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Last update: Tue, 31 May 2016 05pm

Managed Funds

Business & Finance - Managed Funds

Bonds steady after strong three-year note sale NEW YORK: The US government saw strong demand for its $24 billion auction of three-year notes on Tuesday, the first sale of $62 billion in coupon-bearing debt supply this week.The debt sold at high yields that were almost two basis points below where the notes had traded before the auction. The ratio of bids to the amount of three-year debt offered was 2.93, up from 2.72 at the prior three-year note sale in April.Treasuries held firm in the secondary market after the auction, a show of strength considering the sale came amid heavy corporate bond issuance and as risk assets including stocks and oil rallied."The market is taking down all the supply right now," said Tom Tucci, head of Treasuries trading at CIBC in New York.Strength in German and other sovereign bonds helped to support Treasuries on Tuesday, while the higher yields of US bonds relative to comparable debt also ...

Business & Finance - Managed Funds

US sells 1-month bills at highest rate since March NEW YORK: The US Treasury Department on Tuesday sold $45 billion of one-month bills at an interest rate of 0.245 percent, which was the highest in seven weeks, Treasury data showed.The ratio of bids to the amount of one-month T-bills offered was 3.33, the lowest in six weeks. Last week, the Treasury sold $40 billion of one-month T-bills at an interest rate of 0.170 percent and a bid-to-cover ratio of 3.63. "The market is definitely ...

Business & Finance - Managed Funds

Belgian short-term debt yields hit new record low at auction BRUSSELS: Belgium sold 1.921 billion euros ($2.19 billion) of short-term debt on Tuesday, with yields on three-month and one-year treasury bills falling further below zero to new record lows, the country's debt agency said. Three-month paper sold for a negative yield of 0.505 percent, down from the minus 0.488 percent at the most recent auction last week. Investors also paid, rather than received, interest on one-year paper, with yields falling to minus 0.490 percent from ...

Business & Finance - Managed Funds

Russia Finance Ministry to offer 30bn roubles of OFZ bonds on Weds MOSCOW: Russia's Finance Ministry said on Tuesday it would offer 30 billion roubles ($452 million) worth of OFZ treasury bonds at two auctions on Wednesday. The ministry said it would offer 10 billion roubles of OFZs maturing in September 2031 and 20 billion roubles of OFZs maturing in August 2021. ($1 = 66.3635 roubles) Copyright Reuters, 2016 ...

Business & Finance - Managed Funds

Greek bond yields drop, stocks hit 2016 peak after debt relief offer LONDON: Greece's long-term government borrowing costs fell below 8 percent for the first time in over six months and stocks soared to the year's high on Tuesday after euro zone finance ministers offered debt relief to the country from 2018. Ten-year yields dropped more than 60 basis points to as low as 7.83 percent, while a surge in bank stocks drove Athens' main bourse up 3 percent to the highest level seen in 2016. In ...

Business & Finance - Managed Funds

Greek bond yields drop below 8pc after debt relief offer LONDON: Greece's 10-year bond yields fell below 8 percent for the first time in over six months on Tuesday after euro zone finance ministers offered debt relief to the country from 2018. In what appears to be a compromise between Germany, which does not believe Greece needs additional debt relief, and the International Monetary Fund, which insists it is necessary, the offer is conditional on Athens delivering on all reforms agreed under its latest bailout.The ...

Business & Finance - Managed Funds

China cash injection eases corporate bond crunch SHANGHAI: China's 715 billion yuan ($110 billion) cash injection into its financial system last month has helped avert a rout in the domestic corporate bond market, easing pressure on the central bank to take more aggressive action.The spread between China's interbank market high-yield bond index and the AAA rated index has fallen 9 basis points since early May, after spiking nearly 20 basis points in the second half of April to its widest since 2012. ...