Portuguese, Spanish, Irish and Italian securities plunged and German debt rallied as investors sought safer assets after Standard & Poor’s Ratings Services cut Greece three levels to BB+, or junk, and lowered Portugal two steps to A-. Greek notes slid earlier as concern deepened that the nation will ask investors to accept delayed or reduced debt payments.
“We’re entering into a phase of blind panic,” said Orlando Green, an interest-rate strategist at Credit Agricole CIB in London. “Given the inaction of the euro nations to back Greece and to get things done quickly, we’ve found now this inaction has been a big obstacle. That’s not satisfying for the markets, and not for S&P either; hence, the downgrade.”
The yield on the Greek benchmark two-year note rose 478 basis points to 18.71 percent as of 4:51 p.m. in London. The 4.3 percent security due March 2012 fell 6.20, or 62 euros per 1,000-euro ($1,326) face amount, to 78.67. The yield on the 10- year bond climbed 69 basis points to 10.29 percent. The yields are the most since Bloomberg began collecting the data in 1998.
Portuguese two-year note yields jumped 117 basis points to 5.36 percent and Ireland’s two-year note yield rose 75 basis points to 3.93 percent.
Italian two-year notes slumped, pushing the yield up 31 basis points to 1.82 percent, the most since February. The yield on Spanish two-year notes rose 15 basis points to 2.11 percent.
The yield on the two-year German note fell to a record-low 0.77 percent. The yield on the 10-year bund, Europe’s benchmark government security, dropped 11 basis points to 2.94 percent.
“The biggest risk now is that the market speculates against every single indebted peripheral country, and that could lead to a sovereign debt crisis,” said Axel Botte, a strategist at AXA Investment Managers in Paris. “The contagion risk is real. It’s much easier to bail out a bank than to bail out a country.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=azGI0hfW7GEY&pos=1
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