BlackRock Weighs Spanish Debt Investment at 6%, Pellicciaro Says
News from Businessweek:

BlackRock Inc. (BLK) (BLK) is “looking for areas” to make an investment in Spanish debt as the nation is systemically important to the European Union, according to Eric Pellicciaro, the firm’s head of global rates investment.

“We believe the line is drawn with Spain,” Pellicciaro of New York based BlackRock, the world’s largest money manager, said in an interview on “In the Loop” with Deirdre Bolton. “We have no investment in it, but we’re looking for areas to get in should there be some disappointment.”

Spanish Prime Minister Mariano Rajoy made a plea today for help from tomorrow’s European summit. EU leaders meeting in Brussels are due to discuss a plan for closer European integration spearheaded by EU President Herman Van Rompuy that centers on common banking supervision and deposit insurance, along with a “criteria-based and phased” move toward joint debt issuance.

Yields on Spanish notes due in two years climbed to 5.4 percent today, the highest since June 18. Spain’s debt starts “to make some sense” for shorter maturity securities at yields of about 6 percent, Pellicciaro said.

While the interest rate may increase as much as about 1.5 percentage points,…………… continues on Businessweek

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Senators press US on Myanmar petroleum investment
News from Sacramento Bee:

Senators from both parties are pressing the U.S. government to allow investment by American oil and gas companies as it moves to suspend economic sanctions against Myanmar.

Democrat Jim Webb and Republican James Inhofe made the appeal at a confirmation hearing Wednesday for the first U.S. ambassador to the military-dominated country in 22 years.

The Obama administration announced last month its plan to ease the sanctions to reward the military-dominated government for democratic reforms. The ambassador nominee, Derek Mitchell, said the administration is still deliberating the details of a general license that would facilitate U.S. investment.

He said no sectors of Myanmar’s economy would be excluded, but voiced concerns about transparency and corruption in a Myanmar state enterprise that the petroleum industry would likely need to partner with.

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