Dow Jones Newswires First to Report on Australian State Bonds
May 14 2009 - 9:00AM
PR Newswire (US)
- New South Wales Government Bond Prices Jumped After Dow Jones
Released the News - NEW YORK, May 14 /PRNewswire/ -- On May 1,
2009, Dow Jones Newswires was far ahead of its competition when it
released news that Australia's biggest state, New South Wales, will
use a federal government guarantee for its own debt. Dow Jones
reported confirmation from state Treasurer Eric Roozendaal that the
federal government is guaranteeing the state's debt for both
existing and new bonds. Since Dow Jones's report, the yield spread
of the New South Wales Treasury Corporation's 2017 bond over the
federal government bond narrowed 15 basis points, and has remained
lower -- even though Roozendaal also said the New South Wales
budget deficit would be much deeper than previously forecast.
Bloomberg reported four hours later on a statement by the state
government's funding arm, confirming the Dow Jones report on the
guarantee plan. Thomson Reuters was nearly four and a half hours
behind the Dow Jones report. More than 435,000 financial
professionals in 66 countries turn to Dow Jones for breaking news,
commentary and analysis, including market moving corporate,
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