Market information

Friday, July 16, 2010

Despite the lowered credit rating of Portugal last Wednesday, they have managed to sell EUR 1.68 billion in bonds. The maturities of the loans are two and nine years. The Italian government succeeded in attracting new capital as well. An amount of EUR 6.8 billion was raised by issuing bonds with maturities up to thirty years.

The funding ratio of pension fund ABP declined further to 95%, well below the prescribed minimum of 105% by the Dutch Central Bank. ABP attributes the decline of the funding ratio, amongst others, to historically low interest rates.

The U.S. investment bank Goldman Sachs and the U.S. Securities and Exchange Commission (SEC) reached a settlement. The settlement is the largest in Wall street’s history and amounts to USD 550 million.

The U.S. Senate has approved a financial reform which should assure that a future financial crisis is avoided. The Reform Act provides the establishment of an oversight board, which should make an end to decades of deregulation in the financial sector.

The 6M Euribor remained unchanged at 1.10%. The 10Y swap increased with 2 basis points to 2.89%.

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