Hedge funds unsettle bonds

Thursday 22 October 1998 23:02 BST

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Hedge funds unsettle bonds

CONCERNS ABOUT a new spate of hedge-fund selling sent bond markets falling yesterday. US Treasuries opened sharply lower after a hedge fund - rumoured to be George Soros's Quantum - began liquidating positions. Treasuries recouped some ground later. UK investors sold gilts amid rumours that hedge funds had resumed unwinding positions in government debt. The yield on the 10-year UK government bond rose 5 basis points to 5.12 per cent.

News Analysis, page 23

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