• Marc To Market
    11/22/2014 - 10:16
    Contrary to the death of the dollar chatter, the US currency continues to appreciate.  Here's why there is still punch left in the bowl.  
  • Tim Knight from...
    11/21/2014 - 21:06
    As you can see by this view of the NQ, this massively bullish news has not, as of yet, represented any kind of sea-change in the markets. Before the day was even out (again, in some, not all markets...

Portugal

Tyler Durden's picture

Portugal Prices €3 Billion 10 Year Bond At 99.841, 4.823% Yield, 140 bps Over Swaps, 163.7 bps Over 2020 Bund





Portugal has managed to price the much anticipated €3 billion 10 Year bond.

Terms:

  • Price: 99.841
  • Yield: 4.823%
  • Coupon 4.80%
  • 140 bps over Swaps
  • 163.7 bps over 10 Year Bund
  • Ratings Aa2/A+ (ha ha ha ha)
 
Tyler Durden's picture

Portugal Parliament Approves Regional Finance Law





Portugal's 9.3% budget deficit is about to get a whole lot worse. A proposed Law of Regional Finances, which was approved yesterday by a parliamentary committee, which would increase funds sent to Portugal's Madeira and Azores regions by €50 million, and keep rising until it hits €86 million by 2013, was just ratified into law by the Portuguese parliament. This is precisely what the Finance Minister had been dreading.

 
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Portugal Bund Spreads Even Wider Following Substantially Reduced Bill Auction And Much Higher Auction Yield, CDS Hits Record





Europe bailout tracker update: Portugal edition. Hey Almunia, is there anything to be concerned about in Portugal? We thought so... The country's 10 year spread is now 18 bps wider to 147 bps after the country just had an almost failed BILL (12 months) auction. The country had previously announced an indicative offer of €500 million in 12 month bill to be auctioned. The result- a sale of just €300 million at yields over 50 bps higher compared to just two weeks ago. Oh, forget Greece, Portugal CDS is now trading at record wides.

 
Tyler Durden's picture

Let The EU's Risk Juggling Begin - Greece Bund Spreads Tighter As Portugal Risk Jumps By 12%





Never a boring day for Joaquin Almunia. Over the past two weeks, the commissioner has been busy trying to persuade anyone who is willing to listen that not only would Greece not be bailed out, not only would the country somehow reconcile its 140%+ Debt/GDP ratio and record budget deficit in order without a civil war, not only are various €40 billion GGB certificates popping up all over the price irrelevant in the grand scheme of things, but that the EMU is actually a viable concept, long after anyone who does not believe in the tooth fairy realize that it is only a matter of time before fallout in the periphery tears the Union apart. And highlighting the amount of tragicomedy in Europe's "connected vessels" alchemy-risk experiment is the symbiosis among PIIGS risk: indeed, as Greece Bund spreads have tightened by 10 bps to 343 bps, those of Portugal have widened by a much greater proportional level, and are now 15bps wider at 144 bps. Europe is now one big, cracking dam, holding back a toxic surge of mismarked securities, and a scurrying Almunia is using each and every available finger to plug the PIIGS holes. We wish him all the luck in the world.

 
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Downgrade Watch: First Greece, Then Spain, Now Portugal... Make it Stop





Well, can't say we didnt see it coming. Portugal was downgraded with impunity by S&P from AA- to A+ on the belief that "the government's structural reform measures relating to the economy and public finances have proven insufficient to bring about convergence with the 'AA' peer group." And what a high quality peer group it is.

 
Tyler Durden's picture

Downgrade Watch: First Greece, Then Spain, Now Portugal... Make it Stop





Well, can't say we didnt see it coming. Portugal was downgraded with impunity by S&P from AA- to A+ on the belief that "the government's structural reform measures relating to the economy and public finances have proven insufficient to bring about convergence with the 'AA' peer group." And what a high quality peer group it is.

 
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