Bonds

Americas

Treasuries Gain for Week on Decline in Stocks, Setbacks at Citigroup, AIG Treasuries posted a weekly gain as stocks fell and Citigroup Inc. said it will ``wind down'' $400 billion in assets, fueling concern the credit crisis will persist.

Morgan Asset's Kelsoe Set to Lose Seven Funds After Losing Bet on Subprime The last step in James Kelsoe's transformation from top-ranked bond investor to subprime-crisis poster boy may come July 11 when shareholders of his seven funds vote on whether to dump him for a new manager.

AT&T, GlaxoSmithKline Lead Second-Busiest Week of U.S. Company Bond Sales AT&T Inc., the biggest U.S. phone company, and drugmaker GlaxoSmithKline Plc led $43.8 billion of corporate bond sales this week, the second-busiest on record, amid investor optimism the economy will avoid a deep recession.

Citigroup Leads Wall Street Drive to Punish Taxpayers in Auction-Rate Debt Taxpayers from Massachusetts to California are paying Wall Street banks to end derivative contracts gone bad as they exit the collapsing auction-rate bond market, with penalties in some cases topping $10 million and compounding the pain of rising borrowing costs.

Europe

European Government 10-Year Notes Post Biggest Weekly Advance Since 2003 European 10-year government bonds had their biggest weekly advance in nearly five years as regional stocks fell the most since March on record oil prices.

Corporate Bond Sales Double in Europe to $27 Billion, Led by RBS, Fortis Fortis, Belgium's biggest bank, and Royal Bank of Scotland Group Plc led 17.6 billion euros ($27.2 billion) of European bond sales, almost double the weekly average for the past year, as borrowing costs stayed at a two-month low.

BAA Owners Pledge 400 Million Pounds as Debt Refinancing Plan Faces Delays BAA Ltd., the operator of U.K. airports including London Heathrow, said its owners will put up 400 million pounds ($779 million) in cash as the company faces delays in refinancing its debt.

Asia

Japan's Bonds Gain on Speculation Slowing Growth to Boost Demand for Debt Japan's 10-year bonds rose, lowering yields by the most in more than three months, on speculation slowing economic growth will increase demand for debt.

Pimco, Templeton Load Up on Malaysian Bonds, Lured by Rise in Ringgit, Oil Malaysian bonds are attracting a record amount of foreign investment as rising prices for the nation's fuel and food exports swell its surplus and send the ringgit to the highest in a decade.

Asia-Pacific Corporate Bond Risk Increases, Credit-Default Swaps Indicate The cost of protecting Asia-Pacific corporate and government bonds from default increased, according to credit-default-swap traders.

JPMorgan Hires Kitajima, Japan Inflation Swap Pioneer, as Deflation Ends JPMorgan Chase & Co. hired Takuma Kitajima from Merrill Lynch & Co. to start trading yen inflation swaps as Japan emerges from a decade-long bout of deflation.

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