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Greek, Portuguese Bonds Drop as Downgrades Escalate Debt Crisis

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Paul Dobson
Bloomberg
Tuesday, April 27, 2010

April 27 (Bloomberg) — Government bonds of the euro region’s most indebted nations slumped, led by the biggest drop for Greek two-year notes since at least 1998, as credit downgrades escalated Europe’s sovereign-debt crisis.

Portuguese, Spanish, Irish and Italian securities plunged and German debt rallied as investors sought safer assets after Standard & Poor’s Ratings Services cut Greece three levels to BB+, or junk, and lowered Portugal two steps to A-. Greek notes slid earlier as concern deepened that the nation will ask investors to accept delayed or reduced debt payments.

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“We’re entering into a phase of blind panic,” said Orlando Green, an interest-rate strategist at Credit Agricole CIB in London. “Given the inaction of the euro nations to back Greece and to get things done quickly, we’ve found now this inaction has been a big obstacle. That’s not satisfying for the markets, and not for S&P either; hence, the downgrade.”

The yield on the Greek benchmark two-year note rose 478 basis points to 18.71 percent as of 4:51 p.m. in London. The 4.3 percent security due March 2012 fell 6.20, or 62 euros per 1,000-euro ($1,326) face amount, to 78.67. The yield on the 10- year bond climbed 69 basis points to 10.29 percent. The yields are the most since Bloomberg began collecting the data in 1998.

Full story here.

This article was posted: Tuesday, April 27, 2010 at 9:34 am





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