Mon, Jul 6, 2015
A A A
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. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner