Showing posts with label Bonds. Show all posts
Showing posts with label Bonds. Show all posts

Thursday, January 11, 2018

Hedge Fund Sees Juice in Greek Rally as Yields Hit 2006 Low

By Todd White  and Sid Verma
9 Ιανουαρίου 2018, 3:59 μ.μ. EET Updated on 9 Ιανουαρίου 2018, 6:43 μ.μ. EET
Convergence trade remains favorite of Algebris Investments
Borrowing costs drop as traders eye recovery, end of bailout

One of Western Europe’s most dramatic bond-convergence trades this decade -- Greece over Germany -- looks like it will reward investors yet again in 2018.

London hedge fund Algebris Investments is among those betting economic momentum will take the country’s borrowing costs even closer to Germany’s after the Mediterranean country’s 10-year yield spread narrowed by about 44 basis points this month alone. Algebris says it may shrink by as much as 75 basis points.

Thursday, July 20, 2017

Yes Greece Can

by Marcus Ashworth


July 19, 2017 8:08 AM EDT
Greece's hopes of returning to the debt markets after a three-year absence have been held up by one of its main creditors, the International Monetary Fund.Under the strict conditions of its bailout, the country's debt burden is still too high to contemplate selling more debt, according to the IMF. But there is a compromise option, which Greece should pursue.The Hellenic Republic had been laying the groundwork to issue as much as 4 billion euros ($4.6 billion) in five-year bonds after repaying 6 billion euros of its existing debt this week. But the funds to pay down that debt came from the European Stability Mechanism, so Greece's overall debt hasn't been reduced, simply extended.The IMF's opposition to issuing new debt doesn't stop Greece from shuffling its debt stack by lengthening maturities.

Wednesday, July 19, 2017

Greek Bond Sale Is Said to Be Delayed by IMF Debt Cap Rule

By Viktoria Dendrinou  and Nikos Chrysoloras
19 Ιουλίου 2017, 12:43 π.μ. EEST 19 Ιουλίου 2017, 11:48 π.μ. EEST


Greece’s much anticipated return to bond markets this week has been held off partly due to a ceiling set by the International Monetary Fund on the amount of debt the country can hold, according to three officials familiar with the matter who asked not to be identified as the talks are confidential.

Thursday, June 29, 2017

Greece Gets Investor Thumbs Up on Possible Return to Bond Market

By Sotiris Nikas  and Anchalee Worrachate
29 Ιουνίου 2017, 5:04 π.μ. EEST
A new issuance in the second half looks increasingly possible
Government is in contact with investors to test the waters


If Greece returns to the bond market this year, Mark Dowding would be a buyer.

“We have been bullish on Greece over the past year or so,” said the partner and portfolio manager at BlueBay Asset Management in London, which owns some long-dated Greek bonds. “We’ve also formed the view that lenders would remain committed to helping Greece. I feel relatively confident that Greece will be returning to market in the second half of this year.”

Wednesday, October 19, 2016

Saudi Arabia to Offer International Investors $17.5 Billion in Bonds

Gulf countries are increasingly raising funds through international markets

The Wall Street Journal

Oct. 19, 2016 7:27 a.m. ET
DUBAI—Saudi Arabia plans to raise up to $17.5 billion by selling bonds for the first time to international investors this week, two people aware of the transaction said Wednesday.

The kingdom also tightened its pricing guidance for the potential multi-tranche issue, which along with the estimated issue size reflects a strong appetite for the potential issue, bankers say.

For the five-year tranche, Saudi Arabia said it would pay around 140 basis points above U.S. Treasurys, compared with an initial guidance of around 160 basis points above U.S. Treasurys.

Tuesday, September 22, 2015

Greek Vote Spells Investor Opportunity

Alexis Tsipras’ Greek election win could spell further gains for the country’s high-yielding government bonds

The Wall Street Journal

Sept. 21, 2015 9:29 a.m. ET

Alexis Tsipras’ political gamble in calling new elections in Greece has paid off, returning his Syriza party to government. Buying Greek bonds also represents a gamble, but a potentially attractive one.

Thursday, April 9, 2015

Swiss, Mexican Bond Deals Represent Milestones for Debt

Switzerland is first with 10-year bond at negative yield as Mexico lines up 100-year euro bond
 The Wall Street Journal
By EMESE BARTHA in Frankfurt, CHIARA ALBANESE in London and ANTHONY HARRUP in Mexico City
Updated April 8, 2015 9:10 p.m. ET
Until Wednesday, no country had ever sold 10-year debt that gives investors a yield of below 0%. And no country had ever issued a 100-year bond denominated in euros.

Tuesday, December 9, 2014

Greek Government Bonds Drop as Presidency Vote Brought Forward

By David Goodman  Dec 9, 2014 11:27 AM GMT+0200

Greek bonds fell, with the nation’s 10-year yield climbing the most in almost six weeks, amid speculation that early Presidential elections will trigger renewed political turmoil.

German bunds advanced, with the nation’s 30-year yield dropping to a record low on demand for the safest assets as stocks and crude oil tumbled. Greek Prime Minister Antonis Samaras yesterday brought forward the process of choosing a new head of state to this month, a move that risks triggering parliamentary elections in the nation, which returned to the bond market this year. Anti-bailout group Syriza, which currently leads in opinion polls, welcomed the announcement.

Friday, October 10, 2014

Greek Bond Investors Look to Confidence Vote for Respite

By Nikos Chrysoloras and Antonis Galanopoulos  Oct 10, 2014 11:14 AM GMT+0300


After a monthlong rollercoaster for Greek government bonds and stocks, the country’s lawmakers are poised to give investors a brief respite.

Tuesday, September 16, 2014

Ratings upgrade subdues Greek yields, Irish supply eyed

Mon Sep 15, 2014 11:56am EDT

* Investors buoyed by S&P ratings lift

* PM Samaras says Greece will not need third bailout

* Fed meeting, Scotland vote pose volatility risks

* Spain's bonds claws back ground after torrid week (Updates prices, adds analyst comment)

By John Geddie

Friday, May 16, 2014

Peripheral bonds deepen losses amid Greek tax and political fears

LONDON Fri May 16, 2014 4:56am EDT
May 16 (Reuters) - Lower-rated euro zone bond prices slipped on Friday, deepening sharp falls on Thursday triggered by nervousness about the stability of the Greek government, a tax on foreign holders of Greek bonds, and weak growth.

Greece: Tax on Foreign Holders of Bonds Won't Be Imposed Retroactively

Greek 10-Year Yields Spiked By More Than Half a Percentage Point to 6.72%, Highest in Seven Weeks

The Wall Street Journal
May 15, 2014 11:45 a.m. ET

LONDON—The Greek finance ministry said Thursday a tax on foreign holders of Greek bonds that had caught investors' attention wasn't being imposed retroactively.

Friday, April 11, 2014

Rally expected in new Greek bonds when trade begins

LONDON, April 11 Fri Apr 11, 2014 5:12am EDT
(Reuters) - Yields on Greece's new five-year bonds, sold in the bailed-out country's return to markets after a four-year absence, were expected to fall below the sale price when they began trading on Friday.

Banks managing the sale said the bonds had already begun trading over-the-counter at yields below the 4.95 percent at which they were sold, although market participants were reserving their verdict on the deal until prices appeared on trading screens. That is expected to take place on Friday but depends on when the bonds are released to those who bought them.

Thursday, April 10, 2014

Greek Bond Sale Said to Top $4 Billion in Market Return

By Marcus Bensasson and Hannah Benjamin  Apr 10, 2014 12:20 PM GMT+0300
Greece is ending a four-year exile from international markets with a bond sale of at least 3 billion euros ($4.2 billion), more than the government estimated, according to a person familiar with the matter.

The order book for the issue, which carries a coupon of 4.75 percent, exceeded 20 billion euros, said the person, who asked not to be identified because he isn’t authorized to speak about it. A Greek government official told reporters in Athens yesterday that Greece sought to raise 2.5 billion euros in the five-year bond issue.

Monday, March 31, 2014

Dijsselbloem Says Further Greek Aid May Include Extending Loans

By Corina Ruhe  Mar 31, 2014 12:42 AM GMT+0300
Dutch Finance Minister Jeroen Dijsselbloem said Greece’s international creditors will decide after the summer on possible further aid, including extending the maturity of existing loans.

Greece’s economic situation is improving, and this has an impact on calculations of the country’s debt sustainability, Dijsselbloem said in an interview aboard a Dutch government airplane en route to Cyprus late yesterday.

Tuesday, March 18, 2014

Greek Bonds Lead Euro-Area Periphery Rally on Recovery Optimism

By Neal Armstrong and Lukanyo Mnyanda  Mar 18, 2014 6:24 PM GMT+0200
Greece’s government bonds led gains among Europe’s higher-yielding sovereign securities as optimism that the country is set to sell coupon-bearing debt for the first time in four years boosted demand for its assets.

Ten-year bonds rose for a second day after Infrastructure Minister Michalis Chrisochoides said Greece will probably sell securities before May. Greece reached an agreement with its creditors after a review of its adjustment program, a European Union spokesman said. Athens-based Piraeus Bank SA (TPEIR) sold non-investment grade debt. German bunds erased a gain as President Vladimir Putin said Russia won’t further split up Ukraine, damping demand for the euro area’s safest assets.

Monday, March 17, 2014

Portuguese Bonds Advance With Italy, Spain After Crimea’s Vote

By Lukanyo Mnyanda and Neal Armstrong  Mar 17, 2014 6:30 PM GMT+0200
Portugal’s government bonds rose as investors bet Crimea’s vote to leave Ukraine and join Russia won’t lead to serious conflict, boosting demand for the euro area’s higher-yielding assets.

Italian and Spanish securities also gained even as the U.S. and the European Union condemned the referendum and imposed sanctions on individuals in Russia. Greek bonds advanced as the nation was said to be approaching agreement with its creditors. German 10-year bunds, which rose last week by the most since September, declined. Portugal’s bonds have also been supported as the nation moves toward exiting a bailout program.

Tuesday, March 11, 2014

Beware Greeks Selling Gifts as EU Frets: Euro Credit

By Nikos Chrysoloras and Marcus Bensasson  Mar 10, 2014 1:35 PM GMT+0200

The European Commission, the European Central Bank and the International Monetary Fund have expressed a view that the Greek government may repeat past mistakes if it manages to slip the shackles of its bailout program

Monday, March 10, 2014

Greek Yields Drop to 4-Year Low, Stocks Rally Amid Troika Talks

By Neal Armstrong and Christos Ziotis  Feb 26, 2014 6:41 PM GMT+0200
Greece’s bonds jumped, sending yields to a four-year low, and stocks climbed on speculation the country will reach an agreement with international creditors to ensure its bank-recapitalization requirements are manageable.

Friday, January 17, 2014

Greece’s Bond Plans May Be Wishful Thinking

January 16, 2014, 9:12 AM ET

ByEmese Bartha
The Wall Street Journal
Greece wants to make a new start.

Boasting its first primary budget surplus in a decade, the country at the center of the European debt crisis wants to sell government bonds–possibly in the second half of the year–for the first time since the spring of 2010.

Various high-ranking Greek officials have expressed their wish to bring the country back to the debt markets. Most recently, finance minister Yannis Stournaras spoke about this at a briefing with foreign journalists who visited Athens last week as Greece took over the European Union’s helm.