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Global bond markets are rebounding
09/9/2017 12:00 am
[rtl]Due to weak debt costs
Capital / follow-up on the morning
The global bond markets are witnessing the return of the issuance of several countries that had until recently suffered from economic crises that reached the level of debt default, as investors seek better returns without considering creditworthiness.
Countries with non-investment credit ratings (weak) tended to borrow from global markets, taking advantage of low debt costs.
While investors have always been accustomed to punishing countries that do not have strong creditworthiness by increasing the benefits required to lend, the current situation is changing as borrowing costs of poorly rated countries decline.
The decline in borrowing costs is one of the main reasons for the issuance of bonds in low-credit countries, encouraging countries whose economy is deteriorating to issue international bonds.
The downward trend in Treasury bond yields began in 2014, driven by increased global external demand, which coincided with the ECB announcement in the same year of the launch of the quantitative easing program.
The yield on 10-year German bonds fell in 2014 from 1.95 percent to 0.55 percent at the end of the year, and in Japan, the yield fell 0.35 percent.
Rising demand for US bond markets contributed to a 10-year decline in 10-year debt yields and a 30-year decline of 80-120 points respectively.
Argentina is one of the countries with debt problems. Nevertheless, it succeeded in marketing this year
100-year dollar bonds and managed to sell $ 2.75 billion worth of bonds at a yield of 7.125 percent. Received bids exceeding the required value.
In the same context, it is reported that Ukraine is planning to return to the dollar-denominated sovereign bond market after a three-year hiatus. Ukraine also defaulted on its debts in 2014 and demanded a 20 percent debt reduction, I have already borrowed it for 4 years.
Greece decided last July to return to the government bond market after three years of disruption, through the issuance of bonds for 5 years.
The Athens stock exchange called on shareholders with a yield of 4.75 percent, maturing in 2019, to exchange for notes.
Non-investment-grade African countries have benefited from a decline in bond yields in developed economies due to quantitative easing programs, with the cost of borrowing declining despite economic problems.
The average yield on US dollar bonds was 6.14 percent at the beginning of August, the lowest level since 2015.[/rtl]
[rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=143805[/rtl]
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