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Greece Coming To Market With New €5 Billion Deal
Dow Jones reporting that Greece is rumored to be going for broke (no pun and everything) and praying it can place a €5 billion 10 year bond issue next week. Surely, the longer the country delays, the greater the concessions that will be demanded as Greece approaches the April/May funding crunch. From Dow Jones:
The government is "looking into it. It could be as early as next week but there is no firm decision yet on the timing," the person told Dow Jones Newswires. This is in line with comments by Spyros Papanikolaou, head of Greece's Public Debt Management Agency, who told Dow Jones in January that Athens was planning a 10-year bond in February. "There will be another syndication, most likely 10 years. We will go for EUR3 billion to EUR5 billion and depending on the market reaction it could be more, although a 10-year bond is a bit more difficult," Papanikolaou said then. He said Greece wants to cover 70% of its borrowing needs in the first half of this year.
Yet coming to market too early and experiencing a failed auction would be just the catalyst the bond vigilantes need to go viral. And it is not exactly as if there will be a scarcity of supply in Europe as we pointed out previously: Portugal is expected to sell €1 billion in 5 year bonds next Wednesday, followed by a major auction in the next crisis epicenter, Italy.
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Who's running this deal for them...Goldman?? LOL
Yes, actually Goldman is one of the houses pushing this paper! That way the FED can act as the buyer of last resort to avoid a fail.
Wow..it is as if they know a "buyer" will magically appear.
When folks finally see that they can’t just get someone else to pay for all this, there will likely be a huge tax rebellion
which will cause more short term problems, but may in the long term (hopefully) have the effect of getting the government to manage our money better. In the meantime, let’s hope we don’t have too many large national disasters, military conflicts, pandemics or the like to deal with. This country is in a lot of trouble and we need to start thinking like Americans instead of Republicans or Democrats if we’re going to get through this mess……
Meanwhile experts say the market will crash sometime this year..
Fasten your seatbelts...
Those Spanish bonds were oversubscribed, and it wasn't just Europeans and Chinese buying them. 25% of the buying came from the United States.
good color
what do u think of these greek bonds?
Yeah, there's an interesting pattern starting to emerge here.
In the prior U.S. Treasury auction, the Chinese chose not to participate-- but unexplicably-- Japan and the U.K. came in to provide the stick save.
So it appears the sovereigns appear determined to move debt from Point A to Point B... then back to Point A again. It sounds like money laundering to me.
+1
along with that mall in Oklahoma, and some assorted equities and lots of rotten mortgage paper, the Fed will soon own some Greek bonds.
i still think the Fed has a chunk of common in WFC
Date of the auction????
Mr. Bond has the license to kill.
'nuf said.
Oh yeah. The issue will be well subscribed.....and the press will be fed some headline news. All intended to put some serious doubt into the Greek shorts. All this to buy some additional time to come up with a more comprehensive solution since. A few billion is nothing for the central banks at this juncture.
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