Market information

Wednesday, July 14, 2010

Dutch exports are back at the level before the credit crisis. Statistics Netherlands (CBS) announced yesterday that the export of goods increased by nearly 18% in May compared to the same period last year. The export volume totalled EUR 29.9 billion in May. The increase in exports is largely due to the depreciation of the euro against the US dollar, but also the strong economic growth in Brazil, China and India contribute positively to a higher Dutch export level.

Yesterday Greece entered for the first time the money market, after the measures taken by the European Union (EU) and the International Monetary Fund (IMF). The issuance of the six month government bond, representing a total value of 1.625 billion, was warmly welcomed by investors (3.64 times oversubscribed). The yield on the government bond is 4.65% and thereby lower than the interest rate of 5% that the EU applies to its share in the rescue package.

Credit rating agency Moody's downgraded Portugal's credit rating by two notches yesterday (from Aa2 to A1). The relatively high budget deficit and the low economic growth forecast for Portugal are stated by Moody's as reasons for the downgrade. Credit rating agencies S&P and Fitch have yet left Portugal's credit rating intact so far.

The 6M Euribor remained unchanged at 1.09%. The 10Y Swap increased with 5 basis points to 2.86%.

In the attachment below, today’s market data on money and capital market rates as well as other rates are presented. For more history of these rates or other rates feel free to ask: .(JavaScript must be enabled to view this email address).

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