Spain has continued
to pay record high rates for short-term bills and is expected to do so
again at a sale of longer-term bonds on 21 June. The news limited gains
brought about by the Greek election result on stock markets, as investors fear
that the Spanish government will soon need international help.
On 18 June Spanish
10-year bond yields hit a record high above the 7% level, which has previously been
the trigger for sovereign bailouts of Greece, Ireland and Portugal.
Spain’s Treasury was
due to issue between €2bn and €3bn of 12- and 18-month debt. In the event
it issued a total of €3bn bills, at the top end of its target. The yield for
the longer-dated paper was the highest since November when election uncertainty
in Spain and global market jitters pushed yields on the same bill to 14-year
The Treasury sold €2.4bn
of the 12-month T-bill at an average yield of 5.074%, compared with 2.985% at
the last auction for debt of this maturity in May.
The sale scheduled
for Thursday is of between €1bn and €2bn of bonds due in 2014, 2015 and 2017.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.
With rising interest rates being a hot topic at this year’s AFP conference, many treasurers were discussing how they can structure their ... read more