bonds

European economy 21st August 2026

Olli Rehn calls for the creation of a “safe and liquid” European asset to deepen and structure the bond market

Olli Rehn, Governor of the Bank of Finland, has advocated a fresh push to develop European “safe and liquid assets” to support the euro internationally and lower borrowing costs. In his lecture “Back to school: Passing Europe’s triple test” delivered during the OMFIF Nordic SSA forum on 19 August in Helsinki (Finland), Rehn stated that “Europe’s funding needs are large or even huge, and our capital markets should better match…

Opinion 5th June 2026

Low growth, high returns: why Europe is penalising the stock market and rewarding bonds

By Felipe Villaroel What a fixed-income manager is looking for is an environment of low but positive growth, contained inflation, banks that do not take on too much risk, and under-represented technology and higher-risk sectors. The reason is simple: they receive the same coupon and recover the same principal regardless of how much a company grows. They do not share in the extraordinary gains that might result from taking on…

In Spain 23rd May 2023

Record start to the year: €450,000 million in bond issues

This has been a record start to the year, with €450,000 million in issuance. This exceeds the €422,000 million of the previous best start, in 2020, thanks mainly to the also record volume of €287,000 million of financial issues. Within financial issuance, the €124,000 million of covered bond issuance also marked a record start to the year, surpassing the previous record of €110,000 million last year and almost doubling the…

Market discounts ECB cut in deposit rate

European economy, Markets 10th April 2023

Fixed income: rising nominal yields should push up real yields

Deutsche Bank : The recent credit event in the US banking sector has caused considerable uncertainty about the outlook for policy rates. However, financial authorities have reacted strongly. In addition, the US labour market remains solid and inflation is becoming entrenched. In our view, this continues to justify a “higher for longer” official rate outlook. Although two-year US Treasury yields are falling from their cycle high, they remain, along with…

World economy 28th March 2023

US bond holdings fall by $76bn in a week: they don’t want bonds, they want cash

Intermoney | First Citizens finally proceeded to buy SVB for $500 million, assuming $56 billion in deposits and $72 billion in loans. The estimated cost of SVB’s bankruptcy has been set at $20 billion, a loss borne by the FDIC and representing 15% of the fund’s total. Not surprisingly, just a year ago, SVB was worth $40 billion and was the 14th largest bank in the US. Just a month…

Spanish economy 7th December 2022

Foreigners reduce their holdings of Spanish bonds by almost eight points in three years

The share of foreign investors in Kingdom of Spain government securities has decreased from the level of 48.79% at the end of 2019 to 41.04%, which is 7.75 points higher. In December 2019, non-resident investors held a portfolio of Spanish securities for an overall amount of 480.094 billion euros, which represented 48.79% of the total debt issued by the State. They now stand at 499.376 billion euros. The strong effort…

Spanish economy 9th September 2021

Spain Joins The Club Of Sovereign Green Bond Issuers

Fernando Rodríguez | The Spanish government has issued its first green bond for 5 billion euros, as part of a sustainable financing programme which the latest Treasury’s estimates amounted to 20 billion euros. The funds will be used to finance projects which promote the ecological transition. They are aimed at mitigating and adapting to climate change, the sustainable use and protection of water and sea resources, the transition to a…

Spanish economy 26th April 2021

The Spanish Treasury Will Have A National Sustainable Finance Plan And A Sovereign Green Bond Scheme In H2’2021

Fernando Rodríguez | The Treasury will issue its first sovereign green bond “in the second half of this year,” as announced by Pablo de Ramón-Laca, Director General of the Treasury and Financial Policy. He explained that this first bond will form part of the Treasury’s Green Bond Issuance Programme, which aims to be a “structural component of the Treasury’s financing policy.”

In the World, World economy 1st March 2021

Bond Markets Warm Up To The Approval Of The US $1,9 Tr Stimulus Package In Early March

Olivia Álvarez (Monex Europe) | Joe Biden’s proposed $1,9 Tr stimulus bill will run its race in Senate next week, as House Democrats passed the legislation on Friday. The package includes $1400 direct payments to most Americans, a $400 weekly jobless benefit and an extension of unemployment insurance programs to a larger share of eligible candidates. The bill also includes $20bn for Covid-19 vaccinations, $50bn for testing and $350bn into state and local aids. The plan also aims to hike the federal minimum wage to $15/hour by 2025, although this particular amendment hangs on a thin balance.

European politics 3rd February 2021

Super Mario Is Back With The Mission To Turn Italian Crisis Around; But It Won’t Be Easy

Over the weekend, Mario Draghi has managed to obtain a broad majority to form a new coalition government in Italy after winning the support of the Five Star Movement and the ultra-right-wing League. His nomination is a try to turn the country around the virus-induced crisis, since he is a widely respected figure for his important role during the European debt crisis. The yield of the Italian 10-year bond fell last week -11 bps to 0.53% on the expectation of greater political stability in the country (vs. a high of 0.75% this year).

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