Brady-type plan for Greek creditors
Details are still emerging from the meeting in Rome yesterday but it is already clear that this is not an exact replica of the Brady plan from 1989. This is because under the Brady plan there was a guarantee from the US government, backed-up by Latam governments that bought Treasuries, whilst under this…
Cheap 3yr BTP ahead of auction
The Italian Tesoro will re-open BTPS3 4/14 for up to EUR2.75bn and BPTS4.75 9/21 for up to EUR3.0bn today (results after 11.00CET). Along with these, floating rate bonds, CCTS 12/15 and CCTS 4/18, will also be auctioned for up to EUR1.0bn and EUR1.25bn respectively. The three-year BTP has cheapened by…
ECB and BoE policy divergence to continue
Comments from central bank officials suggest that the interest differential between the UK and the Eurozone will continue to widen. The ECB appears determined to continue tightening monetary policy despite the increased uncertainty stemming from the debt crisis. ECB Executive Board member Stark…
HSBC Global Research