File:Long-term interest rates (eurozone).png

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Summary[edit]

Description
English: Long-term interest rate statistics (monthly averages of secondary market yields - percentages per annum - of government bonds with maturities close to ten years) for all Eurozone countries, except the three Baltic states. Latvia and Lithuania were not included because of only joining the eurozone after the debt crisis had erupted, while the exclusion of Estonia is due to its absence of issued government long-term debt (ECB notes: "As Estonia has a very limited government debt, there are currently no suitable long-term government bonds available on the financial market"). In regards of Cyprus, ECB chose only to publish primary market yield data for its long term government debt (with the effective yield being fixed to the one applying on the issuing date of the government bond with the longest 10 year maturity), but as the accuracy of these data can be questioned (i.e. private creditors holding maturing Cypriot bonds, were forced to exchange them with the latest issued 2023 bond at a fixed 6.0% rate), the graph also feature a dotted line for Cyprus of its secondary market (freely stock exchange traded) long-term yield extracted from its bond with maturity on 3 February 2020 (see note below).
Source: http://www.ecb.int/stats/money/long/html/index.en.html


  • Note about Cyprus yield data: While reporting the "secondary market yield of long-term government debt" for all other states, ECB opted - in their monthly statistical update - only to report the "primary market yield of long-term government debt" for Cyprus,[1] where the effective yield is being fixed and recorded to the one applying on the issuing date of the "latest government bond with a 10 year maturity - being issued solely to the primary market". This primary market benchmark bond was "CYGB 6.5% (25 Aug 2021)" throughout August 2011 to June 2013, which was issued in August 2011 with a fixed cut-off yield at 7.0%.[2] Since 1 July 2013, the primary market benchmark bond was "CYGB 6.0% (1 Jul 2023)", which was issued in July 2013 with a fixed cut-off yield at 6.0%.[3] The latest "CYGB 6.0% (1 Jul 2023)" issuance was even a forced bond exchange substituting old bonds with a maturity in 2015, being assessed by some credit rating agencies as "selective default" or "restrictive default", mainly because of the fact that the yields of the new bonds did not reflect the market rates - while large domestic investors were forced to accept their old bonds being exchanged to this new bond with a fixed 6% interest rate and longer maturity.[4] This mean, that in market situations where the Cypriot government bond rate for comparable maturities freely traded at the stock exchange deviate from the fixed primary cut-off yield, a situation which occurred throughout the entire period covered by the graph, this will not be noticed by the fixed yield data for these type of bonds (as the fixing of their yield was not made freely and frequently by the market).
    In order to asses "free market trade" values for Cypriot long-term government bond yields during January 2010 to April 2015, the secondary market (stock exchange traded) yields of the Cypriot government bond with longest maturity but without a fixed cut-off yield enforced, is considered to be more accurate.[5] This secondary market benchmark bond, was identified for the period stretching from January 2010 to April 2015, to be the EMTN bond named CYPGB 4.625% EUR (3 Feb 2020), with an average yield at 4.6% for January 2010[6] and a historic yield peak at 16.5% on 12 June 2012.[7] The average monthly yield values of this bond, were extracted from graphs presented by the Cypriot Ministry of Finance in their: 2010 PDM report,[6] 2012 PDM report,[7] 2013 PDM report,[8] 2014 PDM report,[9] and Q1-2015 PDM report.[10] All historic daily yield values for the bond can be looked up by subscribers of the Cbond website,[11] while yield data for the latest trading day is available for free at the Frankfurt Stock Exchange website.[12].
  • Note on selection of Cyprus benchmark bonds: Selection of both the primary market benchmark bond and secondary market benchmark bond, is made each month by simply picking the one with the maturity being closest to 10 years at the date of the check, from this list of issued bonds by the central government of Cyprus, of which all EMTN bonds represent those being traded freely at the secondary market while the list of domestic bonds represent those being traded at the domestic primary market (carrying a fixed yield). According to this list and selection procedure, the secondary market benchmark bond will change to become the new CYPGB 3.875% EUR (6 May 2022) EMTN bond, starting from May 2015.[13]
  1. Long-term interest rate statistics for EU Member States. ECB (12 July 2011).
  2. Domestic bonds: Cyprus, CYGB 6.5 25aug2021 (CY0142120811). Cbonds (17 May 2013).
  3. Domestic bonds: Cyprus, CYGB 6.0 1jul2023 (CY0143810816). Cbonds (2 June 2014).
  4. Public Debt Management Annual Report 2013. Financing of the central government in 2013. Cypriot Ministry of Finance (22 May 2014).
  5. The Economic Adjustment Programme for Cyprus. Occasional Papers 149 (yield spreads displayed by graph 19). European Commission (17 May 2013).
  6. a b Public Debt Management Annual Report 2010. Graph at page 19 (Yield development 10-year bonds, Cyprus and peers). Cypriot Ministry of Finance (15 March 2011).
  7. a b Public Debt Management Annual Report 2012. Figure 4: Secondary yield levels for Cyprus international bonds in 2012. Cypriot Ministry of Finance (22 April 2013).
  8. Annual Report Public Debt Management 2013 (PDF). Figure 3: Secondary yield levels of Cyprus and selected Eurozone countries (government bonds due in 2020). Cypriot Ministry of Finance (22 May 2014).
  9. Annual Report Public Debt Management 2014 (PDF). Figure 1: Secondary market yield levels of Cyprus and selected Eurozone countries (government bonds due in 2020). Cypriot Ministry of Finance (15 June 2015).
  10. Cyprus central government debt - Quarterly bulletin No.17 (1st quarter 2015) (PDF). Graph: Secondary market bond market yields. Cypriot Ministry of Finance (14 May 2015).
  11. Eurobonds: Cyprus, 2020, EUR (XS0483954144). Cbonds (17 May 2013).
  12. Yield calculater: ZYPERN 10/20 MTN Bond, ISIN XS0483954144, WKN A1AS1P. Frankfurt Stock Exchange.
  13. 29/04/2015 Announcement - New EMTN Termsheet (PDF). Cypriot Ministry of Finance (Public Debt Management Office) (28 April 2015).
Date
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http://commons.wikimedia.org/wiki/File:Langfristige_Zinss%C3%A4tze_%28Eurozone%29.png?uselang=de (German version)
https://commons.wikimedia.org/wiki/File:Langfristige_Zinss%C3%A4tze_%28Eurozone%29.png (selected European countries)
https://commons.wikimedia.org/wiki/File:Long-term_interest_rates_%28eurozone%29%281993-2011%29.png (Eurozone countries, 1993-2013)

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File history

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Date/TimeThumbnailDimensionsUserComment
current16:21, 2 July 2016Thumbnail for version as of 16:21, 2 July 20161,156 × 1,423 (342 KB)Spitzl (talk | contribs)fix graph
16:09, 2 July 2016Thumbnail for version as of 16:09, 2 July 2016369 × 620 (73 KB)Spitzl (talk | contribs)update
23:18, 16 April 2016Thumbnail for version as of 23:18, 16 April 2016834 × 1,020 (227 KB)Spitzl (talk | contribs)update
22:31, 22 February 2016Thumbnail for version as of 22:31, 22 February 2016840 × 1,018 (232 KB)Spitzl (talk | contribs)update
16:53, 19 November 2015Thumbnail for version as of 16:53, 19 November 2015831 × 1,020 (232 KB)Spitzl (talk | contribs)update
16:45, 19 November 2015Thumbnail for version as of 16:45, 19 November 2015831 × 1,020 (232 KB)Spitzl (talk | contribs)update
21:38, 15 October 2015Thumbnail for version as of 21:38, 15 October 2015824 × 1,012 (231 KB)Spitzl (talk | contribs)update
23:27, 12 September 2015Thumbnail for version as of 23:27, 12 September 2015821 × 1,015 (223 KB)Spitzl (talk | contribs)update
17:08, 16 July 2015Thumbnail for version as of 17:08, 16 July 2015832 × 1,017 (122 KB)Cmdrjameson (talk | contribs)Compressed with pngout. Reduced by 100kB (45% decrease).
14:12, 14 June 2015Thumbnail for version as of 14:12, 14 June 2015832 × 1,017 (223 KB)Spitzl (talk | contribs)update
09:43, 16 May 2015Thumbnail for version as of 09:43, 16 May 2015827 × 1,010 (225 KB)Spitzl (talk | contribs)update
16:53, 2 May 2015Thumbnail for version as of 16:53, 2 May 2015836 × 1,023 (228 KB)Danish Expert (talk | contribs)Undid the reversal by Poligres as it was unexplained, version displayed now is the one featuring the latest March figures as uploaded by Spitzel
08:43, 2 May 2015Thumbnail for version as of 08:43, 2 May 2015831 × 1,017 (221 KB)Poligres (talk | contribs)Reverted to version as of 23:16, 29 April 2015
23:58, 29 April 2015Thumbnail for version as of 23:58, 29 April 2015836 × 1,023 (228 KB)Spitzl (talk | contribs)update
23:16, 29 April 2015Thumbnail for version as of 23:16, 29 April 2015831 × 1,017 (221 KB)Spitzl (talk | contribs)update
14:50, 26 December 2014Thumbnail for version as of 14:50, 26 December 2014834 × 1,024 (219 KB)Spitzl (talk | contribs)update
08:50, 11 July 2014Thumbnail for version as of 08:50, 11 July 2014819 × 1,013 (214 KB)Spitzl (talk | contribs)update + more detailed information about actual market rate of Cyprus
20:53, 14 May 2014Thumbnail for version as of 20:53, 14 May 2014819 × 983 (201 KB)Spitzl (talk | contribs)update
13:03, 10 April 2014Thumbnail for version as of 13:03, 10 April 2014815 × 980 (200 KB)Spitzl (talk | contribs)update
18:03, 14 January 2014Thumbnail for version as of 18:03, 14 January 2014822 × 990 (204 KB)Spitzl (talk | contribs)fix Cyprus
17:48, 14 January 2014Thumbnail for version as of 17:48, 14 January 2014819 × 991 (207 KB)Spitzl (talk | contribs)update
11:45, 13 November 2013Thumbnail for version as of 11:45, 13 November 2013848 × 1,004 (197 KB)Spitzl (talk | contribs)update
18:14, 16 September 2013Thumbnail for version as of 18:14, 16 September 2013826 × 988 (165 KB)Spitzl (talk | contribs)add August
14:14, 24 August 2013Thumbnail for version as of 14:14, 24 August 2013830 × 994 (162 KB)Spitzl (talk | contribs)fix colors
13:59, 24 August 2013Thumbnail for version as of 13:59, 24 August 2013830 × 998 (161 KB)Spitzl (talk | contribs)update
12:24, 12 June 2013Thumbnail for version as of 12:24, 12 June 2013824 × 958 (142 KB)Spitzl (talk | contribs)add March and April
01:35, 14 April 2013Thumbnail for version as of 01:35, 14 April 2013833 × 955 (140 KB)Spitzl (talk | contribs)add January and February
13:39, 13 February 2013Thumbnail for version as of 13:39, 13 February 2013823 × 946 (141 KB)Spitzl (talk | contribs)add January
19:32, 11 January 2013Thumbnail for version as of 19:32, 11 January 2013828 × 954 (140 KB)Spitzl (talk | contribs)add December
14:33, 21 December 2012Thumbnail for version as of 14:33, 21 December 2012805 × 948 (138 KB)Spitzl (talk | contribs)add November
23:10, 13 November 2012Thumbnail for version as of 23:10, 13 November 2012821 × 962 (135 KB)Spitzl (talk | contribs)add October
15:04, 10 October 2012Thumbnail for version as of 15:04, 10 October 2012833 × 962 (135 KB)Spitzl (talk | contribs)add September
10:39, 13 September 2012Thumbnail for version as of 10:39, 13 September 2012816 × 954 (133 KB)Spitzl (talk | contribs)add August
12:45, 16 August 2012Thumbnail for version as of 12:45, 16 August 2012798 × 952 (126 KB)Spitzl (talk | contribs)add July
19:43, 11 July 2012Thumbnail for version as of 19:43, 11 July 2012810 × 963 (131 KB)Spitzl (talk | contribs)add June
15:08, 22 June 2012Thumbnail for version as of 15:08, 22 June 2012803 × 960 (126 KB)Spitzl (talk | contribs)add May Can anyone tell how to widen the color bars?
13:43, 26 May 2012Thumbnail for version as of 13:43, 26 May 2012815 × 957 (121 KB)Soerfm (talk | contribs)Widened bars in key
15:43, 11 May 2012Thumbnail for version as of 15:43, 11 May 2012815 × 957 (124 KB)Spitzl (talk | contribs)add April
19:39, 13 April 2012Thumbnail for version as of 19:39, 13 April 2012815 × 965 (130 KB)Spitzl (talk | contribs)add March
12:20, 12 March 2012Thumbnail for version as of 12:20, 12 March 2012812 × 1,056 (133 KB)Spitzl (talk | contribs)add February
17:20, 10 February 2012Thumbnail for version as of 17:20, 10 February 2012821 × 1,073 (134 KB)Spitzl (talk | contribs)add January
21:10, 16 January 2012Thumbnail for version as of 21:10, 16 January 2012808 × 1,056 (137 KB)Spitzl (talk | contribs)eliminate distortions due to rounding effects
13:11, 15 January 2012Thumbnail for version as of 13:11, 15 January 2012811 × 1,056 (141 KB)Spitzl (talk | contribs)fix scale again
10:33, 12 January 2012Thumbnail for version as of 10:33, 12 January 2012805 × 1,053 (142 KB)Spitzl (talk | contribs)fix scale (in the previous graph it looked like Italy is above the 7% line, while in fact it stands at 6.81.
09:43, 12 January 2012Thumbnail for version as of 09:43, 12 January 2012812 × 1,047 (142 KB)Spitzl (talk | contribs)add December
18:08, 30 December 2011Thumbnail for version as of 18:08, 30 December 2011797 × 1,078 (149 KB)Spitzl (talk | contribs)minor fixes
18:04, 30 December 2011Thumbnail for version as of 18:04, 30 December 2011796 × 1,071 (140 KB)Spitzl (talk | contribs)remove December 11, as ECB data and trading economics data are apparently not comparable.
17:25, 30 December 2011Thumbnail for version as of 17:25, 30 December 2011798 × 1,071 (145 KB)Spitzl (talk | contribs)add Oct-Dec. 09
14:37, 13 December 2011Thumbnail for version as of 14:37, 13 December 2011789 × 1,074 (146 KB)Spitzl (talk | contribs)slight change in order
13:52, 13 December 2011Thumbnail for version as of 13:52, 13 December 2011805 × 1,077 (146 KB)Spitzl (talk | contribs){{Information |Description ={{en|1=Long-term interest rate statistics for EU Member States. (percentages per annum; period averages; secondary market yields of government bonds with maturities of close to ten years) - Source: http://www.ecb.int/stats/m
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