On the heels of yesterday’s Greek deficit plan and with Germany implicitly joining the list of rich uncle rescuers that include the US government (aka, the US taxpayer), Abu Dhabi, the IMF, and all other countries that helped their banking system, Greece will try sell up to 5b euros of 10 yr notes at a spread of about 300 bps to the mid swap rate, down from the 350 spread priced in the sale of 5 yr notes they sold last month. The issue is well oversubscribed. They need to refinance up to 23b euros of maturing debt coming in the Apr/May time frame. Greek stocks are rising to a one month high in response but the euro is lower as a sell on the news. The BoE and ECB kept policy on cruise control. ECB Pres Trichet will elaborate more at 8:30 on how he plans to maneuver thru wanting to exit some of their policies at the same time he deals with Greece, etc… and a very fragile economic situation. Feb US retail comps look good so far.
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/
Previous PostMorning Radio: Bloomberg Surveillance