10Y Bund Yield Drops 5 Standard Deviations, Most Ever

Tyler Durden's picture

As EFSF spreads widen and Greek CDS-Cash basis implodes, the flight to safety bid in Bunds is incredible. The largest single-day move in Bund yields ever, at over 5 standard deviations, is very noteworthy and the last hour or so has seen Bunds dislocated (lower in yield) from French debt also as OATs move to record 123bps (+15bps today). Bunds also outperforming TSYs by 9bps today (so far) and interestingly, given the Bund bid, German CDS is popping 13bps to 97.5bps (which seems like a cheap bet on Euro break-up now or potential technicals from basis unwinds).

Chart: Bloomberg

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trav7777's picture

CBs fire up the presses

SilverRhino's picture
Silver Bid: 32.48 Ask: 32.58 Change:  -1.82


Gold Bid: 1,691.10 Ask: 1,693.10 Change:  -34.10


Damn, was there an unscheduled market crash or something?  I think I missed the memo.

Cognitive Dissonance's picture

But....but.....but I thought everything was fixed.


SWRichmond's picture

Are Bunds denominated in Euro or DM?

Cdad's picture

Yes...fixed...but by criminal syndicate Wall Street bankers...which is to say NOT fixed.

Kind of like having the Iron Chef fix the U joints in your GM truck...that kind of fixed.

Scisco's picture

They built it that way on purpose. It's cheaper than having to constantly haul things up.

Dick Darlington's picture


PaperWillBurn's picture

U.S Fin stocks are getting slammed pre-market. Time to make some popcorn

homersimpson's picture

Showing FAZ love 3 days in a row now.. *w00t*.


FranSix's picture

Treasury Inflation Protected Securities negative yield on the 10y:


pandabear01's picture

Dollar goes higher, gold goes lower, I then buy gold


RickyBobby's picture

Goldman says S&P PE is 12x earnings making it underpriced on a 12 month basis. Hold on with the volitility. Banks trading below book value which historically is a good value. Much further advanced in the European crisis and things are getting better. Ha. Wow.

homersimpson's picture

If Goldman was a real person, he'd sell his mom to make a buck. F**k Goldman and their biased swine.

Belarus's picture

Holy shit! I thought Italian and Spanish debt would "creep" higher. This is apeshit. Let's get it on. 

Grand Supercycle's picture

As mentioned for some time, the bullish USD weekly chart continues to exert it’s influence and according to my analysis this will continue.

DOW chart showing bearish megaphone pattern warned of resumption of downtrend:


earnulf's picture

I don't know about anyone else, but that graphic looks like one heck of an earthquake going on somewhere in the world.       I'd really hate to be at the epicenter of that mother.