Se a alemanha sair do euro, nada garante que a alemanha não aproveite para pagar essas obrigações em euros.
The Real Libor Scandal ~Paul Craig Roberts and Nomi PrinsJuly 14, 2012 http://www.paulcraigroberts.org/2012/07/14/the-real-libor-scandal/According to news reports, UK banks fixed the London interbank borrowing rate (Libor) with the complicity of the Bank of England (UK central bank) at a low rate in order to obtain a cheap borrowing cost. The way this scandal is playing out is that the banks benefitted from borrowing at these low rates. Whereas this is true, it also strikes us as simplistic and as a diversion from the deeper, darker scandal.Banks are not the only beneficiaries of lower Libor rates. Debtors (and investors) whose floating or variable rate loans are pegged in some way to Libor also benefit. One could argue that by fixing the rate low, the banks were cheating themselves out of interest income, because the effect of the low Libor rate is to lower the interest rate on customer loans, such as variable rate mortgages that banks possess in their portfolios. But the banks did not fix the Libor rate with their customers in mind. Instead, the fixed Libor rate enabled them to improve their balance sheets, as well as help to perpetuate the regime of low interest rates. The last thing the banks want is a rise in interest rates that would drive down the values of their holdings and reveal large losses masked by rigged interest rates.Indicative of greater deceit and a larger scandal than simply borrowing from one another at lower rates, banks gained far more from the rise in the prices, or higher evaluations of floating rate financial instruments (such as CDOs), that resulted from lower Libor rates. As prices of debt instruments all tend to move in the same direction, and in the opposite direction from interest rates (low interest rates mean high bond prices, and vice versa), the effect of lower Libor rates is to prop up the prices of bonds, asset-backed financial instruments, and other “securities.” The end result is that the banks’ balance sheets look healthier than they really are.On the losing side of the scandal are purchasers of interest rate swaps, savers who receive less interest on their accounts, and ultimately all bond holders when the bond bubble pops and prices collapse.We think we can conclude that Libor rates were manipulated lower as a means to bolster the prices of bonds and asset-backed securities. In the UK, as in the US, the interest rate on government bonds is less than the rate of inflation. The UK inflation rate is about 2.8%, and the interest rate on 20-year government bonds is 2.5%. Also, in the UK, as in the US, the government debt to GDP ratio is rising. Currently the ratio in the UK is about double its average during the 1980-2011 period.The question is, why do investors purchase long term bonds, which pay less than the rate of inflation, from governments whose debt is rising as a share of GDP? One might think that investors would understand that they are losing money and sell the bonds, thus lowering their price and raising the interest rate.Why isn’t this happening?PCR’s June 5 column, “Collapse at Hand,” explained that despite the negative interest rate, investors were making capital gains from their Treasury bond holdings, because the prices were rising as interest rates were pushed lower.What was pushing the interest rates lower?The answer is even clearer now. First, as PCR noted, Wall Street has been selling huge amounts of interest rate swaps, essentially a way of shorting interest rates and driving them down. Thus, causing bond prices to rise.Secondly, fixing Libor at lower rates has the same effect. Lower UK interest rates on government bonds drive up their prices.In other words, we would argue that the bailed-out banks in the US and UK are returning the favor that they received from the bailouts and from the Fed and Bank of England’s low rate policy by rigging government bond prices, thus propping up a government bond market that would otherwise, one would think, be driven down by the abundance of new debt and monetization of this debt, or some part of it.How long can the government bond bubble be sustained? How negative can interest rates be driven?Can a declining economy offset the impact on inflation of debt creation and its monetization, with the result that inflation falls to zero, thus making the low interest rates on government bonds positive?According to his public statements, zero inflation is not the goal of the Federal Reserve chairman. He believes that some inflation is a spur to economic growth, and he has said that his target is 2% inflation. At current bond prices, that means a continuation of negative interest rates.The latest news completes the picture of banks and central banks manipulating interest rates in order to prop up the prices of bonds and other debt instruments. We have learned that the Fed has been aware of Libor manipulation (and thus apparently supportive of it) since 2008. Thus, the circle of complicity is closed. The motives of the Fed, Bank of England, US and UK banks are aligned, their policies mutually reinforcing and beneficial. The Libor fixing is another indication of this collusion.Unless bond prices can continue to rise as new debt is issued, the era of rigged bond prices might be drawing to an end. It would seem to be only a matter of time before the bond bubble bursts.Nomi Prins is author of It Takes A Pillage and a former managing director of Goldman Sachs.
O outro problema é o valor presente das obrigações diminuir, seja pelo aumento da taxa de inflação, seja pelo aumento das taxas de juro.
CONVERTIVEIS DA PARPUBLICABom dia,E já agora porque é que acham que as convertiveis da parpublica 2017 (http://www.parpublicasgps.com/file/Pricing_Termsheet_23092010_vf.pdf?phpMyAdmin=7af769b813f2560b083d7851dffa28df) estão a negociar com um grande desconto em relação às outras obrigações da Parpublica.Ainda por cima têm uma put em 2015.Alguma ideia? Têm risco acrescido por ser convertiveis? O put é sobre o capital e não as acções da Galp, certo?Obrigado pela ajuda,G
CitarO outro problema é o valor presente das obrigações diminuir, seja pelo aumento da taxa de inflação, seja pelo aumento das taxas de juro. Com previsão de recessão em Portugal por mais dois anos, recessão no Reino Unido, recessão na Grécia, com os gigantes da indústria a despedir aos milhares na Europa e a fechar fábricas, e com a deslocalização da produção para a Asia, a hipótese de inflação ou subida de taxas na Europa nos próximos anos tem uma probabilidade residual. O mais provável é haver ainda mais cortes da taxa de juro de referência do BCE.
Fed Eyes Limiting Money-Market Fund Withdrawalshttp://www.nasdaq.com/article/fed-eyes-limiting-money-market-fund-withdrawals-20120719-01454--New York Fed supports limiting some types of money-market fund withdrawals--Analysts in staff report propose money-market funds could be strengthened if they were to have a "minimum balance at risk"--New York Fed president says further money-market fund reform is "essential" to U.S. financial stabilityNEW YORK--The Federal Reserve Bank of New York said it supports limiting some types of money-market fund withdrawals in a bid to protect those funds from suffering the equivalent of a bank run.The recommendations came from a staff report released Thursday. New York Fed President William Dudley in a press release accompanying the document said he "strongly" endorses the ideas put forth by authors Patrick McCabe, Marco Cipriani, Michael Holscher and Antoine Martin."Further reform of money funds is essential for our nation's financial stability," Mr. Dudley said.The analysts propose that money-market funds could be strengthened if they were to have a "minimum balance at risk." As envisaged by the authors, this balance "would be a small fraction of each shareholder's recent balances that would be set aside in the event that they withdrew from the fund," the press release said.While regular transactions would be allowed as they are now, this special minimum balance would be locked up for 30 days. "The delay would ensure that redeeming investors remain partially invested in the fund long enough to share in any imminent portfolio losses or costs arising from their redemptions," the bank explained.The idea advanced in the New York Fed paper seeks to force investors to be more mindful of what they are doing with money-market fund investments. Many perceive the funds to be a very safe and liquid place to park funds. But that notion was tested during the 2008 financial crisis, and some have worried that in the current environment, money-market funds could be a prime conduit for importing Europe's ongoing financial crisis to the U.S.Money-market funds currently hold some $2.7 trillion in assets, according to the paper. They own, as of late 2011, around 40% of all dollar-denominated commercial paper, the New York Fed said.The report provides fodder for Securities and Exchange Commission Chairman Mary Schapiro as she inches her divided agency toward a vote as early as this summer on a proposal to strengthen money-fund regulations. SEC officials described the New York Fed paper as a "blueprint" for the changes Ms. Schapiro would like to make.Ms. Schapiro, joined by Federal Reserve and Treasury Department officials, sees money funds as one of the weakest links in the financial system despite reforms adopted two years ago to make the industry more resilient to widespread redemptions. Fund firms and other experts say the cash-like investments rarely run into serious trouble.To publicly float her proposals, Ms. Schapiro needs "yes" votes from two of her four fellow commissioners. For months, three of the commissioners have said they don't believe there is sufficient evidence additional money-fund overhauls are needed, effectively blocking the proposals' advancement.A number of Fed officials have been anxious about money-market funds for some time. Central bankers see the funds as a prime source of risk in large part because their structure is such that when trouble, or the fear of trouble, arises, investors have every incentive to withdraw all their funds. That can create the equivalent of a bank run.In congressional testimony Wednesday, Fed Chairman Ben Bernanke said money-market funds are currently a potential source of financial-market instability. He expressed his support of regulators' attempts to lower the source of risk posed by money funds
Muito bom.SE conseguisses reduzir para 10 minutos... era bom.
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