We’re back down at 1.2278. Talk China has been notable seller.
Meanwhile Spain raised 2.981 bln in this morning’s auctions vs target 3 bln.
2 year average yield 5.204% vs previous 4.335%
5 year average yield 6.459% vs previous 6.072%
7 year average yield 6.701% vs previous 4.832%
The 10 year govt bond yield has moved through 7% presently at 7.02%
To compound the horribly high rates paid, the cover was also weaker than previous auctions.
2014 bond bid to cover ratio 1.9, down sharply from previous 4.3
2017 bond bid to cover ratio 2.1, down from previous 3.4
2019 bond bid to cover ratio 2.9, down from previous 3.3
