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iShares MSCI Spain Capped ETF (EWP)

  • Nov. 21, 2011, 2:52 AM
    One civil servant succinctly sums up the predicament that Spain is in. "We can choose the sauce they will cook us in, but we're still going to be cooked."
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  • Nov. 21, 2011, 2:50 AM
    Spain's right-of-center Popular Party wins a solid majority of 186 seats in the 350-seat parliament in the general election. The first major tests for new PM Mariano Rajoy will come with debt auctions on Tuesday and Thursday.
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  • Nov. 18, 2011, 1:04 PM
    Spain's putative incoming PM, Mariano Rajoy asks markets to allow "more than half an hour," for the new government to solve the issues it is facing. Spain, this week, has been shoved into the spotlight, its 10 year bond rate rising above that of Italy's. The nation's banks continue to sit on an ocean of punk real estate assets - their recapitalization will strain government finances even more.
  • Nov. 18, 2011, 7:41 AM
    Another EU government is expected to fall this weekend (at least this one is by election) when Spain heads to the polls. The next PM is expected to be the conservative party's Mariano Rajoy, a "true believer" in the joys of austerity and fiscal reform. Tomorrow's crisis today: Spanish banks continue to carry property assets on their books that do not yet reflect the sharp depreciation in values there.
  • Nov. 18, 2011, 5:18 AM
    Ten-year Spanish and Italian bond yields turn lower and narrow the spreads with German bunds as the ECB steps into the market. Italian yields -15 bps to 6.69% and those of Spain -12 bps to 6.76%. French-German spreads narrow 7 bps to 169 bps.
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  • Nov. 18, 2011, 5:03 AM
    Germany is preparing for a default by eurozone countries that are too large to be bailed out, The Daily Telegraph reports. A leaked document from the country's foreign ministry reveals plans for a European Monetary Fund that would take ailing countries into receivership and run their economies.
  • Nov. 18, 2011, 3:38 AM
    European shares open down, with the debt crisis again pulling stocks lower as Spanish 10-year bond yields climb 35 bps to 6.8%. Euro STOXX 50 -0.5%, London -0.7%, Paris -0.7%, Frankfurt -0.7%, Milan -0.2%, Madrid -0.2%. STOXX Europe 600 Banks index -0.5%.
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  • Nov. 17, 2011, 5:39 AM
    More on the Spanish bond auction: the Treasury sold €3.56B ($4.79B) of 10 year notes vs. a plan to sell €4B ($5.4B), with the maximum yield 7.088%. Last month's sale brought a yield of 5.5%. The spiking spread to German (and other AAA rated) paper means LCH.Clearnet could raise collateral demands, possibly causing more forced selling.
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  • Nov. 17, 2011, 5:30 AM
    Yields on Spanish 10-year debt rise to an average of 6.975% in an auction, the highest in 14 years. The sale has sent the Spanish-German yield spread in the secondary market to a euro-era record of 501 bps, with the Italian equivalent also expanding.
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  • Nov. 17, 2011, 3:57 AM
    Spanish 10-year bond yields climb 19 bps to a euro-era high 6.6%, which doesn't bode well for the country's auction of €4B ($5.4B) in debt later today. French yields are up 4 bps at $3.75% ahead of an auction of €8.2B of 10-year bonds, while the equivalent 10-year Italian yields are up 4 bps at 7.046%.
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  • Nov. 16, 2011, 8:22 AM
    Like a drug with an ever-diminishing impact, the effect of the ECB's bondbuying has worn off already as Italian bond yields pass 7% again after falling earlier; they do seem to have stabilized a bit since Mario Monti named his cabinet, with himself as finmin.
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  • Nov. 16, 2011, 4:32 AM
    Eurozone sovereign-debt markets seem to be a bit calmer as Italian and Spanish 10-year bond yields fall ahead of the expected formation today of Mario Monti's new government. The Italian 10-year yield is -26 bps at 6.813% and the Spanish equivalent is -11 bps at 6.23%.
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  • Nov. 15, 2011, 6:14 AM
    Italian bond yields are back up above 7% despite reported demand from the ECB, rising 36 bps on the day to 7.06%.
  • Nov. 15, 2011, 5:50 AM
    Spain sells €2.6B of 12-month T-bills at a yield of 5.022%, up from 3.608% in September and the highest since 1997. The bid-to-cover ratio was 2.1. The country also sells €558M of 18-month paper at 5.159% vs. 3.801, with the sale six times subscribed. Next up is a 10-year auction on Thursday.
  • Nov. 15, 2011, 5:00 AM
    Italian 10-year bond yields climb 23 bps to 6.927% despite ECB bond buying, while Spanish yields are +17 bps at 6.279% ahead of an auction of €3.4B ($4.6B) of 12- and 18-month T-bills. The spreads on French and Austrian debt over German debt hit euro-era highs, with Dutch-German spreads also increasing.
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  • Nov. 14, 2011, 7:59 AM
    Spanish debt needs a little love from the ECB as yields on its 10 year paper jump above 6% and the spread to Italian debt - 150 bps last week - narrows to 65 bps. The country is trying to cut its 6.6% deficit/GDP ratio with austerity measures even as the economy - with 21% unemployment - has stagnated. The math doesn't add up.
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EWP Description
The iShares MSCI Spain Capped Index Fund (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Spain 25/50 Index (the “Underlying Index”).
See more details on sponsor's website
Country: Spain
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