bonds

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$35B Hedge Fund Manager's Secret: Do Nothing

Nevada's Steve Edmundson is a rare find in the investment world

(Newser) - If your visions of high-profile hedge fund managers include frenetic scrambling through paperwork, fielding endless phone calls, and scouring the Internet during never-ending workdays, those don't apply to Steve Edmundson, the investment head of Nevada's $35 billion Public Employees' Retirement System, the Wall Street Journal notes. Where other... More »

Can You Pass a Basic Test on Finances? Probably Not

The vast majority of Americans answered barely half of the questions correctly

(Newser) - When it comes to finances, Americans are doing generally better than during the recession. But when it comes to financial literacy, the picture is grim. According to a new survey of 27,564 Americans called the National Financial Capability Study that was put out by the FINRA Foundation , roughly two-thirds... More »

Puerto Rico to Default on $370M Debt Bill

An even bigger payment of $1B is due July 1

(Newser) - Big financial trouble for Puerto Rico: The government won't make nearly $370 million in bond payments due Monday after a failure to restructure or find a political solution to the US territory's spiraling debt crisis. Gov. Alejandro Garcia Padilla said Sunday he had issued an executive order suspending... More »

Puerto Rico Says Its $72B Debt Is 'Not Payable'

'America's Greece' is almost out of cash

(Newser) - There's something about Puerto Rico that has caused many commentators to describe it as "America's Greece," and it definitely isn't yogurt. Instead, it's the terrible state of the US commonwealth's economy, which has caused Gov. Alejandro Garcia Padilla to admit that its $72... More »

Japan Now Biggest US Creditor

It overtakes China for first time since 2008

(Newser) - Japan has overtaken China as the top foreign holder of US Treasury securities, a position the country last held in August 2008. In its monthly report on bond holdings, the Treasury Department says total foreign holdings of Treasury debt dipped 0.9% in February to $6.16 trillion, down from... More »

Better Late Than Never: Britain to Repay WWI Debt

It still owes WWI investors some $3.2B

(Newser) - Britain is beginning to pay back some of the $3.2 billion it borrowed to help pay for World War I. The government plans to redeem some national war bonds (issued in 1917) in February, when it refinances $348 million of debt issued as far back as the 18th century.... More »

US Judge Holds Argentina in Contempt of Court

Country's lawyers call finding 'completely absurd'

(Newser) - A New York judge has found Argentina in contempt of court for its open defiance of his orders regarding US hedge funds that hold Argentina bonds. Judge Thomas Griesa made the finding today at a Manhattan hearing. He reserved decision on sanctions pending further proceedings. Lawyers for the US hedge... More »

As Default Looms, Investors Scurry to Unload US Bonds

Banks steer clear of short-term US debt

(Newser) - Worried over the possibility of default, investors and banks aren't taking chances: They're selling off billions of dollars of US debt, the Wall Street Journal reports. Banks have cut their government debt holdings by some 50% in the past two weeks, New York's Federal Reserve says. Additionally,... More »

Apple Holding Biggest Bond Sale in US History

Company will reportedly sell $17B worth

(Newser) - Apple is whipping out its proverbial credit card in a huge way. The firm intends to sell $17 billion in bonds, in what would be the biggest sale of investment-grade corporate debt in US history, sources tell the Wall Street Journal . Apple wouldn't comment on the sale or confirm... More »

Greece to Buy Back Bonds at Big Discounts

Country hopes plan will cut $26B from debt

(Newser) - Greece will spend up to $13 billion in a heavily-discounted bond buyback program that it hopes will help stabilize its debts, officials said today. Private holders of Greek bonds, such as banks and pension funds, have until Friday to register their interest in participating in the buyback program. It will... More »

Sandy May Have Ruined Billions in Bearer Bonds

Wall Street could lose $70B, source says

(Newser) - Add this to Superstorm Sandy's damages: billions of dollars in soaked bearer bonds that may never be recovered, the New York Post reports. The storm surge flooded a huge underground vault in New York, sousing 1.3 million bond and stock certificates with water, sewage, and diesel. Now a... More »

Moody Cut Sends Spanish Bonds to Dangerous High

Italy's borrowing costs jump as well

(Newser) - Spanish bond yields hit a whopping 7% today, after Moody's cut the country's credit rating to just one level above "junk" yesterday. The New York Times ominously notes that the 7% mark is the level that "triggered" full-blown bailouts of other eurozone countries. Moody's said... More »

Most Greek Bondholders Agree to Take Huge Loss

Debt swap deal a success

(Newser) - A whopping 85.8% of Greece's private bondholders have agreed to swap their bonds for new ones that are worth half as much, the country announced today. "The response exceeded all expectations, and every historic precedent," Greece's finance minister boasted. Greece can now use a "... More »

Police Grab $6 Trillion in Phony US Bonds

Crooks wanted forgeries to buy plutonium: Italian paper

(Newser) - A minor crime averted in Italy: Police seized $6 trillion in phony US Treasury bonds that a criminal network reportedly planned to use to buy plutonium. Cops grabbed the fake bonds at a Swiss trust company in the city of Potenza, they said yesterday. US experts identified the forgeries and... More »

Fed Tries 'Operation Twist' to Spur Growth

Move intended to hold down long-term interest rates

(Newser) - The Federal Reserve says it will sell $400 billion of its shorter-term securities to buy longer-term holdings, its latest effort to boost a weak economy. The Fed's move to rebalance its $2.87 trillion portfolio could lower Treasury yields further. Ultimately, it might reduce rates on mortgages and other... More »

Eurozone Agrees to Huge Spain, Italy Bailouts

Massive action would dwarf those in Greece, Ireland, Portugal

(Newser) - Europe's central banking system has agreed to buy huge quantities of Spanish and Italian government bonds in an attempt to stem the debt crisis overwhelming the eurozone, a source told Reuters after an ECB conference call today. “The Euro system will intervene very significantly,” the source said.... More »

Wall St. Plotting for Debt Doomsday

Prospect of default fraying nerves

(Newser) - As lawmakers scramble to hammer out a debt deal, Wall Street firms are working on ways to deal with America defaulting on its debt—and on ways to make a buck out of any upheaval. Treasury bonds function like a currency on Wall Street and default after the Aug. 2... More »

Cantor Has Up to $15K Bet on Government Default

It's just a teeny tiny conflict of interest, Jonathan Easley argues

(Newser) - As Eric Cantor last week negotiated an increase in the federal debt ceiling, he had between $1,000 and $15,000 invested in a fund that aggressively shorts US bonds, according to his latest financial disclosure statement. If Congress fails to raise the debt ceiling and the US defaults, the... More »

Fed Extends Bond Program

Shrugs off good economic news, says employment still in trouble

(Newser) - The Federal Reserve unanimously agreed to extend its $600 billion Treasury bond-purchase program today, saying the economy isn't growing fast enough to lower unemployment. The decision came from a new lineup of voting members that includes two officials who have criticized the bond purchases. They have said the purchases could... More »

Bankers Now Think Citi Less Risky Than Goldman

Criticism sends Goldman debt costs higher

(Newser) - One is the most profitable, successful bank on Wall Street, the other came within a hairsbreadth of nationalization. Who would you rather lend money to? Apparently, right now investors are going with the latter. As of Monday, Goldman Sachs' debt was yielding 2.73%, to just 2.29% for Citigroup,... More »

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