Expansion / The mass exodus of the debt market, after the triumph of Donald Trump continue to raise risk premiums.
The wave of sales does not stop the public debt market, the more punished than doubled since the triumph of Donald Trump in the us elections.
The change of direction in the White House there has been a shift to fixed income. At the close of last Tuesday, before we know the outcome of the elections in the US, the interest of the German bund stood at 0.19 per cent, and the bonus Spanish ten-years at 1.25%.
Less than a week later, the profitability of the German bund clearly exceeds 0.3%, the maximum since February, and the bonus Spanish and has broken even at the level of 1.6%, in line with the levels achieved at the end of June, after the triumph of the Brexit.
The result is a spike in the risk premium , from 106 basis points prior to the triumph of Donald Trump to the levels above 120 points recorded in the session today.
But sales have become more forceful even in other european debts. Italy has been one of the biggest victims. The political uncertainty has been exacerbated in the referendum on the reform of the Constitution. The suspicions of the investors has raised the return required to your bonus to ten years by over 2% for the first time from September 2015.
The risk premium of Italy is triggered by over 170 basis points, and the differential with respect to the Spanish debt is strengthened in this way by over 50 basis points, a record low in four years.
The corrective for the public debt also extends to those obligations over the long term. The interest of the debt of Germany to 30 years has exceeded the level of 1% for the first time since last may.
The investors of the debt market have adjusted their portfolios with the resurgence of inflation as the main reference. The actions of Donald Trump could banish the cycle of the ‘zero rates’ and analysts advance a drastic revision of its forecasts for both inflation as a rise in interest rates by the Federal Reserve .
The European Central Bank even raised its first upward adjustment in the rates. But yes has been immersed in the debate over the start of the brake in its monetary stimulus. The market expected the ECB to expand its program of bond buying beyond march, 2017, but doubts about the sum allocated to these acquisitions.
SPAIN: The interest bonus Spanish shooting 40 points in a week
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