdrop for global fixed income markets during the first half of the review period. The outcome of the UK referendum drove euro area market sentiment in June. Furthermore, following the initial announcement of the Bank of England asset purchase programme in August, there was a further broad-based decline in euro area yields, with the largest declines observed at longer maturities. In October and the first half of November, however, euro area bond yields increased somewhat owing to improved global growth prospects. Taking a longer perspective, apart from the sharp sell-off in spring 2015, euro area government bond yields have trended down in a measured manner in recent years, supported by the measures taken by the ECB to combat the low-inflation environment. The bulk of the decline in euro area government bond yields since the peak in June 2015 has been related to lower term premia demanded by investors (see Chart 2.12). The low levels of term premia demanded on euro area bonds do, however, require close monitoring and investors should maintain sufficient buffers to withstand any prospective reversal of premia over the medium term.
Market perceptions of sovereign risk remained contained. A model-based indicator of sovereign risk embedded in euro area government bond yields edged up slightly during the financial market turmoil recorded around the turn of the year and also ahead of the UK referendum. After the referendum, however, this indicator of sovereign risk declined and remained at low levels in the months thereafter. The resolute action taken by the Bank of England, the ongoing economic recovery in the euro area and favourable sovereign financing conditions in terms of both pricing and duration contributed to this reduction in sovereign risk. The view that systemic stress in euro area sovereign bond markets in 2016 has been contained overall is consistent with the sovereign composite indicator of systemic stress (CISS) (see Chart 2.13). Taking a longer perspective, the relatively limited movements in sovereign stress indicators in 2016 are in sharp contrast with the dynamics recorded in 2011 when sovereign tensions escalated.
Vespasianus
Princeps thermarum
Com base na informação da Central de Responsabilidades de Crédito, o Estudo da Central de Balanços, divulgado pelo BdP, mostra uma degradação da qualidade do crédito, ao apresentar que "o rácio de crédito vencido situava-se em 16,7% no final do primeiro semestre de 2016", quando "em 2011 ascendia a 7,2%".
A par desta degradação evidencia ainda uma redução do crédito concedido às empresas não financeiras pelo sistema financeiro residente, sendo que no final do primeiro semestre de 2016 representava 75,4% do valor observado no final de 2011.
O rácio de crédito malparado aumentou em todos os sectores de actividade económica e classes de dimensão no mesmo período, à excepção da "electricidade e água", detalha o regulador bancário.
O supervisor adianta ainda que em 2015, 32% do activo era financiado por capitais próprios, tendo a autonomia financeira aumentado 2 pontos percentuais face a 2011, diminuindo apenas nas grandes empresas e nos "outros serviços".
Já 29% das empresas estavam particularmente dependentes do financiamento por capitais alheios, ao registarem capitais próprios negativos.
Crédito malparado das empresas mais do que duplicou em cinco anos
A par desta degradação evidencia ainda uma redução do crédito concedido às empresas não financeiras pelo sistema financeiro residente, sendo que no final do primeiro semestre de 2016 representava 75,4% do valor observado no final de 2011.
O rácio de crédito malparado aumentou em todos os sectores de actividade económica e classes de dimensão no mesmo período, à excepção da "electricidade e água", detalha o regulador bancário.
O supervisor adianta ainda que em 2015, 32% do activo era financiado por capitais próprios, tendo a autonomia financeira aumentado 2 pontos percentuais face a 2011, diminuindo apenas nas grandes empresas e nos "outros serviços".
Já 29% das empresas estavam particularmente dependentes do financiamento por capitais alheios, ao registarem capitais próprios negativos.
Crédito malparado das empresas mais do que duplicou em cinco anos
Vespasianus
Princeps thermarum
Comunicato stampa della Bce per la pubblicazione della FSR. Sottolineate le parti concernenti il debito sovrano.
The euro area financial system has shown resilience in the face of repeated bouts of financial market turbulence over the past six months according to the latest Financial Stability Review of the European Central Bank. However, risks to euro area financial stability related to possible global asset market corrections have intensified.
Compared with the previous assessment, the review sees the possibility of further asset price changes, triggered by political events in advanced economies, amid existing vulnerabilities in emerging markets.
The financial stability implications for the euro area stemming from changes in US economic policies are highly uncertain at this point in time. The euro area economy may be directly impacted via trade channels and by possible spillover effects from higher interest and inflation rate expectations in the US.
Vulnerabilities remain significant for euro area banks. Profitability prospects overall remain low across the euro area in a subdued economic growth environment. Banking sector structural challenges stem from high stocks of non-performing loans (NPLs), high operating costs and excess capacity, with different incidence across countries.
In recent weeks, banks’ stock prices have recovered somewhat, as investors’ fears of ever-tighter bank regulation have been receding and increases in euro area bond yields have contributed to a steepening of yield curves. If sustained, steeper yield curves may provide some support for euro area banks’ profitability prospects, although these are currently at low levels.
Risks extend also to the real economy. In particular, concerns about debt sustainability might re-emerge despite relatively benign financial market conditions. Higher political uncertainty may lead to more domestically focused, growth-hindering policy agendas. This, in turn, could delay much needed fiscal and structural reforms and could in a worst-case scenario reignite pressures on more vulnerable sovereigns.
Risks to euro area financial stability also stem from the non-bank financial sector. Investment funds, in particular, have grown rapidly in recent years. The more important role played by investment funds needs to be met with a commensurate increase in monitoring. Many of these funds are exposed to liquidity mismatches. This characteristic increases the potential for the investment fund sector to amplify market-wide shocks due to its high interconnectedness with credit institutions.
The ECB has singled out four systemic risks to financial stability over the next two years:
Global risk repricing endangers financial stability
The euro area financial system has shown resilience in the face of repeated bouts of financial market turbulence over the past six months according to the latest Financial Stability Review of the European Central Bank. However, risks to euro area financial stability related to possible global asset market corrections have intensified.
Compared with the previous assessment, the review sees the possibility of further asset price changes, triggered by political events in advanced economies, amid existing vulnerabilities in emerging markets.
The financial stability implications for the euro area stemming from changes in US economic policies are highly uncertain at this point in time. The euro area economy may be directly impacted via trade channels and by possible spillover effects from higher interest and inflation rate expectations in the US.
Vulnerabilities remain significant for euro area banks. Profitability prospects overall remain low across the euro area in a subdued economic growth environment. Banking sector structural challenges stem from high stocks of non-performing loans (NPLs), high operating costs and excess capacity, with different incidence across countries.
In recent weeks, banks’ stock prices have recovered somewhat, as investors’ fears of ever-tighter bank regulation have been receding and increases in euro area bond yields have contributed to a steepening of yield curves. If sustained, steeper yield curves may provide some support for euro area banks’ profitability prospects, although these are currently at low levels.
Risks extend also to the real economy. In particular, concerns about debt sustainability might re-emerge despite relatively benign financial market conditions. Higher political uncertainty may lead to more domestically focused, growth-hindering policy agendas. This, in turn, could delay much needed fiscal and structural reforms and could in a worst-case scenario reignite pressures on more vulnerable sovereigns.
Risks to euro area financial stability also stem from the non-bank financial sector. Investment funds, in particular, have grown rapidly in recent years. The more important role played by investment funds needs to be met with a commensurate increase in monitoring. Many of these funds are exposed to liquidity mismatches. This characteristic increases the potential for the investment fund sector to amplify market-wide shocks due to its high interconnectedness with credit institutions.
The ECB has singled out four systemic risks to financial stability over the next two years:
- Global risk repricing leading to financial contagion, triggered by heightened political uncertainty in advanced economies and continued fragilities in emerging markets
- Adverse feedback loop between weak bank profitability and low nominal growth, amid challenges in addressing high levels of non-performing loans in some countries
- Re-emerging sovereign and non-financial private sector debt sustainability concerns in a low nominal growth environment, if political uncertainty leads to stalling reforms at the national and European levels
- Prospective stress in the investment fund sector amplifying liquidity risks and spillovers to the broader financial system
Global risk repricing endangers financial stability
Vespasianus
Princeps thermarum
Rendimenti ventennali a fine giornata
