07272016Wed
Last update: Wed, 27 Jul 2016 12pm

Europe

Markets - Fixed Income - Europe

German yields bounce to three-week high as ECB sits tight LONDON: German bond yields bounced to a three-week high on Thursday after the European Central Bank said it would wait until September to assess the need for any further easing in the wake of Brexit.ECB chief Mario Draghi said immediate stresses caused to markets from Britain's shock vote to leave the EU last month was contained but that the Bank remained ready to take more actions to lift inflation and growth if needed.Ten-year yields peaked at minus 0.03 percent, up 4 bps on the day, after Draghi said the ECB's governing coucil had not discussed specific instruments, and then pulled back slightly as focus turned to September when the ECB will re-assess policy with its quarterly economic forecasts in mind."I think the market was initially reacting to the fact the ECB has not talked about options explicitly," said Thushka Maharaj, a strategist JP Morgan Asset Management."But his (Draghi's) very forceful ...

Markets - Fixed Income - Europe

Four euro zone states to auction bonds next week LONDON: Belgium, Germany, France and Spain are the euro zone countries scheduled to sell bonds next week. Belgium will sell bonds maturing in 2026, 2031, 2038 and 2047 on Monday. Germany on Wednesday is scheduled to sell 5 billion euros of five-year bonds. On Thursday, France will auction up to 8.5 billion euros of medium-term bonds and inflation-linked bonds. Also on Thursday, Spain is set to issue bonds due in 2019, 2021 and 2046. Copyright ...

Markets - Fixed Income - Europe

German 10-year Bund yield turns negative for first time at auction BERLIN: Germany's 10-year government bond yield turned negative for the first time at an auction on Wednesday, fetching the lowest average real yield at auction on record for such paper at -0.05 percent, the debt office said.The German Finance Agency, the federal government's debt management office, sold 4.038 billion euros ($4.47 billion) of its new 0.00 percent, 10-year Bund at the lowest price of 100.48 with a bid-to-cover ratio of 1.2."It's the first time that ...

Markets - Fixed Income - Europe

Henderson property fund manager puts London HQ of Coutts bank up for sale LONDON: The manager of fund firm Henderson Global Investors' frozen UK property fund has put the London headquarters of British private bank Coutts up for sale, a source familiar with the matter said on Tuesday. The Henderson 3.9 billion pound ($5.13 billion) UK PAIF Property and PAIF Feeder Fund is one of seven UK property funds that have suspended trading in order to control redemptions by retail investors following Britain's vote to leave the European ...

Markets - Fixed Income - Europe

Italian yields rise as post-Brexit slide in euro zone borrowing costs halts LONDON: Italian government bonds rose on Monday as worries about the country's banks and some 20 billion euros of issuance in the region this week combined to brake a post-Brexit tumble in regional borrowing costs. Italy's banking sector is saddled with 360 billion euros of bad loans, a third of the euro zone total, and recent market turmoil has raised concern it might be hard for Italian lenders to raise capital in the market without ...

Markets - Fixed Income - Europe

Poland says plans to convert OFE pension funds into mutual funds WARSAW: Poland plans to convert state-guaranteed OFE private pension funds into mutual investment funds that will manage 103 billion zlotys ($26 billion) worth of assets, economy minister Mateusz Morawiecki said on Monday. The remaining 35 billion zlotys now held by the OFE pension funds are to be transferred to the state-run demographic reserve fund, Morawiecki said.Copyright Reuters, 2016 ...

Markets - Fixed Income - Europe

Spain to issue bonds due 2021, 2024, 2025 and 2030 on Thursday MADRID: Spain plans to issue bonds due 2021, 2024, 2025 and 2030 at the next scheduled bond auction on Thursday, the Treasury said on Friday. The 2024 bond is inflation linked and is due November 30 of that year with a 1.8 percent coupon. The other bonds are due July 30, 2021, with a 0.75 percent coupon, July 30, 2025, with a 4.65 percent coupon and July 30, 2030, with a 1.95 percent coupon. The ...