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Bonds  |  August 21, 2012 15:54:00

Spanish bond yields fell in anticipation of intervention by the ECB

Yields on short-term bond auction on Tuesday declined after speculation that the European Central Bank bond purchases restores troubled countries and bilateral meetings eurozone leaders find a key to solving the debt crisis. The Spanish Treasury today sold bonds with maturities of 12 and 18 months for a total of € 4.51 billion, which corresponds to the upper zone of the desired range of 3.5 billion euros to 4.5 billion euros. The average one-year bond yield fell to 3.070% from 3.918% at the previous auction on the 17th July and an average yield of 1.5 - year bond fell from 4.242% to 3.335%.Investor demand for one-bond reached 1.91 times subscribed amount, compared to 2.23 times in the July auction, at 1.5 - year bond even 3.98 times, compared to 3.66% a month ago. Despite the reduction in borrowing costs, the Spanish bond yields are too high, due to the continuing uncertainty in the economy.

Weekend wrote a German magazine Der Spiegel that the European Central Bank is considering setting limits on government bond yields of euro area countries.The report was endorsed by the beginning of the week growth of European equity indices, on the contrary they headed down the Spanish and Italian bond yields. ECB subsequently rejected such speculation because no decision has yet been adopted. Likely to disclose details of the plan at a meeting of the Board on 6 September.

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Výnosy španělských dluhopisů poklesly v očekávání intervencí ze strany ECB

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