Un nuovo periodo di sfiducia sui mercati finanziari dopo il tracollo Lehman???

[malvi88]

Come interpretate la discesa generalizzata di oggi? Un nuovo ridimensionamento dei rendimenti sullo stile post-LEHMAN?

[icecube]

Originalmente inviato da malvi88

Come interpretate la discesa generalizzata di oggi? Un nuovo ridimensionamento dei rendimenti sullo stile post-LEHMAN?

Mannò, ultimamente ci stavamo un po' annoiando, con tutti 'sti prezzi stabili e poche occasioni d'acquisto...

[malvi88]

Anch'io colgo quell'aspetto, in effetti su certi bond si stanno creando prezzi più che buoni: penso ad esempio ai FIAT 2012, 2017. Se scendono ancora un pò si può valutare qualche acquisto.

[kondorcap]

è l'effetto del rischio di default dell' emirato arabo di Dubai..
.. evento che avrebbe come al solito un forte impatto sui mercati mondiali colpendo in primis le banche che hanno fortemente investito / finanziato quei mercati.

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UAE: An Unexpected Restructuring

Bottom line: This news is very negative for Dubai, and a significant surprise, as was reflected in the adverse reaction of credit markets. More clarity is still needed as to the nature of restructuring that is sought by Dubai World. A default event, which is a possible outcome, would constrain the emirate's ability to finance its outstanding debt and severely limit its access to foreign financing. It could also have a negative impact on the rest of the region. The damage to investor confidence that has resulted from this development may be costly and long-lasting, in our view.

What happened? The government of Dubai made two major announcements on November 25 that had opposing effects on investor sentiment. The first was the positive news about the raising of US$5 billion of debt by the Dubai government, which was fully subscribed to by two banks that are majority-owned by the government of Abu Dhabi. The official statement indicated that this was part of the emirates' US$20 billion bond program, and that only US$1 billion of this new facility was currently expected to be drawn down. Then came the news about the restructuring of Dubai World's debt. The central sentence in the official announcement was that "Dubai World intends to ask all providers of financing to Dubai World and Nakheel to 'standstill' and extend maturities until at least May 30, 2010". No additional information was provided on the nature or the terms of the restructuring. A follow-up news release by the DP World - a majority-owned subsidiary of Dubai World - indicated that its debt was "not included in the restructuring process for Dubai World". Dubai's sovereign CDS spread has increased by about 200bp on the back of this news, while the risk of some of its quasi-public entities moved even wider.