Emerging-market debt prices tumbled, and those of bonds denominated in yen fell more than most.
This makes debt prices more accurate and holds borrowers, be they sovereigns or corporations, better to account.
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Bonds issued by the Portuguese government failed to benefit from the safety bid lifting debt prices across the Eurozone.
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In 2008, as a result of the financial crisis, emerging-market equity prices slumped 53%, he says, while emerging-market debt prices fell only 11%.
But, despite the gloom, neither default has dented emerging-market debt prices.
What is particularly frightening about what has happened to Spanish debt prices today is not just that they imply Spain would have to pay an unaffordable 7.5% to borrow for ten years - which is the normal litmus of the difficulty being faced by a government when borrowing.
If worse comes to worse, the Treasury (with the help of Congress) could prevail on the Federal Reserve to buy its debt at prices more favorable than those demanded by foreign creditors.
For as people refuse to buy the rolled over debt at current prices, the interest rate that has to be paid to roll over that debt rises and thus Italy becomes insolvent.
And if the prices of your old debt are falling then the yields on that debt are rising (bond prices and yields move inversely) and thus you have to pay more for new borrowings: for the new debt is priced compared to the old.
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But who, you might ask, is buying this debt at these prices with default so close?
The government paid off most of the country's external debt when oil prices were high.
Buy-out firms also protected themselves by aggressively buying back bank debt at distressed prices when they could.
Unlike European and American sovereign debt, which is all too available, Asian debt commands favourable prices in part because it is rare.
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The Reserve Bank of Australia raised interest rates twice in the last quarter of 2003, partly because of concerns about debt and house prices.
Sovereign debt and commodity prices have gone haywire as well.
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If an agreement is reached on lifting the U.S. debt ceiling, prices could pull back, but buying interest under the market will limit the downside for gold prices, market watchers said.
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Its trick is finding a way to leverage the collective wisdom contained in equity prices into corporate debt markets, where liquidity is lower and prices are less meaningful.
The REITs that have seen great share price leaps and raised lots of public equity and corporat debt have seen their share prices tumble, eroding buying power and pushing debt levels up just as the faltering economy bites into operating gains.
Emerging markets collapse every so often, and prices for debt or commodities regularly break new records.
The banks have a mountain of debt and real estate prices are still falling.
Worries about industry losses and debt have knocked the prices of other shares.
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Every day, we read reports of escalating credit spreads on Greek sovereign debt, and CDS prices rising dramatically on exchanges.
France Telecom and Deutsche Telekom have mountains of debt and feeble share prices, but are protected by implicit state support.
Global gold rose in the wake of the global financial crisis and the European debt crisis, but prices in Japan were held down by the stubbornly strong yen.
Because falling prices make debt more expensive, indebted households would be more anxious to pay off loans, even as other consumers were benefiting from a boost to their purchasing power.
Reid was also bombarded with questions by reporters about gasoline prices and the debt ceiling vote.
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They are driving up bond prices on Brazilian debt in a never ending search for yield.
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As oil prices sank and debt spiralled, Venezuela's long boom came to a painful end.
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