The announcement this Thursday of a package of monetary stimulus to 2017 by the European Central Bank (ECB) has caused an impact heterogeneous in the cost of financing the debt of the economies of the euro.
The 'effect Draghi', this time, has generated what some analysts have already deemed "fluctuations of the wild" in the rates in the secondary market between the announcement of the main measures and the end of the press conference given by Mario Draghi, where he reaffirmed that the ECB has not decided or if you want to discussed any discontinuance of the strategy of monetary stimulus.
The global trend in the reaction of debt markets was for a rise of rates in the term of reference of 10 years, but the maturities of short-and medium-term the impact has been differentiated.
Portugal has been the peripheral of the euro more penalized this Thursday. The rates have gone up in the secondary market, 2, 5 and 10 years. The 5-year the increase was 18 basis points to 2,17% and the 10 years recorded an increase of 21 basis points for 3,73%, after having reached 3,79% by 16 hours (Uk time). Were the largest rises recorded in the session today between the economies of the euro.
The country followed the global trend of rising rates to 10 years, but has not kept pace with the falling rates in shorter periods occurred in the majority of the members of the euro. There will be that to determine if the "particularity" of the Portuguese – rise of the rates in all periods – if you are going to keep.
The risk premium of Portuguese debt gave a jump of 18 basis points at the close this Thursday, well above that recorded for the risk premiums of the debt of the Italian, Spanish and irish, which went up seven, six and two basis points respectively.
The rate of the bonds German 10-year, closed up three basis points, for 0.38%. However, the 2 and the 5 years of the yields ended the session in the fall. The same pattern was found for Ireland. But, for Spain and Italy has been downhill within 2 years and climbs in maturities of 5 and 10 years.
THE ECB decided to extend the asset purchase program until the end of December next year, involving an injection of additional 540 million euros in relation to the goal set by march 2017. This increase in stimuli was higher than was expected by analysts, which had pointed to an extension of six months, and not nine, implying an injection of 480 billion euros.
The team of Draghi bet for more monetary stimulus and not by any overall reduction or signal of discontinuance of the purchase program. The president of the ECB repeated that the reduction of 20 billion euros in monthly purchases from April 2017 there is no 'tapering' (bottleneck) that is similar to the phasing to zero of the buying program put in place by the us Federal Reserve in 2013.
financial markets reacted in particular to the two stirred in the rules of the program, which will enter into force in January next year.
A change allows you to buy, "in case of need", in the secondary market obligations with yields is currently negative below the threshold of 0.4% (the rate of remuneration of deposits of the banks, which serves as a reference), which favors the six economies of the centre of the euro (Germany, Austria, Belgium, Finland, France and the Netherlands) and a peripheral (Ireland).
This warranty of purchase in the secondary market by the ECB pushed the low the rates already negative, the timing of the short and medium term. Which means that the Treasure of those member states of the euro received a "Christmas gift". The investors will pay, even more, to hold these securities with negative rates. Some analysts considered this a stir "tailor-made for Germany".
The second change allows the ECB to purchase on the secondary market obligations with a term of 1 year, which expands the range of eligible securities.
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