Irish 10 Year Bonds Take Out Stops, Yield Surges Past 10% For First Time In History
Now that Europe is expected to keel over any minute, starting with the collapse of the Portuguese government, and proceeding right through the bankruptcy of Ireland, the market is starting to once again wake up. The first snooze button: Irish 10 Year bonds just passed above 10%, with numerous stops hit (see chart) for the first time in history. For all those who missed Citi's recommendation to buy Ireland CDS in advance of an event of default, the report can be found here. Said CDS are still a bargain offered at 630, considering they hit 680 in January.
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