Tag Archives: Greece

REFILE-UPDATE 2-Austria follows Italy as the government continues ultra-long issuance | Instant News


(Clears repeating data about Austria)

* 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

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Austria, Spain followed Italy by selling long-term debt | Instant News


* Eurozone suburban government bond yields tmsnrt.rs/2ii2Bqr

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

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Prince Philip’s Death: Fifty years of royal visit to New Zealand | Instant News


He was born in Greece, attended schools in France, Germany and Scotland, trained in England and served in World War II naval theater in the Indian Ocean and Mediterranean Sea.

And, 10 times with his wife and less often alone, Prince Philip – who died Friday at age 99 – crossed many oceans to reach a collection of islands so distant from British monarchy a few kilometers further and he would find himself on his way back.

The first time, in the summer of 1953-1954, his wife Elizabeth was not only the newly crowned Queen, but also a mother of two.

Preparations, despite being offset by the Tangiwai tragedy – Prince Philip will lay wreaths at a mass funeral for victims of the Christmas Eve disaster – go far beyond digging up pregnant women.

Sheep tinged with Union Jack colors, sails erected to block tired buildings and armies of children in freshly sewn clothes were dispatched to parks, squares and train stations across the country.

The Queen and Prince Philip wave as the Royal chariot leaves Hastings in 1954.Photo / File
The Queen and Prince Philip wave as the Royal chariot leaves Hastings in 1954.Photo / File

Rotorua girl Miriama Searancke, 13, was among them, walking into Arawa Park with thousands of players and spectators in her new red boots with the Crown and the initials ER on the side.

“Everyone comes to perform for the Queen,” Searancke told the Daily Post in 2018.

“It was amazing.”

The 38-day tour takes the couple to 46 major cities and 110 events, with three-quarters of the country thought to have seen a royal surge.

Like all of the couple’s official tours over the past seven decades of marriage, Prince Philip is usually in the background.

When Pat Jamieson joined the crowd chanting “We want the Queen” outside the Revington Hotel in Greymouth, he was sure he actually took the couple to the balcony.
after – in a moment of silence – shouting “I want Duke”.

The 11-year-old had shared a moment with the empress earlier in the day after running half a mile beside their car during a street parade, she later told the NZHistory Government website.

“The Duke of Edinburgh looked across and said, ‘If you run any further, you’ll explode.'”

Masterton met the Royal couple in 1954. Image of Prince Philip at right.  Photos / Files
Masterton met the Royal couple in 1954. Image of Prince Philip at right. Photos / Files

He’s known for his long list of blunt – and often outrageous – comments.

One, drawn up in a 1954 letter to Australian politician Sir Harold Hartley and unearthed last year, paints a different picture of the Duke of Edinburgh’s thinking about New Zealand and its inhabitants than one can get from spontaneous waves or the laying of wreaths.

Māori are treated in New Zealand like “museum objects and pets”, he wrote, and the country is a “perfect welfare state” that is “excessively regulated with little room for initiative”.

However, he was impressed by the exhibits of the Māori culture museum, a special interest after reading The Coming of the Māori by Sir Peter Buck / Te Rangi Hīroa (Ngāti Mutunga).

And her people are “universally charming and overall most caring,” he wrote.

Shearer Godfrey Bowen demonstrated handheld technique for Queen and Prince Philip at Napier during the 1953/54 tour.  Photos / Files
Shearer Godfrey Bowen demonstrated handheld technique for Queen and Prince Philip at Napier during the 1953/54 tour. Photos / Files

He would return two years later – alone – to appear after the Melbourne Olympics.

A decade after their first hugely successful New Zealand tour, the royal couple sailed to the Bay of Islands on Royal Yacht Britannia on Waitangi Day 1963, visiting ports across the country, including Nelson, where the Duke – whose flagship Duke of Edinburgh rewards program helped thousands of children young people rule a precious life
skills – visit the Outward Bound School in Anakiwa.

The Queen and Duke, along with young Prince Charles and Princess Anne, returned seven years later for James Cook’s bicentennial, during which they debuted with the royal “walkabout”.

The royal couple will return to the Commonwealth Games in Christchurch four years later, three years after that to mark the Queen’s Silver Celebration – considered by some to be the closest to the joy of a quarter of a century earlier – and, in 1981, a brief visit following the Heads of the Commonwealth Government conference through the trench .

It may have been brief, but the 1981 tour left the country with captivating memories of Ginette McDonald’s Lyn of Laughter speaking directly to royals at the Royal Variety Performance.

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McDonald’s, characterized by a no-bra outfit, blue jumpsuit, and wide Kiwi accent, won over the Duke when he commented on the royals opening the memorial pool at Laughter.

“The Queen doesn’t laugh at anything,” McDonald later told New Zealand Women’s Weekly.

“Prince Philip who is engaged to me. We met them after that and he mumbled something in my ear. He said he liked the sound of the ‘piddling’ pool.”

The next most notable visit came in 1990, when New Zealand marked 150 years since the signing of Te Tiriti o Waitangi and Auckland hosted the Commonwealth Games, with the Queen, Duke and their son Prince Edward in attendance.

The Queen and Prince Philip meet members of the New Zealand Team at their headquarters in Auckland, from left, Ross Blackman, Tom Schnackenberg and Dean Barker.  Photos / Files
The Queen and Prince Philip meet members of the New Zealand Team at their headquarters in Auckland, from left, Ross Blackman, Tom Schnackenberg and Dean Barker. Photos / Files

The couple’s last visit to New Zealand was in 2002, with the only fault being related to the faulty Daimler, who suffered a flat battery.

Daimler, which is only used for visiting heads of state, has a flat battery.

As the royal couple waits on their now stationary plane bound for Australia, airport workers have the embarrassing task of pushing the incapacitated car off course.

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Italy Introduces Covid-Free Island To Save Summer Tourism | Instant News


Curious about traveling to a tiny Italian island this summer? In an effort to deal with the impact of the corona virus in the summer, the country is now trying to immunize a number of holiday destinations from Covid-19, starting from its small islands.

Follow the example Greece – which has vaccinated the entire population of most of the island – Italy has only recently started dialogue with the mayor to ensure that the conditions for a fully functional and safe summer are met.

The first region to start working on enhanced Covid-19 action on the tourist islands is Naples Campania. In particular, at Procida (Italian Capital of Culture by 2022), Capri and Ischia, special priority protocols – which require mass vaccination of local residents, regardless of age – are put in place so that the islands can start welcoming tourists as soon as possible.

The national expansion plan is already in the minds of the government. According to the Minister of Tourism Massimo Garavaglia, working in this way makes it possible to launch the tourist season in early June. “President Biden and President Macron said they are arranging a reopening based on their national holidays, July 4 and July 14. Our Republic Day falls on June 2, ”he said in an interview with the daily newspaper Messenger.

Francesco Forgione, mayor of the Egadi Islands (comprising the islands of Favignana, Levanzo and Marettimo) commented: “I think we need courage and foresight. Italy must behave like Greece, and Sicily must take action. “Forgione was also the first mayor write a letter to the head of national vaccination strategy Francesco Figliuolo, asking him to prioritize small islands in the vaccination campaign. “Here, Federalberghi [the national hotels’ association] asking tourism workers to be the first to get the vaccine. However, on small islands there is no difference between tourism workers and other residents. This applies to the islands of Egadi, but also to the Aeolian Islands, Pantelleria, Lampedusa, Linosa and Ustica. I believe that all the small islands in Italy have this belief, “he added.

While news of potential immunity has been welcomed by those directly involved at the local level, in reality the idea of ​​a vaccination campaign differentiated by tourist value has also drawn criticism. In Campania, for example, residents and mayors from various tourist areas pointy fingers on the Regional Government’s decision to implement a strategy that prioritizes certain destinations over others. Luigi de Magistris, The Mayor of Naples, commented: “It is the government that has to tell us what people’s priorities are with regard to vaccination. It can’t be a Regional Governor to decide whether Capri, Ischia and Procida should leave first, then followed by Amalfi and Sorrento, then maybe Pozzuoli and Napoli. ”

Responding to the controversy, Fulvio Bonavitacola, Vice President of Campania, explained: “Capri, Ischia, Procida and the entire Campania coast means working for tens of thousands of workers who are among the hardest hit. [categories] during this year. “But while this problem is far from being resolved, the government appears serious in its intention of finding sustainable solutions for tourism during the summer.” Tourism, like any economic activity, is dependent on expectations as well as planning. Reopening bars, hotels or tourist resorts is a must. “That’s why we need to set a date as soon as possible, depending on how the pandemic happened,” said Tourism Minister Garavaglia.

In Italy, tourism represents 13% of the national GDP, a very important percentage in specific tourism destinations, where summer is essential for economic survival. After the winter’s gone and a new lock in the early spring that had increasingly suppressed commercial activity, many were now pressing the government to open up. Over the past few days, cities like Milan and Rome have seen it protest by restaurant owners and sellers, who in some cases turn violent. But while bad taste over the prolonged closure is evident in the country, the government has no intention of speeding up the process in vain: “[For reopenings] We don’t have a date yet, we are considering it, it all depends on how the transmission trend and vaccines are, “the prime minister Mario Draghi said in the press conference.

With an average of 18,000 new cases per day and 500 deaths, Italy’s conditions of contagion are improving, even though the country is still not out of danger. According to national authorities, the coming months will be critical to getting enough people vaccinated and raising public opinion. While the holiday period has been established, the country also aims to be able to welcome tourists from abroad. Garavaglia concluded: “I hope with the steps we are taking and when we will get a re-opening date, foreign tourists will come too. For now, I know that Americans are ordering for August. I also know that from England they are watching the vaccination campaign on the islands. May we return to hearing languages ​​from around the world soon ”.

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UPDATES 2-Euro bonds yield flat, new Italian issuance in focus | Instant News


* 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)

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