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The reduction below 7% is probably due to the ECB quietly buying Irish bonds.
The European Central Bank bought Irish government bonds today, according to three traders and strategists with knowledge of the transactions. The ECB purchased debt maturing between 2011 and 2020, one trader said, under condition of anonymity because the deals are confidential. A central bank spokesman declined to comment when contacted by telephone in Frankfurt.
RTE have a habit of mixing up reporting two different sets of 10 year bonds.Panic over - yields now back to 6.90%...which is about where RTE erroneously reported them to be yesterday evening. (That's still a whopping 435 basis pts over Germany, but shy of the 450 over in late September).
This is only good news if you believe that the ECB is also going to buy up the 10 billion we are going to need in Q2 of next year, which they probably will.
It defeats the purpose if you do it quietly.
I thought the more cuts we talk about the more confident the market would be and the further the rate would drop. Isn't that what Brian Lenihan has been saying for some time now? Perhaps the market realises that a 15BN cut will stop all spending in the economy and push us further into the mire or maybe BL needs to come out and say 30BN in cuts, that ought to stabilise the market, right Brian???!!!
Yup...we are 15-0 down basically but our management keep holding onto the ball when it goes out of play, which is forcing the referee to play a lot of "stoppage" time, even though the game is well and truly over in reality!This means the game is up, no?
The IMF will be here in the New Year if the yield stays this high
At last, the Germans will be here. I remember my poor old dad telling me he used to go around the hills of Meath with his rifle 'protecting' Ireland from the Germans during the 'Emergency'. They've coming in the side door now, we just have to watch them come in
We pay the coupon rate, which is fixed at issuance. The 'interest rates' cited in this and similar threads refers to the yield, which varies with the market.Time for me to ask a silly question.
We have issued bonds at various prices in the past few years, the interest rate was different than todays rate.
What interest rate do we pay, the one that we issued at, or the market rate as of today.
Sorry if this sounds silly, but I have no idea.