A propósito da emissão falhada de dívida alemã, o Alphaville e o Ricardo Arroja avançam com uma interessante explicação alternativa. Lembram-se disto e disto?
ADENDA; No Zero Hedge discordam desta teoria e voltam a insistir na tese da falta de compradores:
“Here is the bottom line: “failed” Bund auctions, in which the Buba (Bundesbank or the German monetary authority) steps in to “retain” an unbid for amount and hit a maximum issuance happen all the time. In fact literally all the time as the inset chart shows.(…) As SocGen puts it: “The fact that the Buba was forced to retain the biggest share of the sale in recent memory (see chart) is clearly a sign that some investors are no longer showing up or have started to buy considerably less, preferring other fixed income or alternative safe havens.” No need to conceive an explanation where simply supply and demand will suffice.”
Miguel Noronha