Robeco: Positiv für EURO-Randstaaten
Spanien verkauft kurzfristige Bonds zu negativen Zinsen. Irlands Staatsschulden fallen deutlich. Mehr Infos im aktuellen Report des Teams “Global Fixed Income Macro” von Robeco.27.04.2015 | 11:38 Uhr
Main market events
Peripheral markets recovered somewhat from last week’s selloff as the immediate risk of a Greek exit faded. It became clear nothing could be expected from the Eurogroup meeting held in Riga last Friday. The next point in time to watch will be the IMF payment at May 12. Portuguese bonds have returned 5.7% this year, Italian bonds 4.6%, Spanish bonds 2.9% and Irish bonds 3.2%.
Eurogroup
The Eurogroup meeting on April 24 was supposed to be the deadline to discuss the progression on implemented reforms in Greece and possible disbursement of EUR 7 billion of bailout funds. Last week it became clear hardly any progress had been made by the Greek government.
Greece
The Greek government issued a presidential decree requiring all state bodies, ranging from hospitals to local authorities and municipalities, to move their cash reserves to the central bank. This money is needed by the government to be able to pay salaries and the IMF in coming weeks.
Spain
Spain sold three-month bills at negative yields for the first time. The bills were allotted at an average yield of minus 0.03 percent.
IrelandIrish debt to GDP fell from 123.2% in 2013 to 109.7% at the end of 2014. This reduction is mainly due to strong economic growth (+4.8%) and early repayments of IMF debt. The deficit declined from 5.3% to 3.1%. As a comparison, Belgian debt to GDP came at 106.5% with a 3.2% deficit. This confirms our view that Ireland has shifted towards a semi-core country.