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Austria Makes History With First 100-Year Bond Sale Into Public Euro Markets

September 12, 2017 Tyler Durden 0

Austria, a country which itself is less than 100 years old, made European history today when it launched a 100-year government bond: the first such deal to be sold into eurozone public markets. While Austria is not the first nation to sell 100 year bonds – last year Ireland and Belgium both sold privately-placed century-long bonds – while Austria itself sold a 70 year bond, Austria’s planned 100-year bond is unique in that it would be the first such debt sold directly into public markets in the eurozone according to the WSJ.

It is unclear if the lack of a private sale suggests there was no reverse inquiry for the high duration product among institutions, however the return of this highly convex and duration-laden instrument suggests that European yields are unlikely to shoot higher, at least judging by the anticipated demand. On the other hand, yields are about to spike from the perspective of Austria, which is simply seeking to lock in the longest-possible term financing before the ECB begins tapering/tightening, and yields spike, as Fasanara Capital warned yesterday.

Thanks to the ECB’s relentless yield suppression and monetizing of virtually every rates product, Eurozone countries and companies have been able to raise cash for longer time periods because Mario Draghi’s stimulus measures have pushed down bond yields and lowered borrowing costs across the euro area. Late last year, Austria sold a €2 billion ($2.2 billion), 70-year bond at a yield of 1.53%, while Ireland and Belgium have both sold privately placed bonds that don’t come due for a century.

Some more details on today’s offering, via the WSJ:

  • The initial price expected for the planned September 2117-dated bond is in the 60 basis points area above the yield of the domestic peer 1.50% February 2047 bond. The 2047-dated Austrian bond is trading at a yield of 1.52%, according to Tradeweb.
  • The joint lead managers of the dual transaction are BofA Merrill Lynch, Erste Group , Goldman Sachs International Bank, Natwest Markets and Société Générale CIB.

As observed above, Ireland and Belgium each sold €100 million in 100-year bonds in 2016 in private placements. Outside the eurozone, Argentina and Mexico have issued 100-year bonds. In 2015, French state-owned railroad company SNCF issued a 100-year euro bond for €25 million, while power utility Electricité de France SA sold 100-year bonds in 2014.

As Antoine Bouvet of Mizuho observes, “the potential for a 100-year deal is a sign that the market for very long issuance is not closed yet.”  Ironically, with no comparably long publicly issued sovereign bond available in the eurozone, Austria’s own, 2086-dated bond might be the pricing reference, Mr. Bouvet said. The 2086-dated bond is trading at a yield of 1.82%, according to Tradeweb.

So is this the last hurrah before the ECB finally unveils its tapering intentions next month as many have speculated, leading to the next European “tantrum”, blowing out yields out of the water and resulting in immediate, and substantial, losses to all those who bought the Austrian bond?

Perhaps, on the other hand, judging by the record daily inflow ($777MM) into Blockrock’s 20Y Treasury Bond ETF (TLT), virtually nobody is worried about this contingency.

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The Rise Of The Utility Token

September 12, 2017 Robert smith 0

For the past several months, “ICO fever” has taken over the tech world. Just recently, the record for largest ICO (initial coin offering) was broken by Filecoin, a decentralized cloud storage service, with an astonishing $252 million raised over the course of a month. The ICO has quickly challenged the role of venture capital and … Continue reading The Rise Of The Utility Token

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The Rise Of The Utility Token

September 12, 2017 BitNewz.net 0

For the past several months, “ICO fever” has taken over the tech world. Just recently, the record for largest ICO (initial coin offering) was broken by Filecoin, a decentralized cloud storage service, with an astonishing $252 million raised over the course of a month. The ICO has quickly challenged the role of venture capital and … Continue reading The Rise Of The Utility Token

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Did Trump Just Slam Hillary’s New Book?

September 12, 2017 Tyler Durden 0

As Hillary Clinton’s “What Happened” novel hits the shelves today at a 40% discount it appears President Trump just took a subtle shot at the former first lady’s view of the world

Fascinating to watch people writing books and major articles about me and yet they know nothing about me & have zero access. #FAKE NEWS!

— Donald J. Trump (@realDonaldTrump) September 12, 2017

It’s hard to disagree with President Trump’s vie of Hillary’s book (if that is who he is indirectly discussing) as the level of cognitive dissonance within seems monumental. The Hill offers five of the most memorable anecdotes shared by Clinton in her book.

Obama urged Clinton to run

 

President Obama signaled to Clinton early on in 2013 and 2014 that she should run for president. “He made it clear that he believed that I was our party’s best chance to hold the White House and keep our progress going, and he wanted me to move quickly to prepare to run,” Clinton wrote. She wrote that Obama’s support meant a ton to her. “I knew President Obama thought the world of his Vice President, Joe Biden, and was close to some other potential candidates, so his vote of confidence meant a great deal to me.”

 

Clinton sought guidance from Bush on inauguration

 

As she decided whether to show up for President Trump’s inauguration, Clinton sought advice from a surprising source: former President George W. Bush. Bush had his own family disagreements with Trump, who had ridiculed his brother Jeb Bush during the GOP primaries. But he advised Clinton to go to the inauguration, arguing it was for the good of the country. “That gave me the push I needed,” Clinton wrote. “Bill and I would go.” Bush was also the first to call Clinton after she delivered her concession speech and waited on the line while she hugged and thanked her supporters. When Clinton finally came to the phone, the former president “suggested we find time to get burgers together. I think that’s Texan for ‘I feel your pain,’ ” Clinton wrote.

 

Clinton thought Chaffetz was Priebus

 

You’d think Hillary Clinton would know what former Rep. Jason Chaffetz (R-Utah) looks like. The Utah congressman had long sought to make a political issue of Clinton’s handling of the attack on the U.S. consulate in Benghazi, Libya, which resulted in the deaths of four Americans. Yet Clinton wrote that she mistook Chaffetz for Trump chief of staff Reince Priebus when he approached her on Inauguration Day. Chaffetz captured the moment on Twitter, posting a photo of the two that said: “So pleased she is not the President. I thanked her for her service and wished her luck. The investigation continues.” Clinton said she didn’t know who Chaffetz was and thought he was Priebus. After the Chaffetz tweet, she admitted that she “came this close” to tweeting back at the congressman: “To be honest, I thought you were Reince.” That wasn’t the only awkward encounter with a critical Republican. During the lunch at the Capitol following the swearing-in ceremony, Clinton also described a scene where Trump’s soon-to-be Interior secretary, Ryan Zinke, introduced Clinton to his wife. Clinton wrote that she was surprised that Zinke would want her to meet his better half, “considering in 2014 he had called me the ‘antichrist.’ ” “You know Congressman, I’m not actually the anticrist,” she said she told Zinke. He was “taken aback,” Clinton wrote, and “mumbled something about not having meant it.”

 

Loyalty pays off

 

After then-FBI Director James Comey said they had reopened an investigation to examine emails found on former Rep. Anthony Weiner’s (D-N.Y.) laptop, Clinton wrote that some people thought she should fire longtime adviser Huma Abedin, Weiner’s wife. “Not a chance,” wrote Clinton. “She had done nothing wrong and was an invaluable member of my team. I stuck by her the same way she has always stuck by me.”

 

In the end, it’s Bill and Hill

 

In the wee hours of the morning on election night, after everyone left the Clinton suite, the former secretary of State wrote that she and her husband were alone. “I hadn’t cried yet, wasn’t sure if I would. But I felt deeply and thoroughly exhausted, like I hadn’t slept in ten years,” Clinton wrote. “We lay down on the bed and stared at the ceiling. Bill took my hand and we just lay there.”

Finally, for those who are interested in what Hillary has to say in “What Happened” but just don’t have time to read a book right now, we found this summary to be a fairly accurate portrayal:

Hillary

 

Politico notes that Trump’s tweet also coincided with the release of NBC political reporter Katy Tur’s “Unbelievable: My Front Row Seat to the Craziest Campaign in American History.” Trump has sparred in particular in the past with Tur, whom he has characterized as a “third-rate journalist” and singled her out by name at rallies, sparking the ire of attendees. The president has also referred diminutively to Tur as “little Katy” and at a July, 2016 press conference, told her to “be quiet” as she sought to ask a follow up question about his invitation to the Russian government to find emails deleted from the personal email server Clinton maintained as secretary of state.

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“Yesterday Was A Once-In-A-Decade Sort Of Day For The S&P 500”

September 12, 2017 Tyler Durden 0

Authored by Peter Tchir via Brean Capital,
I wish it was Sunday‘Cause that’s my fun dayIt’s just another melt-up Monday
The S&P 500 has rallied 1% or more four times this year – three of those have been on Mondays (4 out of …

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PBoC Official Claims ICO Ban Will not Hinder Blockchain Research Efforts

September 12, 2017 BitNewz.net 0

China’s crackdown on cryptocurrency ICOs has baffled the cryptocurrency sector. Although not entirely surprising, the consequences of this decision remain somewhat vague. One PBoC official claims this decision will not affect blockchain research in the country. Additionally, he further confirms this “ban” is only a temporary measure for the time being. It is evident the … Continue reading PBoC Official Claims ICO Ban Will not Hinder Blockchain Research Efforts

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