Vladimír Urbánek (Kurzy.cz)
Bonds  |  August 08, 2012 14:44:29

ECB intervention will deepen the crisis in the future GCSE Spanish and Italian debt


ECB chief Mario Draghi said in early August that the ECB could start buying bonds with these countries at the lower end of the yield curve is the purchase of short-term bonds. Pressure on the ECB's intervention in order to reduce the secondary market yields of Italian and Spanish bonds, according to some comments may attempt to increase the governments of these countries place on the market for bonds with shorter maturities, which may in the years leading up to the "crisis of maturity" or it can significantly increase performance requirements for debt channels in the coming years. Larger volume of short-term bonds may be an increased risk of the country.

Market reaction was relatively strong and required yields for all maturities retreated from earlier highs of more than 20letých. The required two-year Spanish bond yield fell from a record 7.15% of 25 June to the current approximately 3.4%. This decline in turn increased the yield spread between 2 and 10-year bonds to a maximum of 343 basis points, the highest since the beginning of tracking data in 1993.

The average maturity of the Spanish bond is the shortest since 2004 and reaches levels of 6.3 years. The average maturity of Italian bonds now stands at 6.7 years, the lowest since 2005.
Both countries still have not issued any year bonds with maturities of 15 to 30 years. Spain not sold this year more than bonds maturing in 2022, then 30-year bonds last placed last year in May at a specified yield 6%. Italy sold this year, the longest bonds with maturity in 2026. 29 years bonds due in 2040 at 5.43% interest last sold in May 2011.

ECB bonds previously purchased for 200 troubled countries mld.EUR financial sector and to provide EUR 1 billion within three years LTROs loans.

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Zásahy ECB prohloubí v budoucnu krizi maturity španělských a italských dluhů

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