stefanofabb
GAIN/Welcome
Eur/usd
Titoli di Stato Italia Trading Titoli di Stato III° (Gennaio 2010 - Dicembre 2011)
- Creatore Discussione NNGNews
- Data di Inizio
-
- Tags
- btp off-the-run
- Stato
tommy271
Forumer storico
Italy Seen as Bigger Default Risk Than Indonesia, Philippines: Euro Credit
By Anchalee Worrachate - Oct 19, 2010 1:00 AM GMT+0200 Mon Oct 18 23:00:01 GMT 2010
Oct. 15 (Bloomberg) --
Italy’s debt costs more to insure against default than that of the Philippines or Indonesia, as Europe’s debt woes overshadow a credit rating six levels higher than either of the emerging-market nation.
Credit-default swaps on Italy, the only borrower among Europe’s so-called peripheral nations not to suffer a cut in its credit rating since last year, trade at 166.5 basis points. That’s more than the 127 basis points for Indonesia, or the 126 basis points for the Philippines.
“Italy might be pricing in more default risk than it should,” said Johannes Jooste, a portfolio strategist at Merrill Lynch Asset Management in London, which oversees $1.4 trillion. “The emerging market is benefiting from ample liquidity which has artificially pushed the market too strongly, more so on the CDS than cash bonds.”
Italy’s credit default swaps reached a record high of 244.7 basis points on June 4 after Greece’s near-default fueled investor concern about the solvency of the euro-region’s most- indebted nation. The price of insuring Asian debt has dropped amid record demand for emerging-market bonds as investors wager those economies will drive the global recovery while Europe wrestles with surging budget deficits and sluggish growth.
Standard & Poor’s rates Italy at A+, six steps higher than its non-investment grade BB+ level for both the Philippines and Indonesia.
‘Clear Demarcation’
“We like Italy,” said Mohit Kumar, a fixed income strategist at Deutsche Bank AG in London. “There is a clear demarcation between Italy and the rest of the euro-peripheral world. Italy might be highly indebted, but its deficit- consolidation plan in the next five years is pretty much in line with what Germany has to do.”
The yield premium investors demand to buy Italian 10-year bonds instead of German bunds less than 1 basis point to 137.9 basis points, down from a euro-era high of 185 basis points on June 8. That compares with 162 basis points for Spanish debt, while Ireland and Portugal each pay a surcharge of more than twice that of Italy. Indonesian debt yields 475 basis points more than bunds.
A record $40.5 billion has flowed into emerging-market bond funds this year, more than four times the full-year high of $9.7 billion in 2005, according to data from research firm EPFR Global. Indonesia, with a budget deficit of 1.5 percent of gross domestic product, grew 6.2 percent in the second quarter from a year earlier, while the Philippines, with a budget gap of 2.2 percent of GDP, expanded at an annual rate of 7.9 percent.
Deficit Control
Italian bonds have gained 1.1 percent in the past month and 4.5 percent this year as investors reward Italy for doing a better job of controlling its deficit than its euro-region peers. Its shortfall of 5.3 percent of GDP last year is less than half that of Ireland, Greece and Spain, all of which had to cut wages and raise taxes to try to meet 2011 deficit-reduction goals.
“There is an element of Italian bonds being mispriced in this case,” Jooste said. “The Italian spreads have been volatile and they tend to follow peripheral stories. Our view on the peripheral market is that the market might have pushed it a bit too far. We expect the spread to pull in, although not to the pre-crisis level.”
Italy’s economy, the euro region’s third largest, is set to expand 1.2 percent this year and unemployment fell for a third month in August to 8.2 percent, less than the European Union average of 10.1 percent. The government intends to cut its budget shortfall to 3.9 percent of GDP next year and to limit any increase in the debt level to less than one percentage point, to 119.2 percent of GDP.
A basis point on a credit-default swap contract protecting 10 million euros ($13.9 million) of debt from default for five years is equivalent to 1,000 euros a year.
Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements.
By Anchalee Worrachate - Oct 19, 2010 1:00 AM GMT+0200 Mon Oct 18 23:00:01 GMT 2010
Oct. 15 (Bloomberg) --
Italy’s debt costs more to insure against default than that of the Philippines or Indonesia, as Europe’s debt woes overshadow a credit rating six levels higher than either of the emerging-market nation.
Credit-default swaps on Italy, the only borrower among Europe’s so-called peripheral nations not to suffer a cut in its credit rating since last year, trade at 166.5 basis points. That’s more than the 127 basis points for Indonesia, or the 126 basis points for the Philippines.
“Italy might be pricing in more default risk than it should,” said Johannes Jooste, a portfolio strategist at Merrill Lynch Asset Management in London, which oversees $1.4 trillion. “The emerging market is benefiting from ample liquidity which has artificially pushed the market too strongly, more so on the CDS than cash bonds.”
Italy’s credit default swaps reached a record high of 244.7 basis points on June 4 after Greece’s near-default fueled investor concern about the solvency of the euro-region’s most- indebted nation. The price of insuring Asian debt has dropped amid record demand for emerging-market bonds as investors wager those economies will drive the global recovery while Europe wrestles with surging budget deficits and sluggish growth.
Standard & Poor’s rates Italy at A+, six steps higher than its non-investment grade BB+ level for both the Philippines and Indonesia.
‘Clear Demarcation’
“We like Italy,” said Mohit Kumar, a fixed income strategist at Deutsche Bank AG in London. “There is a clear demarcation between Italy and the rest of the euro-peripheral world. Italy might be highly indebted, but its deficit- consolidation plan in the next five years is pretty much in line with what Germany has to do.”
The yield premium investors demand to buy Italian 10-year bonds instead of German bunds less than 1 basis point to 137.9 basis points, down from a euro-era high of 185 basis points on June 8. That compares with 162 basis points for Spanish debt, while Ireland and Portugal each pay a surcharge of more than twice that of Italy. Indonesian debt yields 475 basis points more than bunds.
A record $40.5 billion has flowed into emerging-market bond funds this year, more than four times the full-year high of $9.7 billion in 2005, according to data from research firm EPFR Global. Indonesia, with a budget deficit of 1.5 percent of gross domestic product, grew 6.2 percent in the second quarter from a year earlier, while the Philippines, with a budget gap of 2.2 percent of GDP, expanded at an annual rate of 7.9 percent.
Deficit Control
Italian bonds have gained 1.1 percent in the past month and 4.5 percent this year as investors reward Italy for doing a better job of controlling its deficit than its euro-region peers. Its shortfall of 5.3 percent of GDP last year is less than half that of Ireland, Greece and Spain, all of which had to cut wages and raise taxes to try to meet 2011 deficit-reduction goals.
“There is an element of Italian bonds being mispriced in this case,” Jooste said. “The Italian spreads have been volatile and they tend to follow peripheral stories. Our view on the peripheral market is that the market might have pushed it a bit too far. We expect the spread to pull in, although not to the pre-crisis level.”
Italy’s economy, the euro region’s third largest, is set to expand 1.2 percent this year and unemployment fell for a third month in August to 8.2 percent, less than the European Union average of 10.1 percent. The government intends to cut its budget shortfall to 3.9 percent of GDP next year and to limit any increase in the debt level to less than one percentage point, to 119.2 percent of GDP.
A basis point on a credit-default swap contract protecting 10 million euros ($13.9 million) of debt from default for five years is equivalent to 1,000 euros a year.
Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements.
stefanofabb
GAIN/Welcome
(Il Sole 24 Ore Radiocor) - Milano, 19 ott - Forniamo di
seguito, in collaborazione con Intesa Sanpaolo il calendario
dei principali eventi in Europa e in Asia della giornata
(dati macroeconomici e appuntamenti istituzionali).
GER - Zew (Sentiment econ.), ottobre h. 11,00
Precedente: -4,3 / consenso: -8,0
GER - Zew (Sit.corrente), ottobre h. 11,00
Precedente: 59,9 / consenso: 63,5
GB - Discorso di King (BoE) h. 1,00
EUR - Trichet (Bce) tiene il discorso di apertura alla
Conferenza di Statistica della Bce h. 14,30
CAN - Annuncio tassi Bank of Canada (consenso: tassi
stabiliti all'1,00%) h. 15,00
EUR - Provopoulos (Bce), Kranjec (Bce), Praet (Bce)
intervengono alla Conferenza di Statistica
della Bce h. 15
EUR - Discorso di Costa (Bce) alla Conferenza di Statistica
della Bce h. 17,00
buon giorno a tutti del 3d
seguito, in collaborazione con Intesa Sanpaolo il calendario
dei principali eventi in Europa e in Asia della giornata
(dati macroeconomici e appuntamenti istituzionali).
GER - Zew (Sentiment econ.), ottobre h. 11,00
Precedente: -4,3 / consenso: -8,0
GER - Zew (Sit.corrente), ottobre h. 11,00
Precedente: 59,9 / consenso: 63,5
GB - Discorso di King (BoE) h. 1,00
EUR - Trichet (Bce) tiene il discorso di apertura alla
Conferenza di Statistica della Bce h. 14,30
CAN - Annuncio tassi Bank of Canada (consenso: tassi
stabiliti all'1,00%) h. 15,00
EUR - Provopoulos (Bce), Kranjec (Bce), Praet (Bce)
intervengono alla Conferenza di Statistica
della Bce h. 15
EUR - Discorso di Costa (Bce) alla Conferenza di Statistica
della Bce h. 17,00
buon giorno a tutti del 3d
stefanofabb
GAIN/Welcome
Future bund
stefanofabb
GAIN/Welcome
tommy271
Forumer storico
Spreads vs Bund
Rendimenti
UE e worldwide
Il file aggiornato a ieri
Ciao, Giontra ... quanto tempo!
Mi sono mancati i tuoi bellissimi grafici
.
stefanofabb
GAIN/Welcome
tassi IRS
Euro Dollaro USA Sterlina Inglese Yen Giapponese
bid / ask bid / ask bid / ask bid / ask
1 anno 1.32 1.35 1.03 1.08 0.36 0.42
2 anni 1.46 1.49 0.51 0.55 1.19 1.24 0.35 0.41
3 anni 1.62 1.65 0.73 0.77 1.45 1.50 0.36 0.42
4 anni 1.80 1.83 1.02 1.06 1.73 1.78 0.38 0.44
5 anni 2.00 2.03 1.34 1.38 2.00 2.05 0.43 0.49
6 anni 2.18 2.21 1.65 1.69 2.26 2.31 0.49 0.55
7 anni 2.34 2.37 1.94 1.98 2.51 2.56 0.58 0.64
8 anni 2.47 2.51 2.16 2.20 2.72 2.77 0.69 0.75
9 anni 2.59 2.62 2.36 2.40 2.90 2.95 0.80 0.86
10 anni 2.69 2.72 2.53 2.57 3.05 3.10 0.92 0.98
15 anni 3.01 3.04 3.07 3.11 3.49 3.54 1.38 1.46
20 anni 3.10 3.13 3.31 3.35 3.66 3.71 1.65 1.73
25 anni 3.04 3.07 3.72 3.77
30 anni 2.94 2.97 3.50 3.54 3.75 3.80 1.79 1.87
Franco Svizzero Corona Danese
bid / ask bid / ask
1 anno 1.64 1.69
2 anni 0.47 0.55 1.78 1.83
3 anni 0.71 0.79 1.92 1.97
4 anni 0.94 1.02 2.09 2.14
5 anni 1.15 1.23 2.26 2.31
6 anni 1.33 1.41 2.41 2.46
7 anni 1.49 1.57 2.55 2.60
8 anni 1.61 1.69 2.68 2.73
9 anni 1.72 1.8 2.78 2.83
10 anni 1.80 1.88 2.86 2.91
15 anni 2.02 2.12
20 anni 2.01 2.11
25 anni
30 anni
Euro Dollaro USA Sterlina Inglese Yen Giapponese
bid / ask bid / ask bid / ask bid / ask
1 anno 1.32 1.35 1.03 1.08 0.36 0.42
2 anni 1.46 1.49 0.51 0.55 1.19 1.24 0.35 0.41
3 anni 1.62 1.65 0.73 0.77 1.45 1.50 0.36 0.42
4 anni 1.80 1.83 1.02 1.06 1.73 1.78 0.38 0.44
5 anni 2.00 2.03 1.34 1.38 2.00 2.05 0.43 0.49
6 anni 2.18 2.21 1.65 1.69 2.26 2.31 0.49 0.55
7 anni 2.34 2.37 1.94 1.98 2.51 2.56 0.58 0.64
8 anni 2.47 2.51 2.16 2.20 2.72 2.77 0.69 0.75
9 anni 2.59 2.62 2.36 2.40 2.90 2.95 0.80 0.86
10 anni 2.69 2.72 2.53 2.57 3.05 3.10 0.92 0.98
15 anni 3.01 3.04 3.07 3.11 3.49 3.54 1.38 1.46
20 anni 3.10 3.13 3.31 3.35 3.66 3.71 1.65 1.73
25 anni 3.04 3.07 3.72 3.77
30 anni 2.94 2.97 3.50 3.54 3.75 3.80 1.79 1.87
Franco Svizzero Corona Danese
bid / ask bid / ask
1 anno 1.64 1.69
2 anni 0.47 0.55 1.78 1.83
3 anni 0.71 0.79 1.92 1.97
4 anni 0.94 1.02 2.09 2.14
5 anni 1.15 1.23 2.26 2.31
6 anni 1.33 1.41 2.41 2.46
7 anni 1.49 1.57 2.55 2.60
8 anni 1.61 1.69 2.68 2.73
9 anni 1.72 1.8 2.78 2.83
10 anni 1.80 1.88 2.86 2.91
15 anni 2.02 2.12
20 anni 2.01 2.11
25 anni
30 anni
stefanofabb
GAIN/Welcome
(Il Sole 24 Ore Radiocor) - Francoforte, 19 ott - Il
deficit delle partite correnti dell'eurozona si e' ampliato
in agosto a 7,5 miliardi di euro, dato che il surplus nei
beni e nei servizi si e' contratto. Lo mostrano i dati
diffusi oggi dalla Bce. Il deficit di agosto si raffronta
con i 4,1 miliardi di passivo di luglio. I dati sono
depurati dei fattori stagionali e tengono conto dei giorni
lavorati nel periodo. Il deficit dei trasferimenti correnti,
sostiene la Bce, e' stato solo in parte compensato dagli
attivi dei beni e dei servizi. Il surplus nel commercio dei
beni si e' ridotto a 0,9 miliardi in agosto da 2,9 miliardi
il mese precedente e quello dei servizi e' sceso a 1,5
miliardi da 2,4 miliardi del mese scorso.
deficit delle partite correnti dell'eurozona si e' ampliato
in agosto a 7,5 miliardi di euro, dato che il surplus nei
beni e nei servizi si e' contratto. Lo mostrano i dati
diffusi oggi dalla Bce. Il deficit di agosto si raffronta
con i 4,1 miliardi di passivo di luglio. I dati sono
depurati dei fattori stagionali e tengono conto dei giorni
lavorati nel periodo. Il deficit dei trasferimenti correnti,
sostiene la Bce, e' stato solo in parte compensato dagli
attivi dei beni e dei servizi. Il surplus nel commercio dei
beni si e' ridotto a 0,9 miliardi in agosto da 2,9 miliardi
il mese precedente e quello dei servizi e' sceso a 1,5
miliardi da 2,4 miliardi del mese scorso.
- Stato
