Bonds

Americas

U.S. Two-Year Treasury Yields Fall to Lowest This Year on Refuge Buying Treasury two-year note yields touched the lowest level this year on concern the rally in risk assets has outpaced growth prospects and as Federal Reserve officials signaled interest rates will stay low.

FDIC May Require Underwriter, Rater Pay Tied to Asset-Backed Bond Issues The Federal Deposit Insurance Corp. may force underwriters and credit raters of asset-backed debt to tie their compensation to the performance of the securities, as it seeks to create better lending practices.

S&P, Moody's, Fitch Are Sued by Ohio Attorney General Over Credit Ratings Standard & Poor’s, Moody’s Corp. and Fitch Inc. were sued by Ohio Attorney General Richard Cordray, who said the three companies disregarded their responsibility to provide “accurate credit ratings of investments.”

Argentina May Delay Defaulted Bond Swap Offer Until January, Boudou Says Argentina’s planned offer to swap as much as $20 billion of defaulted debt to help it re-enter international credit markets for the first time since 2001 may be delayed until January, Economy Minister Amado Boudou said.

Europe

Royal Bank of Scotland Plans to Sell $7 Billion of Debt Backed by the U.K. Royal Bank of Scotland Plc plans to sell $7 billion of debt due in March 2012 backed by the U.K. government, according to a person familiar with the transaction.

German Bonds Little Changed, Head for Weekly Gain, as Producer Prices Fall German government bonds were little changed, headed for the first weekly gain in three, as a decline in producer prices fueled concern a rally in stocks may have outpaced prospects for economic growth.

Bond Rally Tails Off in Europe as Seven-Month Advance Sends Investors Away The European credit market’s seven- month rally is tailing off as investors booked returns of as much as 70 percent and sought opportunities in other assets including stocks and commodities.

ECB Tightens Collateral Rules in Step Toward Unwinding Emergency Measures The European Central Bank tightened the rules for the collateral it accepts against loans as it tries to restore the “proper functioning” of markets and prepares the ground to unwind emergency liquidity measures.

Asia

Japan's Bonds Gain a Second Week on Outlook for Interest Rates, Deflation Japan’s 20-year government bonds gained for a second week after the central bank held interest rates near zero amid mounting pressure for it to fight deflation.

Goldman Says China's Five-Year Default Swaps to Tighten on Economic Growth China’s credit risk may fall to a two-month low as the country posts “robust” economic growth and demand for higher-yielding, emerging-market assets rises, Goldman Sachs Group Inc. said.

Tata Steel Gets 56% Acceptance for Bond Exchange on Debt Raised for Corus Tata Steel Ltd., aiming to cut funding costs, received 56 percent acceptance for a bond exchange on debt raised to fund its purchase of Corus Group Ltd.

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