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German bonds surge the most since November 2011, Italian and Spanish bonds plunge

Fonte/Source, Bloomberg, German government bonds surged the most since November 2011 after a weekend of turmoil which saw Greece’s Prime Minister Alexis Tsipras announce a referendum on the nation’s bailout, raising the risk of an exit from the euro.

Italian and Spanish bonds plunged as Greece shut its banks and imposed capital controls in a dead-of-night announcement designed to avert the collapse of its financial system. The shared currency dropped and U.S. Treasuries climbed. The turbulence is in contrast to last week, when German bonds fell and Spanish securities advanced amid optimism a deal would be reached.

German 10-year bund yields fell 19 basis points, or 0.19 percentage point, to 0.74 percent as of 7:36 a.m. London time. The 0.5 percent security due in February 2025 climbed 1.695, or 16.95 euros per 1,000-euro ($1,107) face amount, to 97.82. The yield rose 17 basis points last week.

The yield on Italian 10-year bonds climbed 23 basis points to 2.38 percent, pushing the difference, or spread, over benchmark bunds to 165 basis points. That’s the biggest increase since February 2013, based on closing-price data. Spain’s 10-year bond yield jumped 22 basis points to 2.33 percent.

Treasury 10-year note yields fell 15 basis points to 2.32 percent, while the euro slid 0.9 percent to $1.1069 and touched $1.0955, the lowest since June 2.

Fonte/Source, http://www.bloomberg.com/news/articles/2015-06-29/german-bonds-set-to-surge-at-open-as-greek-debt-crisis-escalates

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