Spain offers three- and four-year Bonos
Today’s bond auctions from Spain (results after 10:30CET) will be the first ones of this year and pose a strong test of the recent outperformance of Bonos. A new three-year benchmark, SPGB4 7/15 will be launched whilst SPGB3.25 4/16 and SPGB4.25 10/16 will be re-opened for a combined amount of EUR4.0-5.0bn. Amidst increased liquidity offering from the ECB, through the three-year…
Potentially an uneventful ECB meeting
After the last two ECB meetings provided a clear change in policy, effectively acknowledging the depth of the Eurozone’s Sovereign and banking issues, today’s meeting should be more timid, in HSBC FI Research’s view. Indeed HSBC economists believe that no actions will be taken today, though further rate cuts are to come in the months ahead with the refi rate getting to 50bp…
BoE gilt buying details
Yesterday we highlighted how the distribution of BoE gilt buying may come to affect future purchase programs set against some natural constraints. Please see Overview of gilts purchased by the BoE, 11 January 2011. To further highlight future gilt buying constraints, Figure 1 shows that whether expressed against the outstanding issue size, or when this is corrected by UK…
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2012/01/318055.pdf
HSBC Global Research