Sovereign debt crisis? What sovereign debt crisis?
Governments are selling, buyers who are scared of risk are buying and with a few notable exceptions rates remain low. Britain is even considering 100-year bonds, which would be a bad idea for pretty much anyone to buy, given where the coupon is likely to be.
All this bullishness about bonds has pushed the value of offerings of debt by governments and their affiliated agencies are up 16 per cent so far in 2012 over the same period in 2011, according to Thomson Reuters figures. Much of the selling that drove issuance last week came out of Europe.
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