Arab Today, arab today yield on 10year spanish bonds shoots back above 6
Last Updated : GMT 00:07:53
Arab Today, arab today
Arab Today, arab today

Yield on 10-year Spanish bonds shoots back above 6%

Arab Today, arab today

Arab Today, arab today Yield on 10-year Spanish bonds shoots back above 6%

Paris - AFP

The yield on Spanish 10-year bonds rose sharply Tuesday back above 6.0 percent for the first time in over a week following a meeting of eurozone finance ministers where there was no movement on a possible Spanish bailout. At 0628 GMT the yield on 10-year Spanish government bonds rose to 6.095 percent on the secondary market, compared to 5.714 percent at Monday's close. It had been below 6.0% percent, a level considered by many economists to be unsustainable in the long term, since September 28. "At the Eurogroup meeting, no progress was made on other 'hot' topics which gather attention today, chief among them being the expected request by the Spanish government for a precautionary credit line from the ESM," said Credit Agricole economist Slavena Nazarova. The eurozone on Monday unlocked its 500-billion-euro ($650 billion) crisis war chest, the European Stability Mechanism (ESM)as Spain agonised over whether to seek a full bailout. Spain's heavy debt refinancing burden and high borrowing costs are widely expected to force it to seek a bailout soon, with market pressure likely to rise on Madrid as it faces some 30 billion euros in repayments this month. Madrid has held back on requesting a bailout as it wants more information on the terms it will need to meet to get help, while other eurozone states are divided on the issue. Once a bailout is in place it would make Spain eligible for help from the European Central Bank, which announced a new government bond-buying programme designed to lower sovereign borrowing costs.

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