Buena emision de bonos, ¿España esta tan mal?

[PAINE]

El Tesoro coloca más del máximo previsto en la subasta de deuda con rentabilidades inferiores

Al final vende 4.515 millones de euros
Acabamos de conocer el resultado de la subasta de Letras a 12 y 18 meses en nuestro país en la que el Tesoro esperaba colocar un mínimo de 3.500 millones y un máximo de 4.500. Al final, se ha superado ese rango superior y se han colocado 4.515 millones de euros.

Estos son los detalles de la operación:

- El Tesoro vende 3.533 millones de euros en Letras a 12 meses a una rentabilidad máxima del 3,207% frente al 3,990% anterior (subasta del 17 de julio).

- Vende 982 millones en Letras a 18 meses a una rentabilidad máxima del 3,450% frente al 4,350% anterior.

Peter Schaffrik, analista de RBC Capital Markets, acaba de afirmar en declaraciones a BloombergTV que este resultado en la subasta demuestra que la situación de España no es tan mala como los mercados piensan.

Extraido de:
http://uk.finance.yahoo.com/news/spain- ... 15849.html

LONDON (ShareCast) - Spain has returned from the summer break and tapped the sovereign debt market, raising slightly more than the top end of its expectations at 4.515bn euros in 12 and 18-month notes, having targeted a figure between 3.5 and 4.5bn euros.

The Spanish Treasury issued 12-month bills for €3.533bn at a maximum yield of 3.207% compared to 3.99% in the previous auction (July 17th).

It also issued 18-month bills for €982m at a maximum yield of 3.45% versus 4.35% in the previous auction.

"We had been expecting yields to be substantially lower than on previous occasions thanks to the declining yields in the secondary market. Today's outcome reveals that Spain's troubled debt situation may not be as imminent as the market expected," said analysts at Digital Look.

The previous auction for 12 and 18-month debt took place on July 17th on the back of the Spanish government's plans to save 65bn euros in two years. On that occasion the Treasury had been able to raise 3.561bn euros at lower yields than in the prior auction.

The Spanish Treasury has already issued over 72% of the long-term gross debt it has planned for this year. The average borrowing cost through July 31st was 3.43%, less than the 3.9% of 2011.

Following today's auction, Spain expects to hold one more auction this month, on August 28th when it will issue 3 and 6-month Treasury bills. Spain has 9.815bn euros due this month and 6.584bn due in September.

RBC Capital Markets analyst Peter Schaffrik has told BloombergTV that this latest outcome shows that the Spanish situation is not as bad as the markets believe.

NA

[Flip]

Discrepo,

Una emision a corto no es un termometro, los inversores de renta fija, estan descontando que el bce actuara comprando deuda a corto plazo de aqui que el spread del bono a dos años se haya deplomado desde que hablo draghi.

Lo unico que importa es cuanto pagariamos por colocar deuda a largo.... Proximamente!

[María]

Mas subastas, señores. El Tesoro intentará captar hoy hasta 4.500 millones de deuda a largo plazo:
http://www.eleconomista.es/mercados-cot ... 2013-.html