Spreads in the periphery are somewhat muted today as a result of official buying in Portugal, Ireland and Greece.
Periphery: yield vs GER lvls (chg on day) in bps
2y 5y 10y 30y/15y for IRE
ESP 247 (+7) 271 (+11) 235 (+4) 261 (+2)
POR 301 (-3) 309 (+2) 309 (+0) 295 (-2)
GRE 1068 (+16) 1067 (+7) 879 (0) 566 (-4)
IRE 400 (-3) 497 (-10) 523 (-11) 476 (-15)
ITA 158 (-2) 169 (+2) 166 (+3) 194 (0)
Hearing real money selling into official buying.
This is my effort to help fit the pieces together to get a better picture of the capital markets.
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
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