The demand for Greek treasury bonds grew much stronger on Tuesday amid the EU bailout package. In its quest to cover maturing debt, the Greek government received exceptionally good bids for its short-term bonds.
Greece sold €780 million of 26-week bills at 4.55% yield and a 7.67 bid-to-cover ratio; the 52-week bonds at 4.85% achieved a 6.54 bid-to-cover ratio.
The most important question now is will the medium and long term debt find as much interest? The government needs to raise €11.6 billion by the end of May and an additional €20.0 billion by year-end. If it fails to do so, it will have to rely on the EU/IMF €45 billion bailout package revealed last Sunday.
The euro if off its recent highs, but stable At around 1.3567.
Trade Balance
Tuesday’s trading is marked by the release of February trade balance figures. First, the UK revealed an improvement of the trading gap to -6.2B vs. an expected -7.3B, which represents the best result since September 2009.
Despite the encouraging numbers, the GBP/USD failed to achieve a new high. It is now at 1.5360 and points to the downside.
The Canadian trade balance surprised the most by doubling expectations at 1.4B vs 0.7B expected. However, the Canadian dollar couldn’t pick up as oil dropped for the fourth day in a row.
The Canadian trade balance surprised the most by doubling expectations at 1.4B vs 0.7B expected. However, the Canadian dollar couldn’t pick up as oil dropped for the fourth day in a row.
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