France sells $11 bn of bonds as yields rise
France sold 7.98 billion euros ($10.82 billion) in debt as borrowing costs rose. The treasury auctioned 3.02 billion euros of nine-year securities at an average yield of 2.3%, compared with 2.07% at the last such sale on January 3. It sold 3.19 billion euros of 14-year bonds were sold at a yield of 2.85%, compared with 2.56% in the last auction on December 6. It also sold 1.77 billion euros of seven-year debt at an average yield of 1.83%.
Visa profit beats estimates
Visa’s quarterly profit beat analysts’ estimates for the ninth quarter in a row as payment volume growth accelerated at the largest credit and debit-card network. The company’s profit rose to $1.3 billion, or $1.93 per Class A share, from $1 billion, or $1.49 per Class A share, a year earlier. Visa reported an adjusted profit of $1.82 per share, topping analysts’ average estimate of $1.79 per share, according to Thomson Reuters I/B/E/S. Total operating revenue rose 12% to $2.80 billion.
Credit Suisse back in profit in Q4
Credit Suisse, Switzer-land’s second-biggest bank, returned to profit in the fourth quarter of 2012, but said it was planning to cut costs more than previously planned. The Zurich-based bank said on Thursday it made a profit of 397 million Swiss francs ($435 million) in the period, in contrast to last year’s loss of 637 million francs. CEO Brady W Dougan said 2012 was “a year of transition” as the bank struggled with tough market conditions and made aggressive cuts in costs and risks while meeting new requirements that it hold more capital.