Government bonds and CDS

The Government Bonds Desk offers market making activity for European Euro Area government bonds, providing liquidity through a competitive service based on reliable prices.

With reference to the Italian government bonds, Banca Akros acts as:

  • Market Maker on the Italian MTS
  • Dealer on the EuroMTS
  • Market Maker on the EuroTLX
  • Specialist for the BTP ITALIA on the MOT market
  • Execution venue on various OTC platforms, including Bloomberg (AKRO) and Reuters RTFI (AKRX).

The Credit Derivatives Desk operates on Credit Default Swaps (for which the market is mainly OTC), in particular on:

  • ITRAXX Indexes (Hivol, Main, Xover, SOVX)
  • Sovereign CDS (denominated in USD), with a specific focus on the euro area.

These instruments are used to hedge against corporate bonds, banks or utilities, with the aim to mitigate the implicit risk of the issuers.

 

Sovereign Spreads as of 10-20-2017

CountryBenchmark 5YYieldSpread Vs GerASWAP
GERMANIADBR 07/10/22-0,29%-51,5
FRANCIA OAT 25/0/23-0,0707%21,93 bps-41,7
AUSTRIARAGB 22/11/22-0,1469%14,31 bps-41
OLANDANETHER 15/07/22-0,2569%3,31 bps-46,5
BELGIOOLO 28/09/22-0,2011%8,89 bps-45,2
ITALIABTP 01/09/220,7348%102,48 bps60,1
SPAGNASPGB 30/04/220,34%63 bps17,3
PORTOGALLO PGB 17/10/220,952%124,2 bps74
IRLANDA IRISH 18/10/22-0,024%26,6 bps-25,4
UKUKT 22/07/220,75%104 bps-28,9

 

CountryBenchmark 10YYieldSpread Vs GerASWAP
GERMANIADBR 15/08/270,43%-42,8
FRANCIA OAT 25/05/280,854%42,4 bps-9,3
AUSTRIARAGB 20/04/270,61%18 bps-21,5
OLANDANETHER 15/07/270,543%11,3 bps-30,5
BELGIOOLO 22/06/270,6984%26,84 bps-14,6
ITALIABTP 01/08/272,056%162,6 bps117,2
SPAGNASPGB 31/10/271,654%122,4 bps74,1
PORTOGALLO PGB 14/04/272,337%190,7 bps164,8
IRLANDA IRISH 15/05/260,654%22,4 bps-5,7
GRECIAGGB 24/02/275,567%513,7 bps436,8
UKUKT 07/12/271,298%86,8 bps-2,9

 

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