Irish Debt Surges by Most Since May 10 EU Bailout Plan on G-20

Irish government bonds surged, driving yields down by the most since the European Union crafted a 750 billion-euro ($1.03 trillion) bailout package in May, as Group of 20 leaders held talks on the region’s debt crisis.

The gains sent yields on the two-year notes of Ireland, Portugal and Greece down by at least 70 basis points each. Irish and Spanish 10-year bonds climbed for the first time in 14 days. Italian securities recovered losses after the nation sold almost 8 billion euros of debt. German bunds declined.

“The G-20 statement was beneficial for Irish debt and that spread across to other peripherals,” said David Schnautz, a fixed-income strategist at Commerzbank AG in London. “It’s encouraging to see some stabilization and some spread-tightening from Ireland to Portugal and Greece.”

Read Full Article from Bloomberg

- Posted: 2010-11-12 10:12:26

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