Without the ECB spending a dime or the Spanish asking for a bailout, Spanish debt has staged a rally for the ages.
2-year bonos are down to 2.79% in yield, down 27 bp on the day and 3.88% below peak yields barely over a month ago.
Gains in 10s have been more muted, down 42 bp today and 1.98% from the peak yield at the end of July.
If I were Spain, I’d be scheduling auctions pronto…
