Raised 2.494 bln. top end of 1.5-2.5 bln target range.

Had to pay up though

April 2016 bond average yield 5.106% from previous 3.374%

July 2015 bond average yield 4.876% from previous 4.037%

January 2015 bond average yield 4.375% from previous 2.890%

ISTANBUL (MNI) – The ongoing financial crisis makes clear that
confidence is the key driver of market behavior, European Central Bank
Governing Council member Yves Mersch said Thursday.

Mersch, who heads the Luxembourg Central Bank, told a conference
here that “everything is about confidence and confidence means you have
to live up to what you have promised. If you leave yourself, if you
leave your fate to the markets, you might see markets” under- or
overreacting.

This is seen in the context of the current crisis, when markets
initially paid little heed to sovereign risk, “and suddenly when they
woke up to this risk they started overpricing,” he noted.

Mersch also warned against expecting “that we will be able to jump
from one day to [the next] to a fiscal union.”

–Frankfurt bureau tel.: +49-69-720142. Email: dbarwick@marketnews.com

[TOPICS: M$X$$$,MT$$$$,MGX$$$,M$$CR$,M$$EC$]

Cue the Jaws music……

• Italy bank funding from retail clients very weak, although positive in early 2012
• Working with CONSOB on steps to help bank debt issue
• Window of opportunity for Italy banks to issue on international markets appeared to be closing again

I’m off on a long weekend today and I won’t be back till at least Tuesday, maybe longer

Yipeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!!!!!

El Mundo reports, citing information from board meeting Wednesday.

• Elections on June17 will be about Greece remaining in the Euro, and Greece has to change with the rest of Europe or  face the horrors and isolation  of a euro exit and collapse of everything built so far.

Comments made on state run TV

Hope it hasn’t gone dry 

Spain to tap 4.00% July 2015 bono, 4.40% January 2015 bono and  3.25% April 2016 bono

Target amount 1.5-2.5 bln

Results due soon after 08:40 GMT.

According to Italian sources.

Reuters reporting.

Ya just can’t beat a good videoconference is what I say.

I’m sure they’ll sort everything out  

Someone’s benefitting from all this Greek chaos…..

I’m sure Angela Merkel is quite prepared to make whatever changes you’d like mate  ;)

I feel trouble is brewing in paradise……

FIGHT! FIGHT! FIGHT!

EUR/USD down at session low 1.2717.

Off you go then matey…..

• France and Germany want Greece to stay in euro (ahhh, ain’t that sweet)
• Need to boost industry
• Must reduce budget deficit, debt

Good Luck mon ami is all I’m sayin……

EUR/USD down at 1.2727 from the 1.2742 which greeted me.

Sources report ACB selling in recent trade.

Why would an Asian central bank suddenly be selling euros? I hear you cry.

Well here’s a rather splendid explanation I had one of my minions put together yesterday.

EUR/USD: Offers 1.2755/65, suggested buy stops just above ahead of real money offers  1.2790/00. Bids 1.2700/10, sell stops through 1.2680, bids ahead of 1.2650 barrier with more sell stops on a break ahead of next barrier 1.2625.

GBP/USD:  Bids 1.5890/10,tech support around 1.5879 (200 wk MA),  sell stops through 1.5870. Offers 1.5930/40, 1.5955/65 and 1.5990/00

EUR/GBP:. Bids 0.7980/85 and 0.7950/55, offers 0.8005/10 and 0.8025/30

AUD/USD: Offers 0.9960/70, buy stops just above ahead of offers 0.9990/00, buy stops just above. Bids 0.9900/20, sell stops on abreak and again through 0.9870

AUD/JPY: Offers 80.00/10. Bids 79.50/60, sell stops through 79.30 and 79.00

EUR/JPY:  Offers 102.40/50, Bids 102.00/10, large sell stops down through 101.75

USD/JPY:  Bids 80.20 down to 80.00, sell stops just below. Offers 80.50/60 (exporters), buy stops through 80.65 and 81.00

EUR/CHF:  Bids 1.2000/10. offers 1.2015/25

USD/CHF: Bids 0.9415/25, offers 0.9440/50 and 0.9460/70

NZD/USD: Tech sup 0.7625/30. Offers 0.7685/95, 0.7700/10

XAU/USD: Talk of sovereign bids 1520/25

• Quake reconstruction is emerging
• 3 consecutive quarters of growth is good news
• Aware that Europe problems may have global effects
• Severe conditions will continue in Europe

Bloomberg reporting.

Comments started out optimistically enough and then kinda went downhill

Good luck with that one.

• Controlled Greece exit not dangerous to Poland
• But concerned euro area not ready for Greek exit
• Euro area must have convincing firewall
• ECB must be ready for unlimited bond purchases
• ECB must be ready to buy Spain, Italy bonds
• ECB must be ready to act unconventionally
• EU needs economic growth to cope with deficit, debt
• France’s Hollande right on need for growth

Bloomberg reporting.

Can’t disagree with anything Mr Rostowski says.

DAX futures up +0.3%, CAC 40 futures up +0.2%.

Probably betta off saying flat really

Financial bookies see FTSE opening up around +0.1%, DAX up around +0.1% and CAC 40 down around -0.2%.

Opinion piece by UBS economist.

Think you might need some reading material today.

One company already set up to trade Drachma in the event of a Greek Euro exit is the world’s largest FX broker …ICAP.

Group Chief Michael Spencer says ICAP is prepared for a return to the Drachma, and warns that other countries  could follow Greece, should it fall out of the currency union.

He also condemned German and French bullying tactics within the Union over the proposed financial transaction tax.

When the don’t knows are excluded, it’s 60% YES versus 40% NO.