Patrick Armstrong News
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Price swings across assets and around the world are holding below historical averages even as central banks roil markets.
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Armstrong Investment Managers LLP, a London-based money manager that oversees about $350 million, said it won’t participate in Greece’s debt swap because it may recoup more money by holding out.
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Investors in Greek sovereign debt will probably have to accept losses of around 40 percent on their holdings, according to Armstrong Investment Managers.
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Armstrong Investment Managers is selling the Italian bonds it bought last year, making a 15 percent return, after they surged as European policy makers stepped up efforts to stem the region’s debt crisis.
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Greece’s decision to force losses on some bondholders will drive up borrowing costs for all European nations, according to Armstrong Investment Managers LLP.
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The U.K. government bond market is undermining Prime Minister David Cameron’s own test of economic credibility, with yields climbing relative to global peers ever since the Bank of England halted its debt-purchase program.
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Investors are turning a blind eye to the U.K.’s faltering economy, which is shrinking faster than Spain’s, as the value of the nation’s independent monetary policy outstrips its deteriorating growth prospects.
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Investors cut Greek credit-default swap trades ahead of today’s debt exchange, pushing the amount of bonds insured to a record low $3.16 billion.
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France is weathering renewed turmoil in Europe’s debt markets with record-low borrowing costs.
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Societe Generale SA, France’s second-biggest bank, Assicurazioni Generali SpA and UniCredit SpA joined firms saying they would participate in Greece’s debt swap as the country threatened to compel holdouts to take part.
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