Europe
Monday, 25 February 2013 14:28
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LONDON: The cost of insuring against an Italian default fell on Monday as investors bet that ongoing elections in the country would not derail its reform agenda.Five-year credit default swaps (CDS) on Italian government debt fell 5 basis points to 245 basis points, according to data monitor Markit. This means it costs $245,000 annually to buy $10 million of protection against an Italian default using a five-year CDS contract.Italian stocks and bonds gained in early trade as a low turnout in Italy's general election encouraged investors to bank on a victory of a pro-reform centre-left coalition. Copyright Reuters, 2013 ...
LONDON: Following is a selection of comments from analysts on important technical developments in the bond and interest rate markets.
HELABA LANDESBANK HESSEN-THUERINGEN
BUNDS: "The key resistance at 143.15, derived from the 61.8 percent retracement of the downward stimulus from December to January, has been overcome. As a result, the outlook has improved, alongside the short-term uptrend channel. The next resistances are at 143.80 and 144.07."
CLIVE LAMBERTS, FUTURESTECHS
BUNDS: "Bunds have finally seen off resistance at 143.15, although ...
LONDON: Gilts rallied on Thursday after surprisingly weak surveys of the euro zone and United States, and narrowed the gap versus Bunds after news of a large surplus in Britain's public finances and a solid auction.
The March gilt future settled 92 ticks higher at 116.08, in line with the equivalent Bund future.
"The market is obviously getting itself into a little bit of a concern about the fiscal situation in the UK and related topics, and ...
LONDON: German debt prices fell and a sale of 10-year bonds struggled on Wednesday as investors kept to the sidelines before events likely to determine demand for low-risk assets in coming weeks.
The 4.04 billion euro bond sale drew less demand than expected, falling short of previous auctions and narrowly avoiding becoming the first German auction in five months to see bids fall short of the total amount issued.
Bund futures fell 59 ticks to 142.23 after ...
LONDON: German Bund futures fell to a session low on Wednesday following a 10-year bond auction that came in weaker than previous sales, with bids only just covering the total amount issued.
The Bund future fell to a low of 142.24, down 58 ticks on the day, compared with levels around 142.38 seen at the 1030 GMT bidding cutoff.
Copyright Reuters, 2013 ...
LONDON: The Slovak Republic, rated A2/A/A+, has set final guidance of 122bp over mid-swaps on its upcoming 10-year euro-denominated benchmark bond.
Order books on the issue will close at 11.45GMT and were north of EUR1.8bn earlier this morning.
The sovereign began taking indications of interest for the issue on Tuesday at mid-to-high 120s over mid-swaps.
Guidance was revised to plus 125bp in the early morning and later tightened to 122bp-125bp.
The Reg S-only transaction, which carries collective action clause ...
LONDON: Italian government bonds held steady on Tuesday as concern that weekend elections in Italy could produce a weak government were offset by bids from investors seeking high yields.
The risk that an inconclusive result could hamper Italy's reform efforts has occasionally weighed on Italian debt in recent weeks, but price dips have generally been met with renewed buying interest.
Traders said buyers included not only domestic banks and risk-tolerant hedge funds but also so-called "real money" ...
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