Chiara Cremonesi News
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Spain beat its maximum target at a bond auction and its borrowing costs fell even after a rescue package designed to keep Cyprus in the euro was thrown into limbo when Cypriot lawmakers rejected a levy on bank deposits.
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Italy’s bonds advanced for the first time in three days after European Union finance ministers opened the way for looser budget policies that may support growth.
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Italy will test markets today with the sale of long-term debt after borrowing costs rose to the highest in four months yesterday as inconclusive elections triggered renewed concern Europe’s debt crisis may deepen.
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Spain sold 3.85 billion euros ($5.4 billion) of bonds maturing in 2025 and 2032, less than the maximum target as demand fell from the previous auction. Bonds declined after the sale.
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Euro-area countries sold 70 billion euros ($97 billion) of bonds in October, meaning they have covered 90 percent of their funding needs for the year, according to UniCredit SpA.
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Spain sold 3.88 billion euros ($5.1 billion) of three- and six-month Treasury bills, near the maximum target, as borrowing costs rose amid lingering concern the nation will struggle to fund its deficit.
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Portuguese notes tumbled, leading declines in Europe, as the resignation of Prime Minister Jose Socrates stoked concern the government is moving closer to seeking a bailout.
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European nations including Italy, Belgium and Spain may sell more than 33 billion euros ($43.3 billion) of securities this week as credit-rating cuts risk upending optimism the region’s debt crisis is being contained.
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Irish government bonds tumbled for a 13th day on mounting concern that the nation will be forced to restructure its finances.
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Spain tested investor sentiment with the first debt sale since its 10-year bond yield rose to the highest in a decade following the bailout of Ireland.
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