Greek Bonds Overstate Restructuring Risk

Greek Bonds Overstate Restructuring Risk, Cavallo Says - Bloomberg

Bondholders are overestimating the risk that Greece will seek additional debt forgiveness or leave the euro after the country carried out the largest restructuring in history, said Domingo Cavallo, who led Argentina’s efforts in 2001 to avoid what would become a record sovereign default.  This month’s restructuring, which allowed Greece to write off more than 100 billion euros ($131 billion) in debt, provides the country enough relief to allow it to overhaul the economy, said Cavallo, who resigned as economy minister as Argentina defaulted on $95 billion in December 2001. European policy makers may lower the costs of the region’s loans to Greece if needed and will help keep the country in the euro, he said.

Malaysia halts oil imports from Iran

Malaysia halts oil imports from Iran - International | IOL Business | IOL.co.za

Kuala Lumpur - Prime Minister Najib Razak said Malaysia will halt imports of crude oil from Iran, state media reported on Saturday.  “It's (oil import from Iran) only a small amount,” official news agency Bernama quoted Najib as saying on Friday.  A report quoting sources from national oil company Petronas said it will stop imports of crude from Iran in April, two months before a US embargo takes effect.

From gold dust to a claim for billions

From gold dust to a claim for billions - Business News | IOL Business | IOL.co.za

They came on horseback or by foot, trudging through Lesotho’s highlands and clutching tattered identity documents to back their claims that South Africa’s gold mining firms ruined their lungs.  On one day in January, about 40 former gold miners and widows crowded into a municipal office in Semongkong, 120km east of Maseru, Lesotho’s capital. They were there to add their thumbprints to the names of nearly 7,000 others who were threatening the biggest class action suit Africa has ever seen.  In South Africa the case touches on race, politics and history. The implications for its gold mining industry and for its relations with the government are huge.

Aussie shares to open softer

Shares to open softer on weak US lead | Herald Sun

THE share market is expected to open marginally weaker today in the absence of a strong US lead.  AMP Capital Investors head of investment strategy and chief economist Shane Oliver said on Friday night futures trading pointed to a 12 point, or 0.3 per cent, fall on the benchmark S&P/ASX200 index at open on Monday.  While a modest rise on European and US markets on Friday was driven by gains in financial stocks and commodity stocks due to a high oil price, there was "not a lot of action on Wall Street", Mr Oliver said.  "Housing data out of the US was on the soft side, with home sales down, so it's a fairly weak lead in for our market," he said.

Aussie up on weak housing data

Dollar up on weak housing data | Exchange Rates, US Dollar | Herald Sun

THE Australian dollar is 0.8 of a US cent higher following the release of weak US housing figures and a solid performance from Wall Street on Friday.  At 06.30 (AEDT) on Monday, the Australian dollar was trading at 104.72 US cents, up from 103.87 cents on Friday afternoon.  The currency rose sharply on Friday night (Australian time) after weak US housing figures reduced demand for the greenback.  Data released by the US Commerce Department showed that new-home sales dropped 1.6 per cent in February, and have fallen nearly seven per cent since December.  Markets took the data as a sign that while the US economy was in recovery mode, the country's housing sector remained in trouble.

Tribes aim to stop mine beneath Mont. wilderness

Local News | Tribes aim to stop mine beneath Mont. wilderness | Seattle Times Newspaper

Members of the Confederated Salish and Kootenai Tribes are trying to prevent an underground copper and silver mine beneath the Cabinet Mountains Wilderness in northwestern Montana by getting a sacred peak designated in the National Register of Historic Places.Francis Auld, Kootenai Tribe cultural preservation officer, said members are working to get 7,018-foot Chicago Peak recognized under the National Historic Preservation Act as a traditional cultural property.  "Chicago Peak is a very sacred site with many stories," Auld told the Missoulian ( http://bit.ly/GS5MdH). "It is a place of sustenance and it is one of the last untouched places where the Kootenai can visit and reconnect with our cultural history. We don't want to end up with a hollowed-out mountain."

Exhibition contrasts commodities traders, Nigerian militia

Exhibition contrasts commodities traders, Nigerian militia | NJ.com

NEW YORK - Nearly three and a half years after the collapse of the Lehman Brothers investment bank, the Museum of Modern Art has mounted its first artwork devoted to the financial crisis: American-born artist Mark Boulos' video installation "All that is Solid Melts into Air."  Nobody expects the MoMA to function like the evening news, but three and a half years seems like a very long time. Especially when you consider that last year, for the 10th anniversary of the 9/11 attacks, the MoMA mounted an exhibition about the terrorist assault that included no images of the towers being hit, burning or toppling. Is this reticence until we get the expression just right, or timidity?

Daily Treasury Yield Curve Rates

Daily Treasury Yield Curve Rates

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Date	1 mo	3 mo	6 mo	1 yr	2 yr	3 yr	5 yr	7 yr	10 yr	20 yr	30 yr
03/01/12	0.07	0.08	0.13	0.18	0.30	0.43	0.89	1.44	2.03	2.80	3.15
03/02/12	0.06	0.07	0.12	0.17	0.28	0.41	0.84	1.38	1.99	2.77	3.11
03/05/12	0.07	0.08	0.14	0.17	0.31	0.43	0.87	1.40	2.00	2.78	3.13
03/06/12	0.06	0.08	0.13	0.17	0.30	0.40	0.83	1.35	1.96	2.73	3.08
03/07/12	0.06	0.08	0.14	0.18	0.30	0.42	0.85	1.37	1.98	2.76	3.12
03/08/12	0.07	0.08	0.14	0.18	0.32	0.44	0.89	1.41	2.03	2.82	3.18
03/09/12	0.06	0.09	0.13	0.18	0.33	0.46	0.90	1.43	2.04	2.83	3.19
03/12/12	0.05	0.09	0.15	0.18	0.33	0.47	0.92	1.43	2.04	2.82	3.17
03/13/12	0.06	0.08	0.15	0.20	0.35	0.51	0.99	1.52	2.14	2.92	3.26
03/14/12	0.08	0.09	0.15	0.21	0.40	0.60	1.13	1.69	2.29	3.08	3.43
03/15/12	0.08	0.08	0.15	0.21	0.37	0.56	1.11	1.67	2.29	3.08	3.41
03/16/12	0.07	0.09	0.15	0.21	0.37	0.57	1.13	1.70	2.31	3.08	3.41
03/19/12	0.07	0.10	0.15	0.21	0.39	0.60	1.20	1.77	2.39	3.14	3.48
03/20/12	0.08	0.10	0.15	0.22	0.41	0.62	1.22	1.78	2.38	3.13	3.46
03/21/12	0.09	0.09	0.15	0.21	0.39	0.58	1.15	1.71	2.31	3.06	3.38
03/22/12	0.06	0.08	0.14	0.19	0.37	0.56	1.13	1.69	2.29	3.04	3.37
03/23/12	0.06	0.08	0.14	0.19	0.37	0.55	1.10	1.66	2.25	2.99	3.31

Friday Mar 23, 2012

* 30-year Treasury constant maturity series was discontinued on February 18, 2002 and reintroduced on February 9, 2006. From February 18, 2002 to February 8, 2006, Treasury published alternatives to a 30-year rate. See Long-Term Average Rate for more information.  Treasury discontinued the 20-year constant maturity series at the end of calendar year 1986 and reinstated that series on October 1, 1993. As a result, there are no 20-year rates available for the time period January 1, 1987 through September 30, 1993.  Treasury Yield Curve Rates. These rates are commonly referred to as "Constant Maturity Treasury" rates, or CMTs. Yields are interpolated by the Treasury from the daily yield curve. This curve, which relates the yield on a security to its time to maturity is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The yield values are read from the yield curve at fixed maturities, currently 1, 3 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10 year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.  Treasury Yield Curve Methodology. The Treasury yield curve is estimated daily using a cubic spline model. Inputs to the model are primarily bid-side yields for on-the-run Treasury securities. See our Treasury Yield Curve Methodology page for details.  Negative Yields and Nominal Constant Maturity Treasury Series Rates (CMTs). Current financial market conditions, in conjunction with extraordinary low levels of interest rates, have resulted in negative yields for some Treasury securities trading in the secondary market. Negative yields for Treasury securities most often reflect highly technical factors in Treasury markets related to the cash and repurchase agreement markets, and are at times unrelated to the time value of money.  As such, Treasury will restrict the use of negative input yields for securities used in deriving interest rates for the Treasury nominal Constant Maturity Treasury series (CMTs). Any CMT input points with negative yields will be reset to zero percent prior to use as inputs in the CMT derivation. This decision is consistent with Treasury not accepting negative yields in Treasury nominal security auctions.  In addition, given that CMTs are used in many statutorily and regulatory determined loan and credit programs as well as for setting interest rates on non-marketable government securities, establishing a floor of zero more accurately reflects borrowing costs related to various programs.  For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov.

For other Public Debt information contact (202) 504-3550