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AMERICA THOUGHT "HARSH" Writers Indicate a Cooling in Our Popularity Since Debt Refunding Talk.
Treasuries of intermediate maturity were weighed down as investors and dealers disposed of inventory ahead of the government's quarterly debt refunding, which will include sales of $20 billion worth of these instruments.
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The government will offer $67 billion of Treasury securities in February, consisting of $30.7 billion in new debt and refunding for $36.3 billion of maturing securities.
In Britain, after all, the Bank of England has bought around a quarter of all government debt and is now refunding the interest to the Treasury; we would all like to borrow on those terms.Stephen King, HSBC's economist, focuses on this issue in his latest research note.
Of course, the list of necessary services would be long, almost certainly too long for Peoria or Portland to negotiate every time they wanted to issue or refund debt.
Harris County, Tex., $58 million of refunding and revenue debt securities.
The board therefore went before the State Legislature in 1890 and secured permission to issue $10,000,000 of constitutional bonds of the City of New Orleans, bearing 4percentnt interest per annum, and dated p593 July 1 , 1892 for the purpose of refunding the city debt.
Challengers filed thousands of suits, eventually resulting in a $1 billion county debt for refunds and causing a fiscal crisis that required a state bailout and imposition of an oversight board.
The company is behind on refunding some of its debt and is currently discussing a restructuring with its banks and bondholders.
Traders had sold Treasuries earlier to make room for $10 billion of new 10-year notes, the second of three debt sales this week in a $25 billion quarterly refunding.
Bond prices ended lower yesterday, weakened by selling ahead of the Treasury's quarterly refunding auction of $35 billion in new debt this week.
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