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U.S.-German Yield Gap Most Since 2010 on Cyprus Bailout
Treasuries yielded the most versus German bunds in 33 months, reflecting demand for safety in Europe after Cyprus won a bailout that imposes losses on bond holders. The spread was 59 basis points, the most since June 2010. Investors snapped up German debt yesterday on speculation Cyprus’s rescue will set a precedent for the euro region. Senior Cypriot bank bond holders will take losses and uninsured depositors will be largely wiped out. The U.S. is scheduled to sell $35 billion of two-year debt today in the first of three note auctions this week totaling $99 billion. “There’s a concern that Cyprus is a template ... (full story)
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