Wed, Oct 26, 2016
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Saxo Bank reflects on Cyprus situation from macro, fx and commodity standpoint

Tuesday, March 19, 2013

Beverly Chandler, Opalesque London: Mads Koefoed, head of Macro Strategy at Saxo Bank, writes that the situation in Cyprus has stolen the headlines, while Ireland and Portugal who have achieved extensions on maturities, have slipped below the radar.

Koefoed writes: "However, as everybody scrambles to form an opinion about Cyprus, news during the weekend regarding two other euro members slipped below the radar. Ireland and Portugal, which applied for bailouts in November 2010 and April 2011, respectively, have been among the most vigorous reformists. In return, the market has priced the two countries' yields lower with the Irish 10-year at 4.14% while the Portuguese equivalent stands at 6.16%. This should be compared to peaks of 14.1% and 18.3%, respectively. Now the reformist efforts are also paying dividends from their euro area finance colleagues."

The Troika consisting of the IMF, ECB, and EU will sort out the details but the euro area finance ministers approved a plan to extend the maturities on the emergency loans to both countries in a bid to ease the redemption profile as both countries try to achieve (full) market access.

"Ireland, unlike the southern peripheral countries, was quick to implement tough reforms, which are now paying off. Not only has Ireland successfully returned to the markets, selling 10-year bonds worth 5bn euros as late as last Thursday, but the economy is also among the better perf......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. David Einhorn speaks on passive investing, Mylan, his cheapest stock, the Fed[more]

    From Greenlight Capital hedge fund manager David Einhorn (Trades, Portfolio) joined nine other famed investors on Tuesday to talk about stocks at the annual Great Investors’ Best Ideas Investment Symposium in Dallas. Presenters at the annual conference typically pitch one or severa