Louise Purtle News
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A benchmark gauge of U.S. company credit risk fell for a ninth day in the longest stretch of declines since December 2010 after the Federal Reserve’s upgraded assessment of the world’s biggest economy drove investors to higher-risk assets.
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Dick Clark Productions Inc. , the television company founded by the former host of the “American Bandstand” variety show, is marketing debt as yields on U.S. corporate bonds fall along with Treasuries.
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Citgo Petroleum Corp., the U.S.-based unit of Petroleos de Venezuela SA, is marketing debt as European policy makers unveiled an emergency aid package to stop a sovereign-debt crisis that threatens economic recovery.
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Companies are marketing $4.54 of debt after the busiest day for new U.S. dollar issuance this month.
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Carrizo Oil Gas Inc., a Houston- based energy exploration and production company, plans to sell notes as record issuance of high-yield, high-risk corporate bonds helps to reduce a “daunting” amount of debt.
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The New York City Municipal Water Finance Authority, which has been granted rate increases of 10 percent or more for three consecutive years, boosted its Build America Bond sale by a quarter to $750 million as investor demand pushed yields on the agency’s debt to a record low.
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Money markets and the cost of protecting bank bonds from losses show investors are concerned Europe’s almost $1 trillion rescue plan may not be enough to contain the region’s sovereign debt crisis.
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