PSA Peugeot Citroen led a drop in high-yield corporate bond risk in Europe to the lowest in six years after Iran agreed to limit its nuclear program in exchange for an easing of international trade sanctions.
Germany’s government bonds were little changed, with 10-year yields about one basis point from the highest level in a week, before the European Central Bank announces its monthly monetary policy decision.
Sotheby’s shareholder Marcato Capital Management LLC wants the auction house to sell its New York and London properties and use short-term debt to fund some operations to free up $1.3 billion in cash, the Wall Street Journal reported.
Richard McGuire , a former partner at Pershing Square Capital Management, lined up financing from a unit of Blackstone Group LP to start a stock hedge fund, looking to add stakes in small and mid-sized companies.
Germany’s government bonds fell on speculation euro-area banks will sell fixed-income assets after the European Central Bank said lenders plan to accelerate repayments of emergency loans next week to the most since May.