Western Asset News
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Bonds of the Puerto Rico agency that is the commonwealth’s sole water provider are the most expensive this year as the authority plans to boost rates by 67 percent and wean itself from government financing.
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Bill Gross, the world’s largest fixed-income manager, says the bull market for bonds may have ended last month. Investors are staying put.
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The 10 largest U.S. prime money market funds’ holdings of Deutsche Bank AG securities declined to the lowest in almost two years as Germany’s biggest bank cut its reliance on short-term financing.
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Traders are standing by Platts, the company that provides benchmark prices for much of the world’s energy products, amid a European probe into market manipulation.
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BlackRock Inc. and Western Asset Management Co. are offering a new twist on traditional money- market funds as regulators are set to impose sweeping changes on the $2.58 trillion industry.
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New Jersey, where Governor Chris Christie has lowered revenue forecasts, sold $350 million of general-obligation debt with investors starved for yield reducing the state’s borrowing cost to the cheapest in six years.
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Legg Mason Inc., the Baltimore- based money manager that appointed a new chief executive officer in February, said fiscal fourth-quarter profit fell 62 percent as client withdrawals from its stock and bond funds continued.
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Emerging-market stocks fell, paring a weekly advance in the benchmark index, as declines in commodity producers overshadowed gains in Chinese banks.
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Tata Steel Ltd. joined Bharti Airtel Ltd. selling junk bonds overseas as demand for relatively higher yields pushes issuance of non-investment grade debt by Indian companies close to a record.
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Sales of bonds backed by home loans to self-employed or previously bankrupt Australians have passed 2012’s total, after yield premiums fell to the lowest since the debt triggered the global financial crisis.
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