Bund Yields Climb From Record Lows Before G-8
This article is for subscribers only.
German 10-year bunds fell, pushing yields up from a record low, as investors bet price gains were overdone before Group-of-Eight leaders meet to discuss ways to counter Europe’s financial woes.
Spanish and Italian bonds advanced as German Finance Minister Wolfgang Schaeuble said it was important for Europeans to form a common position on the debt crisis as quickly as possible. Yields on two-, five-, and 30-year German securities earlier fell to all-time lows after Moody’s Investors Service lowered the credit ratings of 16 Spanish banks, spurring demand for Europe’s safest government debt. Separately, Greece’s credit grade was lowered one level by Fitch Ratings.