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Date: Thursday 13 Mar 2008

LONDON (ShareCast) - Bonds surged ahead across the board on news that Carlyle Group's mortgage-bond fund failed to agree a refinancing deal

Carlyle Capital Corporation, an Amsterdam-based mortgage fund affiliated to US private equity firm Carlyle Group, is on the verge of collapse after it failing to reach an agreement with its lenders over a refinancing package.

Talks between the company and its creditors, who demanded more than $400m to meet margin calls on its portfolio of residential-mortgage-backed securities, broke down yesterday.

Meanwhile, the UK's DMO said its auction of £2bn gilts maturing in 2030, which carry a yield of 4.75%, where covered by bids 1.41 times.

In the UK, the two year gilt yield fell 11 basis points to 3.86% with the ten-year yield down 8 basis points to 4.33%

The German ten-year bund yield was down nearly 5 basis points to 3.72%, while the US ten-year treasury yield fell 5 basis points to 3.42%