Monday, 24 September 2018

Michael Cartine' s stories

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  • French flag

    Vague rumours of new long-dated OAT

    Ticker | 22 January 2018

    There is very vague market talk about a new long-dated syndicated deal from France, although there are no indications about which part of the curve it would arrive in.

  • A student shouts beside an Estelada (Catalan separatist flag) during a protest the day after the banned independence referendum in Barcelona, Spain, October 2, 2017.

    Catalan crisis makes for tricky Spanish auctions

    Ticker | 04 October 2017

    Spain is holding bond auctions tomorrow targeting €3.5bn-€4.5bn of a new five-year and tap of an old 12-year, plus €250m-€750m of a seven-year index-linked issue.

  • A student shouts beside an Estelada (Catalan separatist flag) during a protest the day after the banned independence referendum in Barcelona, Spain, October 2, 2017.

    Spain wider after referendum, all eyes on Thursday auction

    Ticker | 02 October 2017

    Spanish government bonds moved slightly following the banned referendum on Catalonia’s independence from Spain, during which over 800 were injured, according to Catalan officials, as people clashed with riot police.

  • Greece

    More talk about Greece coming to market

    Ticker | 17 July 2017

    One thing which might spice the headlines up a little today or this week is more chatter about Greece possibly coming to market with a new syndicated deal, presumably before Thursday’s European Central Bank meeting.

  • Greece

    Greece reported looking at five-year bond for next week

    Ticker | 14 July 2017

    Political Alpha on Thursday served up notice for the Greek bond market that the sovereign is looking “to tap bond markets imminently”, as Prime Minister Tsipras wants to “capitalise on the recent spate of good news and use the momentum from the de-escalation of the yields following the last Eurogroup decision”.

  • Reuters confirms ECB rethink

    Ticker | 28 June 2017

    Concurrent with other newswires reportedly saying the market overreacted to European Central Bank President Draghi’s comments yesterday, Reuters is headlining a report that the market “overinterpreted” the intent in his speech, which indeed appears to have been more balanced.

  • Sovereign supply drops this week but peripheral syndicated deals eyed

    Ticker | 05 June 2017

    Scheduled sovereign fixed-rate supply is set to drop off dramatically this week, to just €5bn from the hefty €18bn taken down last week. Only Austria, Germany and Ireland are scheduled to come to market, in that order.

  • Irish flag

    Ireland steady ahead of Moody's review

    Ticker | 12 May 2017

    It’s Friday today and that means ratings agencies will be due with their latest updates for their scheduled reviews. Moody’s on Ireland stands out as the big one.

  • Germany's Constitutional Court headquarters

    German Constitutional Court accepts OMT, minor reservations

    Ticker | 21 June 2016

    Germany’s Constitutional Court earlier released its ruling on the European Central Bank’s Outright Monetary Transactions program earlier and found it does not violate Germany’s Basic Law.

  • The Fitch Ratings building is seen in New York

    Fitch upgrades Ireland to 'A', affirms Austria at 'AA+'

    Capital City | 05 February 2016

    (Reuters) - Fitch raised Ireland’s credit rating a notch to ‘A’ on Friday, taking the unusual step of upgrading a country’s debt in the middle of an election campaign, a move that could potentially hand the government parties a boost.

  • Spain

    Spain may launch 15-year bond in next fortnight - sources

    Capital City | 09 February 2015

    The Kingdom of Spain is considering the issuance of a new 15-year syndicated bond in the next two weeks, according to three market sources.

  • Tanker trucks form a queue

    Emerging markets oil exporters leave US$70bn liquidity hole

    Capital City | 03 November 2014

    Emerging market energy producers could put pressure on a range of capital market instruments including Treasuries this year by draining capital from global markets for the first time in almost two decades, according to BNP Paribas strategists.

  • greece market bonds

    Front-end Greece slides further

    Capital City | 16 October 2014

    Greek bonds have been sliding further as dealers relay “one-way markets” which feature “no bid side” and that are “completely offered only”.


    Greek bonds weak as SYRIZA gains ground in polls

    Capital City | 14 October 2014

    Continued gains for opposition Greek party SYRIZA, the Coalition of the Radical Left, have been spooking investors in the Greek market and has pushed 10-year spreads to Bunds out another 30+ bp on Tradeweb.

  • greece third bailout

    Greek bonds hammered again

    Capital City | 30 September 2014

    Greek bonds are getting slammed again on Tuesday, with 10-year spreads out another 25bp to Bunds on Tradeweb, to +575bp mid-morning in London.

  • Bank of England governor Mark Carney leads the bank's quarterly inflation report news conference at the Bank of England in London.

    BoE vote 8-1 on forward guidance, marginally hawkish

    Capital City | 14 August 2013

    The minutes from the Bank of England’s Monetary Policy Committee meeting from July 31/August 1 have come in marginally on the hawkish side with respect to the vote on forward guidance.

  • Berlusconi

    Risk on rally pushes peripherals, relief after Berlusconi verdict

    Capital City | 02 August 2013

    After the conviction of former Prime Minister Berlusconi’s conviction for tax fraud late on Thursday, markets do seem to have found a bit of relief.

  • draghi ecb

    Draghi concludes, markets slide after he misses answering rates question

    Capital City | 01 August 2013

    On the question whether European governments have used the time well which the ECB’s OTM programme has bought, Draghi said “some of them certainly did”. He cautioned that others have not made as much progress, and that progress regarding structural reforms has been much slower going. Overall, however, he said he has been satisfied with the progress already made.

  • Yannis Stournaras

    Greece, Portugal suffer most in eurozone from FOMC fallout

    Capital City | 21 June 2013

    Higher beta peripheral markets are suffering the worst of the post-FOMC fallout, as to be expected. Irish bonds however remain the exception where they are wider, but are also still faring significantly better than the other programme countries.

  • Democratic party (PD) leader Pierluigi Bersani leaves a polling

    BTPs spike further on early exit polls from Italy election

    Capital City | 25 February 2013

    The first exit polls are out with Reuters reporting a Sky poll suggesting Democratic Party leader Pier Luigi Bersani taking 34.5% of the lower house and 37% of the Senate. An RAI poll even gives a slight edge to Bersani and there is already talk about Bersani potentially being able to form a government without assistance from current Prime Minister Mario Monti.

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