Newsgroup: it.politica
Titolo: Nuovi Bond Germanici

5 miliardi di Euro emessi a a tasso... 0%
 
Sai com'e', "Gli investitori sono alla ricerca di sicurezza e protezione dai 
rischi geopolitici, così come i rischi di deflazione e di crescita fragile 
nella zona della moneta unica, che alimenta interrogativi sulla possibilità 
di ulteriore politica espansiva da parte della Banca centrale europea."
 
http://blogs.wsj.com/moneybeat/2014/08/19/germany-set-to-issue-at-0-as-investors-seek-refuge/
 
 
Ma vai avanti cosi'... 
 
 
 
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Il giorno venerdì 21 novembre 2014 17:21:08 UTC+1, McNamara ha scritto:
 
 
non riesco ad aprirla, puoi postarla in forma un po' piu' estesa se ti capita? grazie infinite
viceversa no problem la leggerò domani

 ha scritto nel messaggio 
news:04a1098e-d8db-4682...@googlegroups.com...
Il giorno venerdě 21 novembre 2014 17:21:08 UTC+1, McNamara ha scritto:
 
 
non riesco ad aprirla, puoi postarla in forma un po' piu' estesa se ti 
capita? grazie infinite
viceversa no problem la leggerň domani
-------------
 
Ecco, pero' manca la foto della Angelona ridens... :-)
 
FRANKFURT-Here we go again.
 
Germany's set to launch a new series of short-term goverment bonds at an 
auction on Wednesday, and, with investors flocking to safe havens, it won't 
have to pay a single euro cent in fixed annual interest to get the deal 
away.
 
The German Finance Agency Tuesday set a 0% coupon-or fixed annual interest 
payment-on the two year Treasury notes, known as Schatz, of which it aims to 
sell an initial ?5 billion ($6.69 billion). Coupons are typically a fixed 
interest rate that an issuer promises to pay in scheduled installments 
during the lifetime of a bond. The yield of a bond, which fluctuates, is the 
effective rate of return to investors when the bond changes hands in 
trading.
 
Sure, its not the first time a Schatz series has paid no annual interest; it's 
happened several times since mid-2012, the height of the euro zone's debt 
crisis, when investors searched the perceived safety of German debt amid 
fears of the euro zone break-up. But more recently coupons have been set at 
0.25%.
 
The triggers might be slightly different this time round, but the results 
are similar. Investors are seeking safety and protection from geopolitical 
risks, as well as deflationary risks and fragile growth in the single 
currency area, which is fueling questions over the possibility of further 
expansionary policy from the European Central Bank.
 
This has driven government bond yields to successive new lows recently. When 
yields fall, prices rise.
 
German 10-year Bund yields are hitting successive new lows below 1%, while 
two-year Schatz yields are trading in negative territory, currently at 
around -0.01%, according to Tradeweb data, implying that investors are 
willing to pay the German state for the privilege of holding its debt.
 
It's true that investors may be able to realize some capital gain by bidding 
below par for the paper, but the likely strong level of demand will means 
that these potential gains will be minimal.  Citi analysts say that even 
though two-year German debt is trading around 0%, "we detect little 
difference in the performance of Schatz auctions at current levels." German 
two-year debt auctions have seen strong demand since 2012. The most recent 
two-year auction in July, when Germany offered ?4 billion, received more 
than ?8 billion in demand, with the average yield coming in at 0.01%.
 
And it doesn't look likely this situation is going to change anytime soon.
 
"Within a scenario where the ECB would buy sovereign bonds of all euro 
member countries, Bund yields would be likely to fall further," said DZ Bank 
analysts in a note. "Experience gained from the Fed's QE programs shows that 
the yields of long bonds would be particularly affected by a purchase 
program," they said, adding that based on the current Bund curve, 10-year 
yields of 0.7% would then be conceivable.
 
And such a move wouldn't leave the short end of the yield curve unaffected 
either.
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