Dow Jones Newswires First to Report on Australian State Bonds

- 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.

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