Yields rise to 42% as notes slide
Source: Bloomberg News |
August 25, 2011, Thursday
|
Print Edition
Print Edition
Greek two-year notes slumped, driving yields to a euro-era record, on deepening concern a second bailout for the nation will be delayed because of disagreement on a collateral deal.
Italy's two-year notes fell for a second day as it prepared to sell 10.5 billion euros (US$15.1 billion) of short-maturity debt this week. Greek note yields surged as risks over a further aid package intensified after Finland said on August 16 that it has a collateral deal to ensure its contribution would be repaid. Germany sold 4.9 billion euros of 10-year bunds yesterday.
"There are concerns that the second aid package won't go through," said Christoph Rieger, head of fixed-income strategy at Commerzbank AG in Frankfurt. "If Finland demands collateral we will be in a gridlock situation."
Greece's two-year notes fell, pushing the yield up 2.11 percentage points to a euro-era record 41.71 percent at yesterday.
Italy's two-year notes fell for a second day as it prepared to sell 10.5 billion euros (US$15.1 billion) of short-maturity debt this week. Greek note yields surged as risks over a further aid package intensified after Finland said on August 16 that it has a collateral deal to ensure its contribution would be repaid. Germany sold 4.9 billion euros of 10-year bunds yesterday.
"There are concerns that the second aid package won't go through," said Christoph Rieger, head of fixed-income strategy at Commerzbank AG in Frankfurt. "If Finland demands collateral we will be in a gridlock situation."
Greece's two-year notes fell, pushing the yield up 2.11 percentage points to a euro-era record 41.71 percent at yesterday.
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