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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (61617)	3/7/2002 12:28:51 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Investors switch to corporate bonds By Jenny Wiggins in New York, James Politi in London and Natalie Jacob-Scharli in Tokyo Published: March 6 2002 10:47 \| Last Updated: March 6 2002 21:21 news.ft.com A surfeit of new corporate bond issuance put additional pressure on an already weak US Treasury market on Wednesday, dragging prices lower. Timber company Weyerhaeuser priced $5.5bn of bonds, while a further $2bn in bonds were expected from other issuers. Investors consequently pulled out of the government bond market and put money in corporate bonds. Equities were also stronger, with the Dow Jones Industrial Average closing up 140 points. Traders said the market would today focus on Federal Reserve chairman Alan Greenspan's testimony on the economy before the Senate Banking Committee. The 10-year note fell 11/32 to 98 5/8 with a yield of 5.049 per cent and the 30-year bond lost 11/16 to 97 19/32 with a yield of 5.541 per cent. The two-year note was unchanged at 99 9/16 to yield 3.229 per cent. Eurozone government bonds fell as better than expected German unemployment figures combined with substantial supply pressure to send prices down for the fourth straight session.