Insurance stocks sold off in sympathy with bonds, as they traditionally do.

We are obliged to sell off property with recoverable values.

An auction was held in September of that year to sell off the remaining assets with the funds distributed to the shareholders.

"It sold off with the other quality names, so it's a good opportunity to add," Mr. Finucane said.

It sold off 3-year debt with a yield of just over 4.8pc, compared to 4pc at a comparable auction in June.

The assets could be held to maturity or eventually sold off with the gains and risks accruing to the taxpayers.

In addition, the firms would not be under pressure to sell off stock purchased on margin or credit, with the stock itself as collateral.

Still, a financial buyer could sell off Polygram's money-losing film operation with its library of 1,500 films.

The developers however chose to sell off the project with largest approved urban bulk instead of developing it.

During that period of election uncertainty, the high-yield market sold off sharply, with a loss of 1.7 percent, as it followed stock prices lower.