综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

World / Europe

Italy expected to clear 10-year bond sale hurdle

(Agencies) Updated: 2012-08-30 08:55

MILAN - Italy is expected to sell all it wants of a new 10-year bond at auction on Thursday, clearing the last hurdle of a busy refinancing week, as investors bet that a European Central Bank bond-buying plan will stabilise weaker euro zone members.

The bond sale will be the first for Italian longer-term bonds after the ECB's pledge to take steps to ease borrowing costs in the euro zone. The central bank is due to unveil details of its mechanism at a key September 6 meeting.

In the meantime, Rome may have to accept that yields for the 10-year bond will break above 6 percent again to attract investors, and the secondary market could be volatile.

An effective system of bond-buying by the ECB could give Italy longer-term relief as it struggles to reduce its mammoth 2 trillion euros ($2.5 trillion) of debt while its economy shrinks.

"Investors give credit to the European Central Bank, and this is supporting bond markets even for vulnerable euro zone countries like Spain and Italy," said Alessandro Giansanti, strategist at ING in Amsterdam.

On Thursday Rome will seek to sell up to 6.5 billion euros in five and 10-year bonds, together with up to 1 billion euros of floating rate CCTeu notes.

"The Treasury will target the maximum amount of 4 billion euros on the new 10-year maturity, without getting too annoyed with a possible rise of the yield over 6 percent," he added.

The Treasury placed without difficulty 12.75 billion euros in shorter-term debt on Tuesday and Wednesday, with yields falling sharply at both auctions.

Italy faces redemptions of 29 billion euros in September, so is under more refinancing heat than Spain.

The new 10-year bond, maturing on November 20-22, is set to become the next benchmark for Italy.

The current 10-year benchmark was yielding just below 5.8 percent late on Wednesday, flat on the day, at a stable 440 basis-point premium to the equivalent German Bund.

"The Treasury can count on a solid base of specialist banks at auctions," said Chiara Manenti, fixed income strategist at Intesa Sanpaolo in Milan. "But market adjustments after the sale could not be ruled out."

The real challenge for Italy is to regain broader market confidence while its government carries out much-needed structural reforms.

On Wednesday, Prime Minister Mario Monti received German Chancellor Angela Merkel's backing for his reforms, which she said would ultimately help reduce Rome's borrowing costs.

Trudeau visits Sina Weibo
May gets little gasp as EU extends deadline for sufficient progress in Brexit talks
Ethiopian FM urges strengthened Ethiopia-China ties
Yemen's ex-president Saleh, relatives killed by Houthis
Most Popular
Hot Topics

...
尚志市| 娄烦县| 平和县| 肇源县| 朝阳市| 汝阳县| 通海县| 阜康市| 镇宁| 获嘉县| 平阳县| 芷江| 丰城市| 桐城市| 英吉沙县| 荣成市| 通榆县| 大化| 阿坝| 启东市| 大邑县| 八宿县| 兴义市| 玛曲县| 牟定县| 镇雄县| 黎平县| 安宁市| 诸暨市| 奈曼旗| 万荣县| 安义县| 广宁县| 上虞市| 耒阳市| 石渠县| 昭觉县| 鱼台县| 安顺市| 乌兰察布市| 德安县|