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Thread: Here we go : Investors shun German bond auction

  1. 7th January 2009, 07:32 PM #1
    SPN
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    Here we go : Investors shun German bond auction

    We all know 2009 is going to be a tough one, but I don't think most people quite realise exactly how tough its going to be.

    Here's a game changer to start with:

    Investors shun German bond auction
    It is the first eurozone bond auction of the year and an ominous sign of potential trouble ahead for governments around the world, with an estimated $3,000bn expected to be issued in sovereign debt this year – three times more than in 2008.

    The auction of 10-year bonds failed to attract enough bids to reach the €6bn the government wanted to raise. Although a number of German bond auctions failed last year, it was almost unheard of before the credit crisis.

    Meyrick Chapman, a fixed-income strategist at UBS, said: “When a German bond auction fails, then that does suggest there is trouble ahead for governments wanting to raise money in the debt markets.

    “There was certainly a supply/demand imbalance because of the large amount of issuance in the last quarter of 2008 and the large amount due in the coming months. Before the financial crisis, German bond auctions just did not fail.”

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  3. 7th January 2009, 07:34 PM #2
    BodyofEvidence
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    yep. And we want 20b......whaddam I bid!
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  4. 7th January 2009, 07:35 PM #3
    seabhcan
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    Oh dear.....
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  5. 7th January 2009, 07:36 PM #4
    factual
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    Doesn't this just mean we have to pay a higher coupon?
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  6. 7th January 2009, 07:41 PM #5
    Catalpa
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    The only things I ever borrowed money on in my adult life were my House, a 14'' TV and a washing machine.

    All were paid back ahead of schedule.

    So if Catalpa can live within his means why can't Sovereign Governments?

    Don't spend what you haven’t got!
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  7. 7th January 2009, 07:45 PM #6
    BodyofEvidence
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    Quote Originally Posted by factual View Post
    Doesn't this just mean we have to pay a higher coupon?
    Ah sure thats grand so. 20b*3.0% is a lot different to 20b*5.5% pa. As in hundreds of millions....thats assuming anyone will lend to us. If they wont lend to the gerries.....
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  8. 7th January 2009, 07:45 PM #7
    yehbut_nobut
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    Government announces "National Live-off-your-savings Month." Now extended to 8 weeks!

    ;~)
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  9. 7th January 2009, 07:48 PM #8
    Rebel CNC
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    Quote Originally Posted by factual View Post
    Doesn't this just mean we have to pay a higher coupon?

    Just???


    Do the maths.
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  10. 7th January 2009, 07:59 PM #9
    goosebump
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    Now this is serious.

    Which you should we ditch first? The schools or the hospitals?
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  11. 7th January 2009, 08:03 PM #10
    DeGaulle 2.0
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    Quote Originally Posted by yehbut_nobut View Post
    Government announces "National Live-off-your-savings Month." Now extended to 8 weeks!

    ;~)
    How long can we live off the National Pension Fund?
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