THE OVERNIGHT ANNOUNCEMENT of a second programme of quantitative easing (‘QE2′) in the United States has done little to help the cost of Irish government bonds. As investors look to paper from other more secure nations, the cost of ten-year Irish bonds has shattered its previous record, standing at 7.635% as of 9:35am. Yesterday the spread between Irish and German bonds hit 5% and it’s continued to rise since. It’ll be a long day.
Bond Markets
# bond-markets - Tuesday 9 November, 2010
Rehn’s parting message: “Europe stands by you”
The European economics commissioner affirms European support as Ireland begins the painful road to economic recovery.
ECB steps in to buy Irish bonds – and the price keeps rising
We’re well clear of 7.9% now, despite news that the European Central Bank has cranked up its purchasing.
# bond-markets - Monday 8 November, 2010
Department urged to buy bonds with pension reserve
Reuters reports that senior Department of Finance advisers want the pension reserve to create new demand for Irish bonds.
Irish 10-year bonds over 7.7% this morning
Meanwhile, economist Morgan Kelly predicts another housing crash…
# bond-markets - Friday 5 November, 2010
Bond markets unmoved by €6bn budget package
The cost of Irish borrowing remains largely flat in spite of the government’s Budget announcements.
# bond-markets - Thursday 4 November, 2010
QE2: Fed announces $600bn second round of quantitative easing
The American central bank announces it will buy back $600bn of outstanding US bonds to lift the cash supply.
# bond-markets - Wednesday 3 November, 2010
Irish-German bond spread surges past 5%
The price of government borrowing for Ireland is now over three times higher than it is for Germany.
7.4% – investors fall away as government default fears continue
Up, and up, and up…
# bond-markets - Tuesday 2 November, 2010
THE COST OF BORROWING for the Irish government closed at an all-time high today, finishing above 7.3% for the first time since Ireland joined the Euro in 1999. The interest rate demanded by the world’s investors closed at 7.304% – the highest it has ever been, and well higher than the Greek rate when it required its own bailout in April. Here’s why you should care about the bond market chaos.
Insuring against Irish default costs more now than ever before
Bad sign: purchasing insurance against an Irish bond default is more expensive today than it has ever been.
Ireland has “a month to stop bailout” – UCD economist
First Colm McCarthy, now Karl Whelan says the movements in bond markets leave Ireland on the brink of default.
# bond-markets - Monday 1 November, 2010
ON FOOT of the record cost of borrowing for the Irish state – which today closed at 7.141% – has seen the cost of insuring against an Irish default hit record levels once more. Earlier this afternoon the cost of an Irish ‘credit default swap’ hit 5% for just the second time – meaning that borrowers with €10m in Irish debt will have to pay €500,000 a year to insure themselves against the cost of a bailout. It means the world’s markets believe there to be a 28% chance that Ireland will fail to meet its repayment obligations in the next five years.
Borrowing costs continue upward spiral amid IMF fears
The cost of borrowing for Ireland goes over 7% again, as investors buy into Colm McCarthy’s fears of an IMF bailout.
# bond-markets - Thursday 28 October, 2010
Government borrowing costs exceed 7% for first time
The cost of Irish borrowing is more expensive than ever – and briefly exceeded the 7% ceiling for the first time.
# bond-markets - Wednesday 27 October, 2010
Anglo borrowed €8bn as Lenihan announced ‘final’ bailout cost
Anglo was borrowing up to €7.9bn to pay out on bonds – on the same day the government announced the cost of recapitalisation.
Government borrowing costs take yet another spike
As the government announces massive budget adjustments, the cost of Irish borrowing lies just off its all-time peak.
# bond-markets - Thursday 21 October, 2010
Uh-oh: two days after reining in, bond yields explode again
The cost of government ten-year borrowing was under 6% on Tuesday. Today it closed above 6.5% again.
# bond-markets - Monday 18 October, 2010
Bond yields dip under 6% on Budget consensus briefings
The price of ten-year borrowing for the government falls below the 6% mark as investors applaud consensus.
# bond-markets - Wednesday 6 October, 2010
Fitch downgrade hits cost of borrowing – yet again
Agency worries about banking costs. Agency downgrades rating. Price of borrowing rises. Repeat ad nauseum.
# bond-markets - Tuesday 5 October, 2010
Bond yields creep back up on Moody’s rumours
As Moody’s considers downgrading Ireland’s credit rating again, the cost of government borrowing goes back up.
# bond-markets - Saturday 2 October, 2010
Lenihan subjected to chimp noises by Citigroup investors
Citi investors heckle, jeer and make chimp noises during conference call with Finance Minister Brian Lenihan.
# bond-markets - Thursday 30 September, 2010
Cowen admits bond cancellation is because of high yields
The Taoiseach says we’re not borrowing because of its costs – while the NTMA had earlier said it was a precaution.
Insuring against Irish debt gets expensive post-Anglo
Despite the “final announcement”, markets still think there’s more than half a chance that Anglo will default…
Bond markets respond favourably to Anglo finality
The price of government borrowing – and the Irish-German spread – falls back, but AIB shares crater.
# bond-markets - Wednesday 29 September, 2010
EC assurance over bailout does little to soothe bonds
The price of government borrowing remains close to its all time record despite Olli Rehn’s assurance about funding.
# bond-markets - Tuesday 28 September, 2010
ECB step in, again – as bond rates hit new record, again
It’s the same old story, really. The world’s markets freak out about the price of Anglo, and Europe has to help out.
# bond-markets - Monday 27 September, 2010
Lenihan to publish final Anglo bill by Friday
The government will give the final bill on Friday, trying to calm investors after yet another horrible day for Irish bonds.
ECB ‘prepared countries to raise cash for Ireland’ – newspaper
A German paper says we were ready for a bailout – and the bond yields hit new records. Yes, again.
Moody’s downgrades Anglo bonds to within one notch of junk
Euro under pressure after Moody downgrades Anglo debt. Meanwhile, rumours emerge of ECB plan to rescue Ireland.
# bond-markets - Friday 24 September, 2010
THE PRICE OF government borrowing over 10 years has soared once again, having fallen from a new all-time record earlier today. The price earlier struck 6.574%, a new all-time record, but dived to 6.457% – lower than this morning’s opening price – at 3pm. Within 20 minutes, however, the price shot back north to 6.525%, begging the question: what’s gotten the markets so riled?
ECB holds off on intervention as bonds breach 6.55%
The market price of 10-year Irish government debt reaches another record – but there’s no European intercession.
# bond-markets - Tuesday 21 September, 2010
Bonds hold steady as auction calms investors
The yields on four-year, eight-year and ten-year bonds are all staying calm after this morning’s auction of fresh debt.
Spain was also trying to raise cash today – it offloaded €1.757bn in 18-month treasury bills, with demand exceeding supply by a factor of 2.9, while 12-month bills totalling a whopping €5.28bn were sold at 1.908%, with demand 1.7 times the supply. The demand for both was down, however, with 12-month bid-to-cover previously at 2.5 while the 18-month was 3.9.
Auction a ‘relative success’ as NTMA raises €1.5bn
The National Treasury Management Agency offloads €1.5bn of bonds in what is considered a ‘solid performance’.
Our new economic kindred spirit: Portugal
The cost to Portugal of borrowing money over 10-years also touched 6.5% yesterday, and they’re auctioning on Thursday.
# bond-markets - Monday 20 September, 2010
“I have the full support of all my colleagues” – Cowen
With Brian Lenihan at his side, the Taoiseach says he’s not “on probation” and that heave rumours are not behind bond spikes.
Goldman Sachs: Ireland could still need the IMF
This might have something to do with why the bond price won’t lie down: economists reckon we’ll still need a bailout.
Bond yield hits 6.5% amid heave rumours
Is the interest rate being asked of government debt on the increase because the markets want Cowen to stay on?
Irish Stock Exchange Totally Oblivious To Yawning Bond Yields
The price of 10-year borrowing just keeps getting higher – and yet, shares still seem to be doing pretty well.
Your say
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Poll: Have you given up your health insurance?
MINISTER JAMES REILLY has started a campaign to control the costs of health insurance this week with the appointment of an independent expert to chair a forum of providers.
The Fine Gael TD has voiced his disappointment at rising premium prices in recent weeks but insurers insist they have been forced into the increases because of higher charges for public hospital beds and a government levy.
Regardless of where the expenses originate, the customer has experienced annual hikes in their payments, to the point where many have reduced their cover or cancelled it entirely. Last month, figures from the Health Insurance Authority showed the percentage of the population with cover fell to 45.3 per cent.
Today, we ask about your own experiences. Have you given up your health insurance in recent years?
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