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Spanish 10Y Bond Yield Breaches 6% - Highest In 3 Weeks As Nothing Still Fixed

Tyler Durden's picture


The yield on 10Y Spanish bonds just broke back above 6% for the first time in three weeks as the spread to Bunds also broke above 450bps. Now up over 33bps this week (along with Italy +20bps and Portugal +36bps), it seems the market is waking to the idea that words are simply not as good as actions and even actions are irrelevant if they simply kick the can. The front-end of the Italian and Spanish curves are underperforming today (Italy 2Y +12bps and Spain +22bps) as the OMT-front-running exuberance a-la-LTRO is being unwound. It seems European credit markets were indeed on to something yesterday as they underperformed. Spanish and Italian equity markets are down around 3% with France off more than 2% and credit spreads widening notably further in financials and corporates - as EURUSD slides to 1.2850.


Spain (10Y Yield, 10Y Spread, 5Y CDS)...


Spain 2Y...

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Wed, 09/26/2012 - 07:01 | 2831140 Debtonation
Debtonation's picture

Keynsianism at its finest

Wed, 09/26/2012 - 07:05 | 2831152 LongSoupLine
LongSoupLine's picture




Wed, 09/26/2012 - 07:05 | 2831153 WaEver
WaEver's picture

I've seen this episode before. How do I change channels


Wed, 09/26/2012 - 07:13 | 2831171 EscapeKey
EscapeKey's picture

They need Bill Fucking Murray to present this groundhog day news.

Wed, 09/26/2012 - 07:06 | 2831154 slaughterer
slaughterer's picture

It could be the ECB selling the Spanish 10 year, just to force Spain into their hands.  

Wed, 09/26/2012 - 07:07 | 2831157 slaughterer
slaughterer's picture

I am voting 

Ron Paul for POTUS

Farage for POTEU

case closed


Wed, 09/26/2012 - 07:07 | 2831158 tawse57
tawse57's picture

DOW will close above 15,000 tonight. They will pump this baby big time. Ben likes to pump his bitch DOW. Pump, pump, pump!

On second thoughts, with all that pumping 15,000 is too low. Let's have DOW 20,000 by 2PM.

The global economy is in a mess. People are doing mass protests across Europe. People are jobless, going hungry.

This will not end well.

Wed, 09/26/2012 - 07:08 | 2831161 slaughterer
slaughterer's picture

Career risk is high: 3 days left for the "money on the side" to get in before EOQ.  


Wed, 09/26/2012 - 07:29 | 2831197 tawse57
tawse57's picture

There is no money on the side in Europe. The rich are about to be eaten by the poor.

Down this road in 1930, the Germans came...

Wed, 09/26/2012 - 07:14 | 2831174 EscapeKey
EscapeKey's picture

In the new normal, nominal is real.

Wed, 09/26/2012 - 07:57 | 2831159 falak pema
falak pema's picture

smoke and mirrors; this allows Rajoy to raise the white flag to ECB, right on cue, and tell his own people :

'I tried my best; those Oligarchy markets leave me no choice but to ask our Euro friends for help!'

Nice play, just like in Greece, and when Berlu tried to buck it, remember what happened to him!

Never cross the 7% Rubicon.

Wed, 09/26/2012 - 07:10 | 2831162 slaughterer
slaughterer's picture

DB/Commerzbank going down the toilet today on the DAX.   

Wed, 09/26/2012 - 07:14 | 2831172 LongSoupLine
LongSoupLine's picture

perfectly appropriate analogy, as "toilet" is where worthless crap should go.

Wed, 09/26/2012 - 07:20 | 2831180 EscapeKey
EscapeKey's picture

Oh, I don't know. Wall Street have a long and proud history of packaging and selling worthless crap.

Wed, 09/26/2012 - 08:38 | 2831352 Iam_Silverman
Iam_Silverman's picture

"Oh, I don't know. Wall Street have a long and proud history of packaging and selling worthless crap."

So, someone needs to get on the phone with Citi or GS and find a way to collateralize DB/Commerzbank, and then sell it to the world where it can be "sanitized" through re-hypothication and repo-105's!  As long as AIG will write CDS against it, I am sure CaPers is willing to buy.

Wed, 09/26/2012 - 07:23 | 2831187 lolmao500
lolmao500's picture

Well when you have a region trying to secede, the army threatening to overthrow the government because of austerity, big riots everywhere, 50%+ youth unemployment and people looting TONS of food from grocery stores, you BETCHA yields are gonna go up.

Spain is rapidly becoming a third world country.

Wed, 09/26/2012 - 07:25 | 2831189 caimen garou
caimen garou's picture

and the can is on the 20yd line but they have to send a kicker in! who will it be this time as many of the can kickers have sore toes from so much can kicking! who will it be folks?!

Wed, 09/26/2012 - 08:40 | 2831363 Iam_Silverman
Iam_Silverman's picture

"who will it be folks?!"

Doesn't really matter - with the replacement refs it can be anyone, they'll pick the outcomes as they're directed from the top.

Wed, 09/26/2012 - 07:29 | 2831196 lsbumblebee
lsbumblebee's picture

I'm sure we'll have another rumor, I mean good news just in time for Friday's end of the quarter window dressing.

Wed, 09/26/2012 - 07:38 | 2831210 Dr. No
Dr. No's picture

Just have the ECB anounce there will be a bailout.  fixed.

Wed, 09/26/2012 - 07:40 | 2831214 EscapeKey
EscapeKey's picture

But this one will definitely be the last!

Wed, 09/26/2012 - 07:57 | 2831236 youngman
youngman's picture

Someone just mentioned WWII....I think we need that kind of reset for this ever to change back to the old normal....and I use the 50´s and early 60´s as the old normal....where dad worked...mom was a homemaker...the kids went to good public schools...where they learned..were taught right and wrong...people could own a home ...and would never move for a long time...you knew your neighbors..your doctor..your teachers...your plumber..

But to get back to that ...you have to destroy cities to where everyone is scrounging for food...for shelter...for water first...then healthcare..clothing..and on and on...a start over of society...rich and poor...back to neighborhood living..

Wed, 09/26/2012 - 08:25 | 2831318 Bastiat009
Bastiat009's picture

Oops, euro and gold are dancing together again. We need more QEs.

Wed, 09/26/2012 - 08:46 | 2831374 Overflow-admin
Overflow-admin's picture

Gold bashed. Everything is FIXED.

Wed, 09/26/2012 - 09:28 | 2831538 Grand Supercycle
Grand Supercycle's picture


Due to recent central bank intervention and short covering spikes, these daily charts are extremely overextended and significant correction expected very soon:




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