LTCM to sell pounds 900m bonds

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The Independent Online
LONG-TERM Capital Management,the hedge fund that was the subject of a $3.75bn bail-out in September, is planning to auction off around pounds 900m of five-year German government bonds on Monday.

The auction will take a similar form to the successful sell-off last month of the fund's holding of UK gilts. Bond market analysts said talk of the sale had a depressing effect on German bond futures yesterday. The German government has scheduled an action of pounds 3.5bn of five-year bonds for next Wednesday.