Debt Management
Moody’s Portugal downgrade sparks further speculation of bailout
Moody’s cuts Portugal’s credit rating by two notches to A3 on weaker growth prospects; analyst says bailout expected in coming months
ECB’s Bini Smaghi proposes single eurozone bond issuing agency
European Central Bank executive board member Lorenzo Bini Smaghi backs proposals for single eurozone government bond issuer; says agency could pave the way for a single European bond
Moody’s lowers Greece's credit rating
Greece's credit rating moved from B1 to Ba1 while spreads rise across eurozone periphery
Canada pressed to develop inflation market
Current issuance of inflation-linked bonds is too meagre to meet demand from domestic and international investors, say market participants
Ivory Coast defaults on $2.3 billion eurobond payment
Ivory Coast fails to make January 31 deadline on payment to credit holders; analyst says political situation must be addressed before payment can be made
S&P downgrades Japan
Standard and Poor's downgrades Japan by one notch to AA– on fears that aging population places greater fiscal burden on Tokyo
IMF’s Lipsky calls for major US fiscal consolidation
IMF first deputy managing director, John Lipsky, says measures to ease debt burden in Unites States could have broader benefits for global recovery
New highs for CDS spreads on Ireland and Belgium
The cost of insuring against Irish and Belgian state defaults reaches unprecedented levels
Debt management poses greater refinancing risks: Netherlands Bank
The Netherlands Bank study says greater reliance on short-term debt requires better coordination between debt managers and central banks
SNB rejects Irish debt as collateral
Swiss National Bank excludes Irish sovereign debt and that of some Irish banks from list of collateral eligible for open market operations
Chinese sovereign debt to be issued using HKMA platform
Hong Kong Monetary Authority and China’s finance ministry reach agreement to allow issuance of renminbi bonds using central bank tendering platform
Irish bailout fails to restore faith in PIIGS debt
CDS spreads on peripheral eurozone debt widen despite €90 billion in aid
Irish woes may spread to other PIIGS
European Union action on Ireland’s bank debts points to fears over contagion spreading across peripheral Europe
Make the right decision: Spain’s Ordóñez to Dublin
Governor of the Bank of Spain suggests Irish officials ask for help as fears grow that Dublin’s resistance to a bailout will trigger contagion
Roubini: Eurozone restructurings will leave bondholders facing losses
Government debt levels in peripheral Europe mean restructurings cannot be avoided, says economist Nouriel Roubini.
DMOs to Basel Committee: leave our bonds out of your buffers
New rules mean banks will have to load-up on government debt, but one apparent beneficiary - debt management offices - are against the idea
RBI: external debts in India rising
Reserve Bank of India Monthly Bulletin shows external debts increased over the second quarter of 2010
Investors demand premium for Portuguese debt
Auction results show rising cost of Portuguese debt, analysts say investors are sending message to government to tackle deficit
Ireland’s debt costs soar
Auction results show demand for Irish debt remains strong, but analysts fear higher financing costs are unsustainable
Honohan suggests Irish deficit forecasts unrealistic
Ahead of bond auction, Central Bank of Ireland governor says higher refinancing costs and less-favourable-than-forecast conditions could stymie deficit reduction; “welcome relief” on Anglo
Non-government bond market recovery slow: Australia’s Debelle
Reserve Bank of Australia assistant governor Guy Debelle says spreads on non-government bonds remain high
S&P boosts Argentine rating one notch
Credit ratings agency Standard and Poor’s lifts Argentina’s sovereign credit rating from B- to B; cites strong economic recovery and solid debt management strategy
Spanish debt office in negotiations on credit support annex thresholds
Government agency looks to alleviate funding costs for bank counterparties in swaps transactions
Standard & Poor’s downgrades Ireland
Standard & Poor’s downgrades Ireland’s sovereign credit rating on fears over fiscal burden imposed by banking sector rescue