Tag Archives: Spain

Eurozone Sovereign Spread Tightening

Posted on January 12, 2012 by macromon

After the better than expected Spanish bond auction, eurozone sovereign spreads have come in significantly today.  The widely watched Italian 10-year bond yield fell to 6.63 percent. The return of confidence, in our opinion, is the continuation of the markets’ … Continue reading →

Posted in Black Swan Watch, Euro, Eurozone Sovereign Spreads, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , , , , | 2 Comments

Spain’s PM Rajoy names insiders in new cabinet Euronews

Posted on December 21, 2011 by macromon

(click here if video is not observable)

Posted in Black Swan Watch, Euro, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , | Leave a comment

Spain’s New P.M. Unveils Austerity Measures

Posted on December 19, 2011 by macromon

(click here if video is not observable)

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The European Troika to Watch

Posted on December 6, 2011 by macromon

The “troika” – Italian, Spanish, and French bond yields –  is acting pretty well even after the S&P downgrade.  Italy is under 6 percent and that is what matters.   We sense there will be tremendous pressure on the shorts and … Continue reading →

Posted in Euro, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , | 2 Comments

Spain’s Funding Rates Soar

Posted on November 22, 2011 by macromon

(click here if video is not observable)

Posted in Black Swan Watch, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , | 1 Comment

The Pain in Spain

Posted on November 16, 2011 by macromon

Our friends and former colleagues over at Macro Synergy Partners, a London based hedge fund, which is performing well this year,  really nails it on Spain.  Note this was written before the recent blowout in spreads. Spanish policy makers made … Continue reading →

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The Pain in Spain – 3.302% 6-month Bills

Posted on October 25, 2011 by macromon

The NY Times reports, The Treasury said in Madrid that it had sold bills valued at €3.48 billion, or $4.9 billion, of short-term paper — substantially all of the €3.5 billion it had been targeting. It sold three-month securities priced … Continue reading →

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Italy and Spain Downgraded by Fitch

Posted on October 7, 2011 by macromon

The ratings agencies are a complete joke, the last to the party, and usually a contrarian signal, but the Fitch downgrade did cause some market volatility today.   What concerns us more is that Moody’s has put Belgium on watch for … Continue reading →

Posted in Black Swan Watch, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , | 1 Comment

Spain and Italy Services PMI Continue to Contract

Posted on October 5, 2011 by macromon

(click here if chart is not observable)

Posted in Economics, Employment, Euro, PIIGS | Tagged , , , , | Leave a comment

La Grande Divergence

Posted on September 26, 2011 by macromon

Great chart of eurozone sovereign 10-year yields from Desmond Lachman of the American Enterprise Institute.  We made a decent living off the “great convergence trade” of the 1990’s, where yields of the eurozone sovereigns collapsed on top of each other.  … Continue reading →

Posted in Black Swan Watch, Bonds, Budget Deficit, Euro, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , , , | 1 Comment