Bill Blain News
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Greek bonds rose for a fifth-straight day, pushing 10-year borrowing costs to less than 10 percent, signaling an easing of financial-market tension in the country that triggered the euro-region’s sovereign debt crisis.
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Half a century after a U.S. tax on bond purchases spawned the $3.7 trillion-a-year Eurobond market, Europe’s plan to impose a levy on financial transactions risks triggering a similar flight.
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Ireland, whose financial system came closer to collapse than that of any euro nation, may now entice investors back to its bank bonds.
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The European Financial Stability Facility’s debut 5 billion-euro ($6.9 billion) bond to help pay for Ireland’s bailout rose in the first day of trading after investors bid for nine times the securities on offer.
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France’s aid to PSA Peugeot Citroen SA’s troubled finance arm brings the state’s backing for the nation’s banks to more than 60 billion euros ($78 billion).
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The cost to insure financial-company debt from default held at a 19-month low in Europe as Spain’s bad bank planned a bond issue over the holiday period and PSA Peugeot Citroen said it refinanced $15 billion of debt.
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Greece’s 110 billion-euro ($149 billion) rescue has failed to restrain borrowing costs as investors remain skeptical about the nation’s ability to pay its debts once the aid package expires.
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HSBC Holdings Plc ’s $3.4 billion issue of undated 8 percent notes marks the first sale of debt securities designed to qualify as capital under current and proposed bank regulations.
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Moody’s Investors Service’s optimism that Greece’s current pace of reforms will lead to an upgrade of the nation’s debt isn’t backed by evidence that a recovery is taking hold, according to Matrix Corporate Capital LLP.
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Italian Prime Minister Silvio Berlusconi faces calls for his resignation amid a sex-related scandal, driving up bond yields a month after he quelled a revolt that threatened to bring down his government.
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