Monthly Bulletin April 2008 - European Central Bank - Europa

EURO AREA
STATISTICS
Financial
markets
4.7 Euro area yield curves 1)
(AAA-rated euro area central government bonds; end-of-period; rates in percentages per annum; spreads in percentage points)
Spot rates Instantaneous forward rates
3 months 1 year 2 years 5 years 7 years 10 years 10 years 10 years 1 year 2 years 5 years 10 years
- 3 months - 2 years
(spread) (spread)
1 2 3 4 5 6 7 8 9 10 11 12
2006 Dec. 3.44 3.76 3.82 3.83 3.86 3.91 0.47 0.09 3.92 3.85 3.88 4.08
2007 Jan. 3.54 3.84 3.92 3.96 4.00 4.06 0.53 0.15 4.01 3.97 4.05 4.25
Feb. 3.63 3.79 3.80 3.81 3.85 3.92 0.29 0.12 3.85 3.77 3.90 4.13
Mar. 3.70 3.92 3.95 3.93 3.96 4.02 0.33 0.08 4.03 3.93 3.97 4.25
Apr. 3.81 4.01 4.06 4.06 4.08 4.13 0.32 0.07 4.14 4.08 4.08 4.33
May 3.86 4.21 4.31 4.32 4.33 4.37 0.51 0.06 4.44 4.37 4.33 4.51
June 3.90 4.26 4.38 4.43 4.46 4.51 0.61 0.13 4.51 4.48 4.49 4.68
July 3.98 4.23 4.28 4.28 4.30 4.36 0.38 0.08 4.36 4.28 4.32 4.53
Aug. 3.86 3.98 4.03 4.12 4.20 4.32 0.47 0.29 4.07 4.09 4.32 4.67
Sep. 3.80 3.96 4.03 4.15 4.25 4.38 0.57 0.35 4.08 4.13 4.39 4.75
Oct. 3.87 4.01 4.06 4.10 4.17 4.29 0.42 0.23 4.11 4.08 4.25 4.63
Nov. 3.86 3.84 3.82 3.91 4.03 4.21 0.35 0.39 3.81 3.80 4.19 4.76
Dec. 3.85 4.00 4.01 4.11 4.23 4.38 0.52 0.36 4.06 4.02 4.40 4.78
2008 Jan. 3.81 3.55 3.42 3.59 3.79 4.05 0.24 0.62 3.32 3.34 4.08 4.80
Feb. 3.83 3.42 3.20 3.43 3.72 4.06 0.23 0.86 3.04 3.03 4.16 4.99
Mar. 3.87 3.70 3.60 3.70 3.87 4.13 0.26 0.54 3.53 3.49 4.10 4.91
C25 Euro area spot yield curves
(percentages per annum; end-of-period)
C26 Euro area spot rates and spreads
(daily data; rates in percentages per annum; spreads in percentage points)
5.0
March-08
February-08
January-08
5.0
1-year rate (left-hand scale)
10-year rate (left-hand scale)
10-years - 3-months spread (right-hand scale)
10-years - 2-years spread (right-hand scale)
2.0
4.6
1.8
4.5
4.2
1.6
3.8
1.3
4.0
3.4
3.0
1.1
0.9
2.6
0.7
3.5
2.2
0.4
1.8
0.2
3.0
0 5Y 10Y 15Y 20Y 25Y 30Y
1.4
Q1 Q2 Q3 Q4 Q1
2007
0.0
Source: ECB, underlying data provided by EuroMTS, ratings provided by Fitch Ratings.
1) Data refer to the changing composition of the euro area. For further information, see the General notes.
ECB
Monthly Bulletin
April 2008S 45