Euro Bonds In Motion

Baudouin Richard does not remember exactly when the phone rang on the afternoon of Sept. 11. "I just know it was shortly after the second plane had struck the World Trade Center," he says. "The markets were a mess, and then Gianluca Garbi called."

Richard helps manage Belgium's national debt. By juggling the timing and the terms of bond issues, he can save his government billions in interest costs — and that translates into more money for schools, roads and health care. The carnage in New York had sent investors into a frenzy, and market makers...

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