bond markets

Now it says it may raise $60bn of debt over the next five years, much of it presumably in the bond markets.

The money could then be used to support any other eurozone countries that have difficulty borrowing on world bond markets.

Bond markets continued to gyrate Thursday after a sharp run-up in 10-year Treasury yields the day before.

Bond markets have been a vital source of finance in the west for some time, and that is now catching on in emerging markets as well.

Kim Rupert at Action Economics suggested that stock and bond markets had traded in recent weeks as if they "were from different planets" .

It would not be a threat to Mr Osborne's main fiscal target or to the bond markets' good faith.

Bond markets are especially overbought and I can't think of more spectacular profit potential particularly at the long end of the spectrum.

Without it, dysfunctional bond markets would not be able to transmit the central bank's interest-rate stance to the euro zone's economy.

Equity and corporate bond markets could yet fall further, especially as the news on the economy seems to get worse every week.

The very visible signs of runs in government and corporate bond markets seem to be mirrored in more opaque corners of finance.

No one seems to have told him that there is a simple way to avoid the wrath of bond markets: balance your books and don't borrow.

She refuses to call on the European Central Bank to be the lender of last resort to stop contagion in the bond markets.

That appeared to kill the idea that Greece may not be able to tap bond markets for much-needed cash.

It has specialized in lending to domestic infrastructure projects and has been a pioneer in developing China's nascent bond markets.

Were Italy to be frozen out of the bond markets, let alone default, the effects would be enormous.

Italy, Europe's leaders told him, was close to being shut out of bond markets.

That, at any rate, seems to be the judgment of the bond markets.

In fact, if it's a reallocation away from the peripheral bond markets to the EFSF bonds, then it could prove to be euro negative.

The Irish government points out that its expenditure is fully funded until the middle of 2011, so it has no need to tap bond markets yet.

His words are directed as much to the Treasury bond markets, of which China owns such a large share, as to American voters.

Much of the demand for this credit comes from property developers starved of funds by the banks and shut out of public bond markets.

But a lesson fromItalyandSpainis that bond markets worry as much about economies' ability to grow as the size of their deficit.

If done on the scale that the Bank of England has undertaken, it could restore stability to Europe's panicky bond markets.

That would avoid premature and dangerous tightening while calming bond markets enough to hold down long-term interest rates.

Meanwhile, companies, which had once relied on bank loans for financing, could more easily borrow from bond markets.

And while Europe's bond markets are in better shape than they were a few months ago, they're still under considerable pressure.

Banks across Europe are trying to adapt to these stresses in bond markets.

But the bond markets seem quite insouciant, at least so far (see chart).

When investors were last so nervous about the credit of the euro-zone's periphery, in March, countries were still able to tap bond markets.

By placing more than $1 trillion in U. S. stock and bond markets, it has propped up the U. S. economy.

Its decline -- the first in almost a year -- appears independent of broader movements in equity or bond markets.

"A default shutdown . . . would result in panic in both the equities and bond markets, " he said.

But the bond markets seem quite insouciant, at least so far.

Contagion between sovereign bond markets can only be stopped if there is a central bank willing to be lender of last resort.

Calm on the bond markets did not mean Britain could relax, the chancellor told delegates.

Mr. Schwartz moved to tighten oversight of the company's trading. He also began keeping daily tabs on the bond markets.

Governments hoping for a helping hand in bond markets will have to look farther afield than their own tottering banks.

Neither country is in truly bad economic shape, but both would default if they were shut out of bond markets.

European bond markets continued to creak as buyers remained scarce.

Mainland China's increasingly active bond markets, meanwhile, have so far remained largely off limits to foreign issuers and investors.

But a bailout of Greece could mean the country won't have to issue as much debt to the bond markets.

But a lesson from Italy and Spain is that bond markets worry as much about economies' ability to grow as the size of their deficit.

Europe's answer has been austerity: savage spending cuts in an attempt to reassure bond markets.

As the end of this phase of monetary easing approaches, bond markets have recently come under increasing pressure.

Earlier Thursday, the ECB dashed investor hopes it would signal strong action to shore up the euro zone's ailing bond markets.

Notwithstanding recent pressures in bond markets, the world remains largely in denial over the outbreak of a new strain of stagflation.

However, bond markets have already anticipated future rate cuts by the Fed, and much of the news has already been priced in.

And Greece is not the only country about which the bond markets are worried.

The bond markets have been assuming that lending to the PIGS was much the same as lending to the U. S. or Japan.

Other eurozone bond markets were stable as they are not perceived to be in danger of having to seek bail-out money.

One of the main worries of the uneasy is that by supporting bond markets the central bank lets governments off the hook.

The French finance minister warned that the German ban could reduce liquidity in euro-zone bond markets.

ONE by one, euro-zone governments have been confecting austerity plans in a bid to reassure jumpy bond markets.

WHATEVER plans European leaders had made for their holidays are being disrupted by an adversary that never takes a break: the bond markets.

European bond markets also rallied in May, with yields generally lower across the curve on declining US bonds and weaker economic data.

Further gains from the bond markets were likely to be limited, since interest rates were at historic lows.

If they let finances slip, bond markets will exact a penalty in higher borrowing costs, as they have done in recent months.

The footsteps of a giant creditor were clearly felt in Portugal's bond markets on Wednesday, and again on Thursday in Spain and Italy.

Mr Bernanke's message that he won't risk inflation for the sake of short-term growth is now understood by bond markets.

Mr Sarkozy knows well that the Germans, as well as the bond markets, were watching his pension reform closely.

The collapse in foreign equity and bond markets has inflicted massive losses on the U. S. external asset holdings.

Snapping up some of this paper would boost its balance sheet while helping to stabilise European bond markets.

Making matters worse, developers are losing access to funding, having been frozen out of public bond markets for the past three months.

Many objections are raised against the idea that the ECB should act as a lender of last resort in government bond markets.

This reflects institutional and regulatory shortcomings as well as limited foreign participation in Asian bond markets.

True, only a few countries are being forced into austerity by bond markets.

The downgrade led to a steep sell-off in the Greek, Spanish and Portuguese bond markets, adding to their borrowing costs.

The United States is not exempt. Low American interest rates mean bond markets haven't yet turned on us.

Analysts say it would be far better to allow local governments to tap bond markets directly.

To give themselves more leeway, bigger developers have turned away from fickle onshore financing to international bond markets.

A debt market source said Kraft was most likely to finance a bid with a bridge loan via the bond markets.

The price moves in derivatives markets have not been reflected in cash bond markets, where interest rates remain at historic lows.

He will face financial constraints imposed by the bond markets, but none of the constraints of re-election.

Mr Draghi says the programme is not about providing cheap funding for governments but about ensuring the proper functioning of bond markets.

A notable achievement has been the establishment of the euro as a major force in the international foreign exchange and bond markets.

Bond markets judge Portugal as the next riskiest country in the euro zone.

Bond markets are likely to be forgiving, given the scale of troubles elsewhere.

Bond markets across Europe's vulnerable fringe sank, as the 'risk premium' investors demand for lending to Spain and Italy hit record highs.

But this good news is still offset by the continued crisis in sovereign bond markets.

In the absence of statesmanship, the chances are that only a crisis in the bond markets will provide the necessary impetus.

This raises some fascinating short-term issues about how the bond markets might respond to the stress tests.

There is, in other words, a deep fear stalking the heart of all government bond markets.

They recognise that, in most cases, their government bond markets are a poor mechanism for capturing domestic savings.

At some point, with most big economies adopting the same fiscal policy, global bond markets are going to start choking .

An extended period of uncertainty is the likely result for bond markets and firms that do business with the U. S. government.

Altogether, hedge funds now account for between one-third and a half of all trading in the US and UK equity and bond markets.

Greece has argued for weeks that the interest rates of more than 6% that it must pay to borrow money from bond markets are unacceptable.

A collapsing housing market in the US, or an oil- induced recession in the west, would prove that bond markets have been right all along.

It has propped up much of Europe's banking system; it has intervened in government bond markets.

U. S. bond markets were closed on Monday for the Memorial Day public holiday in the United States.

Long-term interest rates could even go up if bond markets start to distrust the Fed's commitment to maintain a low rate of inflation .

A rise in US inflation could easily lead to a pull-out of global investors from US bond markets.

Other eurozone bond markets saw a sell-off but it was milder than Tuesday's, with French, Spanish and Belgian yields all rising.

Indeed, his very enthusiasm for budget cuts gives him room with bond markets to postpone some of the pain.

Those who took advantage of such yields earned fantastic returns in 2009 as the bond markets recovered.

Bond markets have calmed; the odds of a cascading series of defaults have diminished.

That has caused turmoil in short-term government-bond markets (see chart), as yields have been forced sharply higher.

But a sudden upturn in consumer- or corporate-debt defaults could prompt a sell-off in the bond markets.

The country's debt crisis has caused turmoil in bond markets, with investors worried that it could spread to other weak eurozone members.

Last week's decision to open up domestic bond markets was particularly significant.

Foreign ownership of some local bond markets are at all-time highs, raising their sensitivity to global risk appetite.

Global bond markets broadly strengthened in May, with yields ending lower and prices higher over the month.

Investors may already be pricing it into Greek bond markets, so it would hardly be a surprise.

In recent weeks the bond markets have become frantic about the sorry state of Ireland's economy, public finances and banks.

The chorus of economists and investors calling for Europe's central bank to intervene much more decisively in bond markets is growing.

But whether this will endure depends on the scale of the ECB's continued forays into bond markets.

The European Central Bank reportedly intervened heavily in the bond markets again, by purchasing Italian and Spanish government debt.

There had been signs that the bond markets had twigged, with Treasury yields falling in the past few weeks.

The figures China and India were tiny in comparison because Asian corporate bond markets remain relatively underdeveloped, S& P said.

In Spain, government ministers and officials dismissed the tensions in the bond markets as "transitory" and "speculative" .

Traders said there were few buyers in many bond markets, with only the European Central Bank active in Italy and Spain.

At present, china's stock market is still limited to equity and state bond markets.

Domestic bond markets in sub-Saharan Africa are largely undeveloped and are overwhelmingly dominated by South Africa and Nigeria.

When I pointed out that he must have been selling in falling equity markets and buying in rallying bond markets, he didn't flinch.

Silvio Berlusconi's government cobbled together an emergency austerity package for Italy late on Friday to placate the bond markets.

But some ECB policymakers have gone further, urging banks to use the funds to support struggling eurozone government bond markets.

The surge in private savings in the wake of the economic crisis has masked big changes in the rich world's sovereign-bond markets.

The rapid deterioration in the public finances has unnerved bond markets and raised Ireland's borrowing costs.

There may be a threshold of debt beyond which bond markets suddenly take umbrage.

Both Ireland and Portugal had hoped that bold efforts to cut budget deficits would appease bond markets and clear their funding channels.

Bond markets in most countries remain decentralized and lack common exchanges like stock, future and commodity markets.

As stock-, derivatives and bond markets get bigger, investors are shifting money into an array of tradable financial products.

However, interest-bearing debt denominated in euros is a different matter, and bond markets quickly started to sort the Xs from the Ys.

US and European government bond markets rallied in the face of the equity sell-off.

If its debt is left to spiral down, Italy will be shut out of the bond markets.

Bank lending to companies is also contracting, although bond markets have taken up some of the slack.

The bond markets were open for financing, allowing companies to bypass expensive bank debt and tap investors directly for funds.

More worrying than the small absolute size of Asia's bond markets is their lack of liquidity and price transparency.

Despite a series of crises in recent years, emerging stock and bond markets have made progress in their maturation process.

The sustainability of sovereign debt hangs heavily over bond markets, and the prospects for economic and financial stability.

Taiwan and Thailand recently imposed capital controls on foreign investments in their bond markets.

The revival of corporate-bond markets, if sustained, would be good news.

German anger at Greece's profligacy could easily delay the cash it would need should bond markets close.

Emerging markets will need much deeper private bond markets, to finance infrastructure, in particular.

The practice is propelling stock and bond markets faster than in the U. S. and Europe.

Not only had it expanded rapidly in subprime mortgages and student loans but it relied on bond markets for most of its funding.

A glance across Asia suggests that developing deeper, more liquid, sovereign bond markets is a huge, multi-decade task.

Just last week, European bond markets were rallying on the prospect of new governments in Italy and Greece.

Such actions to address budgetary problems owe more to fears of retribution from bond markets than lectures from Brussels.

It would also make the loan market more like bond markets in which more public information is available.

As European leaders discuss ways to make creditors bear losses when countries default, that goes for bond markets too.

Europe is the borrower in the bond markets outside the country issued to a third country currency denominated international bonds.

Then again, since central banks are such big players in government-bond markets these days, is the yield a true "market price" ?

E-bonds would halt the disruption of sovereign bond markets and stop negative spillovers across national markets.

Bond markets usually signal recession through an inverted yield curve, when long-term rates are lower than short-term ones.

Still, let's grant that there is some risk that doing more about double-digit unemployment would undermine confidence in the bond markets.

ECB officials make clear they are buying bonds reluctantly until the rescue fund is granted power to intervene in bond markets.

And China's banking and bond markets are still too tied to the interests of the ruling Communist Party.

In any case, an Italian default would batter bond markets across the continent and banks across the world.

The battering suffered by Greece and Ireland has shown the painful consequences if bond markets lose confidence.

But to attribute the woes of euro-zone government-bond markets solely to evil speculators is dangerously misguided.

For bonds we expect that falling official interest rates and weak global growth will continue to support bond markets.

The French president repeatedly pressed the ECB chief to commit to aggressive intervention in bond markets.

Tapping the bond markets will force Trafigura to open its books for the first time to investors, raising its public exposure.

But it could yet release the even scarier ghouls, goblins and ogres of the bond markets.

Such an outlook would normally be bad news for government-bond markets.

Government bond markets in a monetary union are inherently fragile.

Now they have to choose between disappointing the bond markets and imposing austerity on their voters.

There are a number of potential explanations for the strange reaction of bond markets.

You know what the second and third largest, most liquid domestic bond markets are in the world?

And government-bond markets may also be set for turmoil.

Bond markets, debt and bail-outs must feel like a similar challenge.

Investors positioned for pain in several countries on Monday, with Italian and Belgian bond markets hit hard.

THE equity and bond markets have been telling different stories in recent weeks.

The banks have got off lightly, the bankers are still picking up their bonuses, and the bond markets are calling the economic shots.

Volatility in global equity and bond markets is expected to increase with the emergence of Euro.

Bond markets showed even more alarm as the premium Italy pays over Germany to borrow hit a fresh euro-era record of 455 basis points.

Bond markets are running scared of heavily indebted developed countries that cannot print money.

Starting on July 8th bond markets staged an unexpected buyers' strike, driving yields on Italian debt to their highest levels in a decade.

Retail investors, mainly through mutual funds, own a much larger part of the stock and bond markets than ever before.

Fears have intensified in the international bond markets, where Chinese property developers have sold $19bn of debt in recent years.

The political challenge to the listing coincided with tougher conditions in the bond markets.

If not, it risks an electoral backlash in upper house elections next year. Almost as bad, bond markets could wobble.

It went on to intervene directly in government bond markets.

The heavy lifting of financing infrastructure and state companies will shift to bond markets .

European bond markets also reacted with big price declines on heavily indebted countries.

The victims of Athens' empty coffers will be not bond markets but Greek public sector employees or benefit claimants.

Neither the Irish rescue package nor Portugal's request for one did anything to calm sovereign bond markets.

But only a quarter of America's listed companies can tap bond markets.

Local-currency bond markets in most Asian countries are tiny and unsophisticated (see table).

Though the size of the buying programme was unknown, the effect on the bond markets was dramatic.

That came to the fore on Thursday as bond markets in places like Belgium and Austria also came under pressure, traders say.

But the bond markets are getting impatient, especially with weaker European countries.

Indeed, in historic terms, conventional wisdom about bond markets has been turned on its head.

Direct ECB intervention in the bond markets last May was seen as troubling to some of the euro zone's core members, especially Germany.

The region's bigger bond markets remained unsettled this week (America's debt-ceiling wrangle will not have helped, of course).

As we mentioned yesterday, movements in the bond markets have reverberated across other financial assets.

Stockmarkets and bond markets rallied substantially in 2009, totally oblivious of the risks.

Ultimately we need a secure basis for bond markets if the eurozone is to survive.

This will present a range of bold policies that address the problems in sovereign bond markets.

Large companies find it easier to bypass banks and get their financing from the corporate bond markets.

Banks hawking state-guaranteed paper only increase the congestion in bond markets.

Their bond markets are also relatively small, allowing the ECB to have a large influence at relatively little cost.

Several interlocking factors have driven the rapid development of emerging corporate bond markets.

Sarkozy insisted that only decisive ECB help in government bond markets could save the euro zone.

Its banking system is also relatively insulated from turmoil in bond markets, with more than 90% of loans funded by retail deposits.

But the need for co-ordination makes it hard to act decisively, and leaves bond markets nervous.

In theory, there is an easy answer. If you don't want to be bothered about the bond markets, don't borrow from them.

LIKE schoolyard bullies after the holidays, bond markets are again picking on the weaklings.

Governments are promising ever more severe budget cuts in the hope of pacifying bond markets.

The availability and use of credit enhancement facilities have become a basic ingredient of mature bond markets.

The ECB's offer of three-year loans for banks just before Christmas has brought some calm to bond markets.

There are 'downside risks to bond markets from rising inflationary pressures and potential changes in monetary policy.

The EFSF last week obtained a triple A rating, which will help it raise cash in the bond markets at good rates.

Yes, stock and bond markets have discounted the worst, but the hard data has actually gotten better.

In late 2009 the problem for AHL seemed to be that bond markets and currencies, notably the dollar, seemed to change direction.

This week the PBOC said that some of the yuan held offshore by traders and foreign central banks could be invested in China's bond markets.

The emirate returned to the bond markets in September.

During the spring it seemed the euro would fracture under the pressure of heavily-indebted governments and nervous bond markets.

Bond markets were unconvinced. So were the rating agencies: Fitch and S&P cut Greece's grade again, from A- to BBB .

But Mr Trichet is the first to declare that the ECB cannot alone hold the breach in the bond markets.

Bond markets have also priced in future interest rate cuts, which has helped yields fall.

Developing deeper, more liquid bond markets will take time; in India and China, it will also involve relaxing strict quotas for foreigners.

If they lowered risk premia, now-shallow domestic currency bond markets would deepen.

In Greece [with yields higher than 12 percent on two-year bonds ] or Spain or Portugal, the bond markets are forcing an adjustment.

Policymaking has been much strengthened during the past decade and the country has been rewarded by the bond markets.

Now they have been forced into painful restructuring by bond markets.

He opposed for instance intervening in government bond markets.

No wonder, then, that bond markets are losing confidence, and pushing the situation to the brink.

Contagion in the bond markets now threatens to spread to Italy, a "core" eurozone member.

That would rebuild investor confidence and allow Greece to return to the bond markets, partially in 2012 and completely by mid-2013.

For most banks, the bond markets have been closed for months.

Government bond markets could provide the trickiest test.

Any reform that would loosen their grip on bond markets deserves a shot.

So don't say you haven't been warned, fluctuations may come in the stock and bond markets.

Last week, shares of banks fell to their lowest levels in decades, as broad stock and bond markets tumbled.

The idea of developing deeper, more liquid, bond markets in Asia is a sound one.

A significant change in European bond markets is under way.

Bond markets have all but cut Dublin off by demanding soaring interest rates.

Issuers in the bond markets are finding that their borrowing costs have risen.

"Both the onshore and offshore renminbi bond markets are continuing to grow unabated, " Mr Wohlin said.

Still, the biggest threat to both equity and private credit markets may be the government bond markets.

The index, which tracks the 16 biggest emerging bond markets, was launched at the end of 1997 after the Asian financial crisis.

Bond markets responded favorably.

Liquidity in the US Treasury market is superior to eurozone bond markets.

This situation makes bond markets in a monetary union unusually prone to forces of contagion, very much like in banking systems.

The investment-grade corporate bond markets have also seen record levels of issuance in the past few months.

But will European governance assuage the bond markets?

That lingering uncertainty cast a pall over stock and bond markets.

To those familiar with bond markets, this may not seem a revolutionary proposal.

Bond markets shift sharply against weak euro-zone members.

If the bond markets are closed to Greece, the country will face bail-out or default.

Its banks are dependent on ECB support, and it too is in the bond markets' sights.

A handful of countries, notably Greece but also Spain, Portugal and Ireland, have been forced to take drastic action by nervy bond markets.

Hence, bond markets in Spain and Italy will largely remain on their own in coming weeks.

Bond markets even rose, while credit default swaps on UK sovereign debt tightened 7 basis points.

The most liquid government bond markets (those of America, Britain, Germany and Japan) offer yields of 2. 5% or less.

With bond markets so febrile, Mr Weidmann's comments were ill-timed.

The bond markets, though, are looking forward, not back.

With hindsight his warnings about the need to reassure the bond markets appeared pertinent.