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Forex Flash: Spain or Italy not expected to trigger OMT – Deutsche Bank

By FXstreet.com,  January 11, 2013, 05:50:00 AM EDT

FXstreet.com (Barcelona) - It was a strong day Thursday for peripheral bond yields as the 10yr Spanish bond yield (-23bp) closed below 5% (4.904%) for the first time since March 9th 2012. In addition, Italy's 10yr yield (-11bp) is also at its lowest level in more than 2 years.

According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, "A good Spanish bond auction was a main driver. Spain raised €5.8 billion (vs. €5.0 billion targeted) and our economists noted that most of the supply was in the shorter-maturity that would be covered by OMT purchases if Spain asked for aid. Nevertheless, market momentum is strong enough that our economists no longer believe that Spain or Italy will need to trigger OMT in Q1 of 2013."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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