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Exchange rate and debt price volatility mean multinational companies have to worry like never before about hedging their exposure.
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Now debt prices are tumbling again.
Treasury debt prices advanced yesterday.
The auction included 10-year debt, priced to yield 6.04 percent.
Treasury debt prices eased yesterday after Mr. Greenspan's comments.
Emerging-market debt prices tumbled, and those of bonds denominated in yen fell more than most.
Higher yields reflect lower debt prices, as investors insist on higher returns to buy the debt.
Yet as emerging market debt prices surged last year, leveraged investors were drawn back in.
A wave of new Treasury and corporate supply also weighed on government debt prices.
Treasury debt prices rose yesterday, with the 10-year note up 9/32, to a price of 99 11/32.
Treasury debt prices rose as the nagging concerns about credit conditions drove investors to the relative safety of bonds.
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