* Austria will sell 50-year bonds, following Italy
* Spain will sell 15 year bonds
* Bond yields rise as investors digest the issuance
April 13 (Reuters) – Austria on Tuesday moved to lock in its current low borrowing costs with 50-year bonds, following a half-century issue from Italy, while Spain launched a 15-year newspaper.
Both deals are made through a syndicate of banks, with Austria to raise 1.75 billion euros and Spain six billion euros, according to a key manager’s memo seen by Reuters.
Last week’s Austrian and Italian bonds marked a resumption of a very long term, 50-year issuance.
After a strong start to the year with 50-year selling from France, Spain and Belgium, the bond selloff was driven by higher growth expectations and inflation weighed on bond buyers with losses and such issuance eased.
“European investors still rely on a lower narrative for the long term and therefore there is no fear on their part to buy longer term bonds as there is no fear of regime change in growth and inflation dynamics,” said Antoine Bouvet, senior pricing strategist. on ING.
“It is true that tariffs have moved higher, but in the grand scheme of things, they are still quite low.”
The European Central Bank has calmed the market by increasing its rate of asset purchases.
Ultra-long-dated bonds are considered to be one of the most risky government debt problems, because they are more sensitive to changes in the underlying interest rates. In addition, the ECB, which is pushing down euro area borrowing costs, has not bought bonds of more than 30 years.
Austria saw demand 13 billion euros and Spain 42 billion euros as both books shrank after the government cut offered yields.
That’s well below the 65 billion euros in offers Madrid received for a 50-year contract in February and 18 billion euros for Austria’s 100-year bonds last year.
Bouvet said the lower demand may descend to a large increase in yields this year meaning investors such as pension funds will no longer need to buy longer-term bonds. Some governments are also trying to get rid of bidders they believe will deliver an increased order
Euro area bond yields barely moved as data showed US inflation rose 2.6% year-on-year in March, slightly above forecasts.
But massive supplies weighed on the market, with German 10-year yields almost hitting a two-week high of -0.271% and Italian 10-year yields at their highest in more than a month at 0.78%.
Investors also digested the supply of bonds from the Netherlands, Italy, the UK and the sale of $ 24 billion worth of US 30-year bonds, all of which were sold at auction.
Reporting by Yoruk Bahceli; Edited by Catherine Evans, Alexandra Hudson and Giles Elgood
April 13 (Reuters) – A 50-year bond sale from Austria on Tuesday will test further investor interest in ultra-long-dated debt after high demand for a similar sale from Italy last week, while Spain will sell a 15-year newspaper.
The prospect of a substantial new supply helped push bond yields in the euro area slightly higher in early trading Tuesday. Bond yields move inversely with prices.
The two countries sold their debts, also including four-year bonds from Austria, through a syndication, in which issuers use banks to sell their debt directly to investors, according to a lead manager memo seen by Reuters.
Investors must also digest the reopening of 15-year bonds from Italy to 2 billion euros, 1 billion pounds of 50-year bonds from the UK, and $ 24 billion in 30-year US bonds, all of which will be sold through more traditional means. auction format.
German 10-year yields, the benchmark for the bloc, were up by about a basis point to -0.29% at 0738 GMT. ING analysts said they expect Tuesday’s supply to cause long-dated government bonds to underperform.
The deal follows last week’s publication of a 50-year syndicate from Italy, which received nearly 13 times the demand for the five billion euros it raised.
After a strong start to the year, sales of ultra-long debt have slowed since February, when yields rose sharply as investors bet that a large US fiscal stimulus package will reignite growth and inflation that hurt safe-haven bonds.
France, Belgium and Spain all sold their 50-year bonds earlier in the year as they tried to lock in lower borrowing costs. But all of those bonds fell sharply during the volatile February patch.
The European Central Bank has since calmed European bond markets by increasing the rate of buying its assets.
The price of a 50 year bond, among the longest term issued by the government, is more sensitive to changes in the benchmark interest rate. The fact that the ECB, whose asset purchases have pushed down the euro area’s borrowing costs, has not purchased bonds in more than 30 years adds additional sensitivity.
On the data front, investors will be watching the German ZEW investor morale survey and US inflation data. A Reuters poll forecasts US inflation to jump 2.5% year-on-year in March, from 1.7% in February.
Reporting by Yoruk Bahceli; Edited by Catherine Evans
US Defense Secretary Lloyd Austin will leave Washington, DC on Saturday to meet government and military leaders in Israel, Germany, NATO headquarters in Belgium and Britain.
“Secretary Austin will meet with colleagues and other senior officials to discuss the importance of international defense relations and strengthen the United States’ commitment to transatlantic prevention and defense, burden sharing, and security resilience,” the Pentagon said in a statement.
In Israel, Austin “will meet Prime Minister Benjamin Netanyahu and Defense Minister Benjamin Gantz to continue close consultations on shared priorities and reaffirm US enduring commitment to the US-Israel strategic partnership and Israel’s Qualitative Military Edge,” according to the statement.
In Germany, Austin will meet his German counterpart Annegret Kramp-Karrenbauer and Chancellor Dr. Jan Hecker.
The chief of defense will reinforce the value the US places on bilateral defense relations with Germany.
“Other topics of discussion include fighting the malign influence of our common strategic rivals and continuing dialogue on the posture of US troops in Germany and elsewhere,” he added.
Austin will also visit the headquarters of US European Command and US Africa Command in Germany to meet with American troops.
He will next visit Belgium to meet NATO Secretary General Jens Stoltenberg “about how the Alliance deals with destabilizing behavior by Russia, China’s rise, terrorism and global challenges such as COVID-19 and climate change.”
At the end of his tour, the chief of defense will visit Britain and meet Secretary of State for Defense Ben Wallace “to reaffirm the importance of continued US-UK defense cooperation to meet global security challenges,” he said.
* Eurozone suburban government bond yields tmsnrt.rs/2ii2Bqr (Updating prices, adding backgrounds)
LONDON, April 7 (Reuters) – Eurozone bond yields were flat on Wednesday, with southern European debt steady after a sell-off in the previous session as markets braced for fresh supplies from Italy and Portugal.
Italy began the process of selling its new 50-year and 7-year bonds through a syndicate of banks on Wednesday, after marking new issues the previous day.
Portugal raised, through a bank syndicate, 4 billion euros of 10-year bonds on the back of a demand of 30 billion euros, according to a memo of the chief manager.
The tone on eurozone debt markets was largely weak, with most 10-year bond yields down 1-2 basis points (bps) on the day following falling overnight US Treasury yields.
“Overall, the higher pull from US interest rates is still alive and well and the rebound in eurozone bond markets is largely technical and temporary,” said ING senior rates strategist Antoine Bouvet.
The yield on the German 10-year Bund was flat at -0.32%, down from recent highs around -0.26%.
The IHS Markit Eurozone Purchasing Managers’ Index (PMI) rose to 49.6 in March from February 45.7, higher than the flash forecast of 48.8 and just below the 50 mark that separates growth from contraction.
The eurozone economy is on track for a strong recovery in the second half of this year that could allow the European Central Bank to start phasing out its emergency bond purchases in the third quarter, said Dutch central bank head Klaas Knot.
The ECB bought net assets of 6.178 billion euros ($ 5.20 billion) last week as part of a quantitative easing program, below the 23.995 billion euros it bought a week earlier.
The yield on Italy’s 10-year bond was unchanged at 0.70%, after rising sharply on Tuesday as investors braced for new supplies. The difference in the yield on the German Bund is just over 100 bps.
Analysts said bond spreads are back in focus, especially after last month’s decision by Germany’s constitutional court to stop ratification of the EU Recovery Fund prompted investors to reassess some of the risks to peripheral bonds.
“Tesoro’s (Italian Treasury’s) announcement of a new 50-year BTP syndication caught the market off guard, with 10-year and 30-year spreads versus the Bund widened by 7 bps to its highest level in nearly a month,” said Michael Leister, chief interest rate strategist. at Commerzbank, referring to Tuesday’s market moves.
“While thinner Easter liquidity may also play a role, this move adds weight to our short tactics in Italy versus semi-core (bonds) and Spain as the risk of indigestion is exacerbated by doubts about the NGEU (Next Generation EU), the ECB’s settles and makes a difference. the less generous. “(Reporting by Dhara Ranasinghe; Additional reporting by Yoruk Bahceli; Editing by Pravin Char)
The Republic of Ireland slumped to one of their worst defeats on Saturday, losing 1-0 at home to Luxembourg in a UEFA World Cup qualifier.
Gerson Rodrigues’ superb goal in the 85th minute sealed a win that left Ireland bottom of the five-team group behind Azerbaijan.
Luxembourg, ranked 98th in the world, have risen rapidly in recent years – they were ranked 186 in 2006 and 142 in 2015 – but Ireland, ranked 42, will allocate this game as a home banker.
Ireland are on a miserable 10 games without a win under new coach Stephen Kenny, losing six of them. They also lost on penalties to Slovakia in the playoffs for Euro 2020.
Wednesday’s 3-2 defeat in Serbia at least gave a hint that the team’s goal-scoring problems may have been resolved. This is the second time since October 2017 they have scored two goals in a competitive match, and the other against Gibraltar.
The Republic of Ireland suffered one of the worst defeats in history in a 1-0 loss to Luxembourg.
But their scoring problems were once again at the front against Luxembourg. Ireland have not qualified for the World Cup since 2002, and having lost both of their opening qualifiers it seems unlikely they will be in Qatar next year.
Luxembourg’s 1-0 win against the Republic of Ireland was their first away qualifying win since September 2008, and their fourth away win in history (Euro and World Cup).
The terrifying physical duel that is perhaps best remembered Benjamin Massing’s famous ax strike against Claudio Caniggia – A “challenge” symbolizing the rough tactics displayed throughout the match. Argentina are the reigning World Cup champions following their victory in 1986. Once again led by the mercurial talent Diego Maradona, Albiceleste strongly supported to win again in Italy ’90. In contrast, Cameroon were a 500-1 out side, but that didn’t stop the persistent Lions giving everything they had to overthrow a big shot, despite being reduced to nine men at the end of the game. The tactic worked – just like – it did Francois Omam-Biyik scores the decisive goal with a header in the 67th minute to seize the most difficult victories.
Belgium’s “golden generation” Eden Hazard, Kevin De Bruyne, and Romelu Lukaku seem destined to reach at least the semi-finals of Euro 2016 when they face tournament debutants Wales in the last eight. Ranked by FIFA as the No. 2 worlds who take part in tournaments and play at home in the French border town a little, The Red Devils even scored in the first 15 minutes only to be canceled out by a spirited Welsh revival, all ended by a miraculous individual goal from Hal-Robson Kanu – a clubless striker.
When beaten by neighbors Uruguay on home soil in the 1950 World Cup final is a strong contender to become the most painful international embarrassment Brazil modern times come, the whole world is not watching it live like 64 years later. It was 2014, the stadium was Estadio Mineirao in Belo Horizonte, and Germany were the team in charge remove tear stains Selection from their own World Cup semifinals in the most brutal way imaginable.
The result of this group stage match in Brazil is still touted as one of the biggest, if not that biggest, disruption in the history of the World Cup finals. The British team boasted some of the day’s big stars in Tom Finney, Stan Mortensen and Billy Wright while US XI was a group of semi-pro foreigners who had only played each other before. The clash was expected to become a formality for Britain, however The only goal in that game came from Joseph Gaetjens, who fired a shot from Walter Bahr into the back of the net.
France found themselves at the wrong end of one of the most memorable upsets in World Cup history when they were beaten by Senegal in the opening match of the 2002 finals. Papa Bouba Diop came on to score the only goal of the match after El Hadji Diouf broke through Bluesthe defensive line, making the shocked defending champion wonder what had just happened.
Germany were the reigning world champions when they were knocked out of the 1994 World Cup quarter-finals by Bulgaria – a match that was perhaps their lowest moment on the biggest stage of football, until 2018. Low took the lead as Team – who once again defended their world title – were eliminated from the 2018 World Cup in the group stage following a dramatic and devastating defeat to South Korea, who scored both of their goals after the 90 minute mark. Son Heung-Minrolls the ball into an empty net with Neuer stranded at the other end of the field is an unforgettable moment.
One of the greatest of all time #World Cup distraction 🤯
🇰🇵 Korean House of Representatives needed a victory to continue their journey in Britain 1966, with the achievements of 🇮🇹Italy side. the likes of Sandro Mazzola and Giacinto Facchetti before him.
The day Mr Doo-Ik wrote his name remains football folklore forever, and in Ayresome Park in Middlesbrough, of all places. While Boro’s old land is long gone, bronze casts of Pak’s boots are still in the housing that replaced them in tribute to the attackers. which pounced on top of star-studded Italy from the 1966 World Cup. North Korea continues to meet face to face Portugal in the quarter-finals but ultimately failed against the great Eusebio, who scored four goals and provided an assist for the others in a 5-3 win.
Meanwhile, Azzurri allowed to creep back home in the shade of the night but still manage to find themselves faced with a volatile “welcome” on their return: angry fans pelted the team with tomatoes as they emerged through Genoa airport. To this day, it is considered very offensive to dump these ingredients to Italians as a direct result of their failure in England.
Trinidad and Tobago has a pedigree as CONCACAF’s unpredictable giant killer. In 1973, they beat Mexico by four goals missed in a crucial qualification thus denied Tri place at the 1974 World Cup.The Caribbean nation didn’t make its first appearance in the final until 2006.
The Netherlands failed on their mission to reach Euro 2016 in truly tragic fashion when they ended their already dismal qualification campaign with a fatal crushing defeat in Amsterdam. Needing to win, they lost 3-2 at home, with Robin van Persie scoring goals for both sides as the Czechs played more than half of the game with 10 men on the pitch.
Having grown accustomed to winning every tournament they participated in, defending champions Spain were given a stark test of reality in Brazil when the Dutch rioted in Bahia. The scores were the same in the first half but a brilliant second-half display from the Netherlands saw them come from a goal down to crush Vicente del Bosque’s men with a string of goals, including a Van Persie inspired long-range diving header.