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Jun 29, 2015

Safety came with negative yields on euro bond rollercoaster

LONDON, June 29 (Reuters) – The only euro zone government
bonds that preserved investors’ capital in the first half of the
year were the short-dated ones that carry negative yields,
Thomson Reuters Datastream data showed.

When all debt is taken into account, all euro zone bond
markets produced losses in the second quarter. The smallest were
in Ireland at -3.3 percent, while the biggest were in Belgium at
-8.5 percent. link.reuters.com/cas94w

Apr 24, 2015

With falling lira/dollar exchange rate, Turkey has the worst of both worlds

LONDON, April 24 (Reuters) – The Turkish lira’s fall to
record lows has ramped up the cost of repaying predominantly
dollar-denominated external debt while failing to deliver any
boost to exports, which remain focused on Europe with its weak
currency.

Cheaper currencies usually make exports more competitive,
ultimately boosting growth. But in Turkey, the currency’s plunge
may instead be raising financial stability risks, because so far
it has not seen any improvement in terms of trade while firms
earning revenues in lira will find it costlier to repay dollar
debt.

Apr 16, 2015

Euro zone default insurance markets see little contagion from Greece

LONDON, April 16 (Reuters) – Default insurance markets show
no obvious concern at the growing risk that Greece will leave
the euro zone, suggesting investors can now contemplate a future
for the currency union without Athens.

Default probabilities derived from credit default swaps –
seen as the purest gauge of credit risk — have fallen this year
in Italy, Spain and Portugal to around 10 percent, data from
Markit show. In Greece, they have topped 80 percent.

Mar 19, 2015

With Euro zone bonds, going long is better than going south

LONDON, March 19 (Reuters) – Investors who took the extra
risk of holding longer-dated euro zone bonds at the start of the
year are being better rewarded than those who took the risk of
seeking higher yields in lower-rated debt, data shows.

That is a function of the subdued inflation and growth
outlook in the euro zone that is likely to keep borrowing costs
low across the bloc, while fuelling doubts about debt
sustainability in lower-rated countries, analysts say.

Feb 24, 2015

Portugal may be the big winner of ECB bond-buying

LONDON, Feb 24 (Reuters) – Portugal’s government debt market
is likely to benefit more than any other in the euro zone from
the European Central Bank’s bond-buying programme that starts
next month.

While Portugal’s total debt is one of the highest in the
bloc, having been bailed out by the International Monetary Fund
and the European Union during the debt crisis, its stock of
marketable bonds is relatively small.

Feb 13, 2015
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