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Belgian Bill Auction Results: Weaker
Earlier today, another member of the rapidly expanding European "periphery" (at least in terms of troubled states), Belgium, sold €3 billion in T-Bills at rates that were materially worse than the prior auction, even as the Bid To Cover remained flat or declined. This is happening even as Euribor fixings continue to surge and have hit year highs, with the 3 Month now at 1.047% (and 6 Month Euribor at 1.269%). As for the Belgium auction, here are the results. Hopefully little monetary damage occurred to the ECB as part of this latest apparent monetization.
- €1.115bln 3-month T-Bill auction, bid/cover 2.57 vs. Prev. 3.38; yield 0.777% vs. Prev. 0.593%
- €1.795bln 6-month T-Bill auction, bid/cover 2.67 vs. Prev. 2.50; yield 0.901% vs. Prev. 0.621%
Of course, if the recently disclosed December 7 pan-European Bank Run event is even remotely successful, look for both Euribor fixings and for bond auctions to continue deteriorating sharply very shortly.
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NO MORE BELGIUM CHOCOLAT FOR YOU TYLER!!!
Belgium has currently no government at all, and will never likely have one again, so it is actually surprising the auction didn't fail completely.
And still we are one of the only countries in the EU that has a inflation number of 3.4%...
no government action = inflation
governemtn action = deflation = money printing
go figure...
Get your six month to 1.5% and I'll look at it.
"Belgium has currently no government"
Who need .gov when you have such vast waffle resources. The shadow waffle government is run by the diamond joos in Antwerpen.
T'is "jews" maar begrijp wat je bedoelt :)
Ik ben deze zomer door die klootzakken weggetakelt omdat ik aan het station in een zijstraat geparkeerd stond.
Eerst schieten dan vragen stellen!
I thought they still had a King. No?
The ECB has begun to run out of resources- even the Fed can't help them now. Take a look at the Greek 10yr yield- 10.91% and rising rapidly. I expect a default of Greece in days.
tell them "don't forget to vote" too.
Is it true that 'manneke pis' is for sale?
What is this post based on? I just checked the debt agency website and no info is provided on today's auction (www. debtagency.be). It is a semi-holiday here (i.e. private sector works; public doesn't) so that could be the reason of slow publishing of the results...
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