Greek, Portuguese Yields, CDS Rise to Records on Default Concern

Greek and Portuguese yields climbed to records and the cost to insure the nations’ bonds against default jumped to all-time highs amid mounting concern countries in the region will have to restructure their debt.

The extra yield investors demand to hold Irish 10-year bonds instead of benchmark German bonds rose above 700 basis points for the first time, while the spread between Greek 10-year bond yields and bunds widened to the most since at least 1998, when Bloomberg began collecting the data. Portugal’s 10-year spread over bunds also reached a record. France sold bonds maturing between 2013 and 2040.