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Spain T-Bill Yields Jump; Doubts Emerge over Rating
Published: Tuesday, 15 Jun 2010 | 6:19 AM ET
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By: Reuters

Spain's Treasury raised 5.2 billion euros at its 12- and 18-month T-bill auction on Tuesday, but the substantial premium to the same auction a month earlier raised doubts over the country's credit rating.

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The 12-month bill paid an average yield of 2.303 percent compared to 1.59 percent in the same auction in May, while the 18-month gave 2.837 percent, up from 1.951 percent.

"The bid/cover was respectable and they managed to get the bonds away. But this was hardly a success with about 5.2 billion euros sold, at the bottom end of the target," said bond strategist at Monument Securities in London Marc Ostwald.

"It also begs the question how Moody's can rate Spain triple-A when you have an auction result like this. While Spanish 12-month yield was 2.30 percent, France's equivalent is 0.4 percent and below the ECB's policy rate of 1.0 percent. This must now put pressure on Moody's to downgrade Spain."

Moody's has kept Spain's debt rating at its highest level, while Fitch last month cut to one notch below top and S&P's has Spanish sovereign debt at two steps below it's highest rating.

On Thursday, the government hopes to raise up to 3.5 billion euros through a 10- and 30-year bond issue.

"(This) comes ahead of the more significant - in terms of Madrid's ability to raise cash on the open market - 10- and 30- year sale on Thursday," 4Cast said in an investors note.

Spain must redeem 16.2 billion euros in bonds by the end of July, a payoff the government has said it will have no problem meeting.

The spread of Spain's 10-year bonds stood at 214 basis points at 0847 GMT from the German 10-year bund after opening at 211 basis points.

The spread jumped on Monday after Spain's treasury secretary and a banking leader said the liquidity freeze Spain is facing on foreign markets is a problem.

On Tuesday, El Pais newspaper reported the government has asked the European Commission to make results of a European bank stress test public as Madrid fights daily speculation it is preparing to seek aid from the EU.a

padme

发信人: gc01 (GC), 信区: Military
标  题: TG大举进军希腊:港口，电信，机场，古迹zz Financial Times
发信站: BBS 未名空间站 (Mon Jun 14 23:27:39 2010, 美东)

China prepares to invest in Greek projects
By Kerin Hope in Athens
Published: June 14 2010 18:38 | Last updated: June 14 2010 23:10
China is eyeing investments valued at several billion euros in Greek
shipping, logistics and airport projects to be discussed during the
second visit to Athens in four weeks by a high-ranking Beijing official.

The news came as Moody’s downgraded Greek debt on Monday night by four
notches to junk. The debt is already rated junk by other agencies.
The Greek government sais on Monday night that Moody’s downgrade did not
reflect Greece’s progress over the past months in tackling its problems.

“The latest figures for the Greek budget – with the deficit for the
first five months of the year down by 40 per cent compared to 2009 –
show that the programme that Greece has agreed on with the European
Commission, the European Central Bank and the International Monetary
Fund is on track, a development recognized by all three institutions,”
it said in a statement

“Furthermore, the decline in first quarter GDP in 2010 was smaller than
projected for the full year in the memorandum of understanding.“

A delegation led by Zhang Dejiang, a Chinese vice-premier, will seal a
series of agreements ojn Tuesday with local companies, a Greek
government official said.

“These concern maritime affairs, telecoms and a project to renovate a
landmark tower building in Athens’ port of Piraeus,” the official said.

Deals for joint ventures, charter agreements and shipbuilding deals
worth 500m EURO ($615m) with Greek shipping companies will also be signed.

Greece is rushing to attract investment from countries with big
sovereign wealth funds to help revive economic growth as it tackles an
unprecedented fiscal crisis.

China’s state shipping company Cosco already controls a container
terminal at Piraeus under a EURO 3.4bn long-term concession deal. Cosco is
expected to make a joint bid later this year with Greece’s state ports
company to create a EURO 150m- EURO 200m logistics hub near Athens to distribute
goods for China in the Balkans.

Mr Zhang’s visit comes a few days after George Papandreou, Greek prime
minister, flew to Libya for talks on energy and tourism projects.

Not all attempts to attract Chinese investment have come to fruition.
This year, a deal for Chinese banks to buy EURO 20bn of long-term bonds
collapsed when Athens refused to sell a stake in National Bank of
Greece, the country’s biggest lender, as part of the agreement.

padme

Not all attempts to attract Chinese investment have come to fruition.
This year, a deal for Chinese banks to buy EURO 20bn of long-term bonds
collapsed when Athens refused to sell a stake in National Bank of
Greece, the country’s biggest lender, as part of the agreement.

这就是整个欧元危机的导火索。今年初，高盛呼悠中国购买希腊国债，中国本来是愿意的，但是希腊不知道为什么忽然不愿意了，并公开了和高盛的一系列幕后交易。然后才闹出后来的希腊国债危机，进而发展成欧元危机。

我本来一直对希腊的行为觉得奇怪，现在终于明白了。想要购买希腊国家银行的，当然不会是土工，而是高盛的胃口。这也可以从侧面证明高盛对土工的经济和政策渗透，实在是已经非常深了。

alex68

这就是整个欧元危机的导火索。今年初，高盛呼悠中国购买希腊国债，中国本来是愿意的，但是希腊不知道为 ...
padme 发表于 2010-6-15 07:14

是中国要控制希腊金融系统作为购买希腊债券的条件， 希腊当然不答应了, 所以，交易吹了。这点上看来，中国这次很聪明没有被高盛忽悠, 否则真要残废了。或者也可以解释成高盛背后指点了中国， 本意就是要让希腊赎债失败，以打击欧元。

alex68

西班牙6，7月份总共有16b 债务 redemption, fitch 5月份降级的时候， 40%的额度就已经完成了。现在还打西班牙牌是明显臭牌, 当心熊套。

xwj714

西班牙6，7月份总共有16b 债务 redemption, fitch 5月份降级的时候， 40%的额度就已经完成了。现在还打西班 ...
alex68 发表于 2010-6-15 08:38

    一个故事讲多N次，就像幼儿园老师

padme

是中国要控制希腊金融系统作为购买希腊债券的条件， 希腊当然不答应了, 所以，交易吹了。这点上看来，中国这次很聪明没有被高盛忽悠, 否则真要残废了。
alex68 发表于 2010-6-15 08:27

土工不会对希腊金融系统感兴趣的，这个明显不是土工的强项。对希腊国家银行有野心的，是高盛还差不多。如果年初购买希腊债券的附加条件是扩大土工对希腊港口的使用权，我觉得还可以相信是土工的条件。但是希腊国家银行，不是土工感兴趣的内容。高盛就是让土工出钱去当冤大头的，同时让希腊继续吹泡泡，而高盛，就通过两边呼悠，从中间捞好处。

中国早就对希腊的港口感兴趣，但是对银行系统，没什么兴趣的。本来还猜测可能是希腊因为港口的缘故，把DEAL弄吹了。现在才明白，不是那么回事啊。希腊是愿意跟中国在港口等项目上合作的。

中国这次纯粹是运气好，希腊不愿意继续吹泡泡了，更不愿意出让国家银行, 所以DEAL才告吹。所以新闻里面，讨论的全是希腊和高盛的事情,没怎么涉及中国。如果当初的条件是中国提出来的，一定被媒体当成邪恶事件，大做文章。

xwj714

土工不会对希腊金融系统感兴趣的，这个明显不是土工的强项。对希腊国家银行有野心的，是高盛还差不多 ...
padme 发表于 2010-6-15 08:54

    打到高盛

padme

或者也可以解释成高盛背后指点了中国， 本意就是要让希腊赎债失败，以打击欧元。
alex68 发表于 2010-6-15 08:27

    高盛? 把这个DEAL弄吹的，不是中国啊, 是希腊。 中国是愿意的，希腊不愿意。 所以中国纯粹是运气好，否则就是被高盛卖了，还付给它咨询费呢。

alex68

土工不会对希腊金融系统感兴趣的，这个明显不是土工的强项。对希腊国家银行有野心的，是高盛还差不多 ...
希腊是愿意跟中国在港口等项目上合作的。
padme 发表于 2010-6-15 08:54

中国以希腊金融系统作为购买债券的条件导致交易没有成功我早就听说了，这里面肯定有背景和内幕的, 这是我一个在高盛工作过的朋友大概3, 4月份左右告诉我的。当时，我也质疑欧盟是否出手救援希腊, 她明确地说肯定要救,不过, 希腊要丧失部分主权. 后来的发展确实是这样的,欧盟的救援条件非常苛刻, 其中的一条就是派遣观察员进驻希腊央行.
   
至于港口项目,希腊保护主义比中国还严重, 希腊原来只想中国掏钱过来, 就像GOOGLE 在中国一样实际的好处拿不到, 所以,中国和希腊一直谈不拢.

这次希腊债务危机了, 欧盟救援条件里面还有就是撤除劳工和贸易保护主义, 提升希腊竞争力等条款, 而且,希腊现在急需外来投资, 希腊政府不得不面对现实了, 在这种形势下, 中国的希腊港口项目才又复活了.

alex68

高盛? 把这个DEAL弄吹的，不是中国啊, 是希腊。 中国是愿意的，希腊不愿意。 所以中国纯粹是运气 ...
padme 发表于 2010-6-15 08:57

中国控制希腊金融系统作为购买债券的条件确实不象中国政府的一贯作为, 高盛在这里面肯定有弯弯绕不用怀疑的,至于怎么操作就不得而知了.

padme

中国对希腊港口有兴趣，这个是大家一直都知道的, 以前双方已经有一些港口合作项目了，这篇报道里面也提到的。现在就是把项目规模再扩大，是量变不是质变啊。

同时我还是觉得土工对希腊银行系统应该没啥兴趣，应该还是高盛想要。高盛当然不可能名目张胆地说自己想要希腊国家银行啊，肯定是要想些迂回手段的。

我倒是从来没有怀疑过欧盟肯定要救希腊，附加条件也是应该的啊，不可能让希腊继续借债度日吹泡泡啦。

padme

中国控制希腊金融系统作为购买债券的条件确实不象中国政府的一贯作为, 高盛在这里面肯定有弯弯绕不用怀疑的,至于怎么操作就不得而知了.
alex68 发表于 2010-6-15 09:18