"There’s a vacuum of information from the bank, but a lot of nasty information coming through from the group," said Richard Thomas, an analyst at Bank of America Corp. in London. "They’re saying it’s ringfenced, but the market is saying give us the numbers and we’ll assess."
Sus pasivos en bonos han caído al 82,9% del nominal,
Banco Espirito Santo’s stock was suspended at 51 euro cents at 12:30 p.m. in Lisbon, down from 68 cents on July 1. The bank’s 7.125 percent subordinated notes due November 2023 slid as much as 6.7 cents on the euro today to 82.9 cents, to yield a record 9.79 percent, according to data compiled by Bloomberg. The yield on Portugal’s 10-year bonds climbed 16 basis points to 3.93 percent.
En suma, aunque los bomberos toreros de siempre han salido a asegurar que esto no tiene nada que ver con España, tiene que ver, y mucho, con la situación de balcanización de la banca europea, que sigue sin un protector contra las crisis sistémicas, como explica el Financial Times. Y España está más balcanizada que antes, digan lo que digan. Tan balcanizada, que una respuesta contundente contra un riesgo sistémico es imposible: esta en manos de los gobiernos nacionales, pero con autorización de la UE; y el de España esta endeudado hasta las trancas.
Que hay signos de contagio se ve en la subida de las primas de riesgo y en el coste de seguro del mercado de Credit Default Swap, no sólo del banco cuestionado, sino de de todos. De nuevo Bloomberg:Credit-default swaps on the senior debt of Banco Espirito Santo were the worst performing among financial companies around the world this week jumping 54 percent to the highest in eight months, according to data compiled by Bloomberg. The lender’s debt is the most expensive to insure among 325 financial companies tracked by Bloomberg.
The cost of insuring the bank’s debt jumped 67 basis points today to 454 basis points, the highest level since October. The contracts, which peaked above 1,200 basis points during Europe’s sovereign debt crisis in 2011, are up from a more than four-year low of 156 basis points last month.
The net amount of the bank’s debt protected by credit-default swaps almost doubled to a two-year high of $940 million on July 4 since April, according to the Depository Trust & Clearing Corp. The contracts were the 23rd most traded last week among 1,000 entities tracked by DTCC, with 352 trades covering a gross $846 million.
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