Luca Jellinek News
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Spain sold 7 billion euros ($9.1 billion) of a new benchmark 10-year bond through banks after the nation auctioned 12-month bills at a yield of less than 1 percent for the first time in three years.
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French President Francois Hollande is basking in borrowing costs at near record lows, helped most recently by investors seeking shelter from problems in Cyprus.
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The European Central Bank needs to back up last week’s record purchases of government debt with further buying to prevent speculators from driving borrowing costs for Spain and Italy back up again.
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Families holding historically large amounts of U.S. Treasuries are creating a potential price bubble as concern about a double-dip recession spurs demand for assets perceived to be safe, according to Credit Agricole CIB .
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Spain’s introduction of clauses that make debt restructuring easier is doing little to temper a rally that has pushed borrowing costs to an almost 10-month low.
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Treasuries were little changed before data that economists said will show U.S. added more than 100,000 jobs for a fourth month, the Labor Department’s last employment report before the Nov. 6 presidential election.
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European leaders are stepping up shuttle diplomacy this week as details of a bond-buying plan emerged from the central bank, fueling a surge in some Spanish and Italian debt.
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Spain’s social security system risks falling deeper into deficit this year, eroding the ability of its 67 billion-euro ($85 billion) pension-reserve fund to prop up the Spanish bond market.
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Italian bonds fell, pushing two-year yields to a euro-era record, as a surge in borrowing costs at a bill sale highlighted concern European leaders are failing in their efforts to resolve the debt crisis.
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Credit Agricole Corporate & Investment Bank hired Luca Jellinek from ANZ Banking Group Ltd. as head of European interest-rate strategy in London.
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