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#Government Bonds

# government-bonds - Tuesday 8 March, 2011

Irish bonds break all-time high – just after coalition deal is published

The price of government borrowing was higher yesterday than it was when we accepted the €67.5bn bailout in November.

# government-bonds - Monday 13 December, 2010

ECB bought €2.7bn of bonds last week alone

So much for winding down the controversial bond-buying scheme… Frankfurt may have been the only buyer last week.

# government-bonds - Thursday 2 December, 2010

Traders say ECB buying bonds, despite Trichet silence

The European Central Bank makes no mention of stepping up its buying – but insiders reckon they’re back at it.

# government-bonds - Monday 15 November, 2010

Breathing room for Ireland as bonds fall under 8% Bailout Republic?

Breathing room for Ireland as bonds fall under 8%

For the first time in a week, the cost of Irish borrowing falls under the 8% barrier, while insuring against default also cheapens.

# government-bonds - Wednesday 10 November, 2010

Dept of Finance: no comment on IMF deal rumours

Speculation swirls among traders about a possible IMF bailout for Ireland, sending our bond yields even higher.

# government-bonds - Tuesday 9 November, 2010

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.

# government-bonds - 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.

# government-bonds - Wednesday 27 October, 2010

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.

# government-bonds - 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.

# government-bonds - 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.

# government-bonds - 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.

# government-bonds - 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.

# government-bonds - 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.

Bond markets respond favourably to Anglo finality

The price of government borrowing – and the Irish-German spread – falls back, but AIB shares crater.

# government-bonds - 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.

# government-bonds - Tuesday 28 September, 2010

ECB step in, again - as bond rates hit new record, again Bond Markets This post contains videos

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.

# government-bonds - 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.

# government-bonds - 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.

# government-bonds - Thursday 23 September, 2010

NTMA sells off another €400m of government debt

The National Treasury Management Agency raises some more short-term cash – but sells off less than the maximum.

# government-bonds - 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.

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’.

# government-bonds - Monday 20 September, 2010

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?

# government-bonds - Friday 17 September, 2010

IMF says it doesn't think Ireland needs its help

The International Monetary Fund praises the efforts to prop up the banking system as bond yields reach another all-time high.

Bonds hit all-time record as default fears continue

The interest rate on Irish government borrowings brushed a record 6.1%, amid fears the IMF may be called in.

# government-bonds - Thursday 16 September, 2010

THE PRICE OF GOLD has reached a new all-time high, with trades on the London Bullion Market earlier today valuing the metal at a massive $1,277.90 (that’s €977.21) an ounce. Silver was also up to $20.68, up over 0.5%. The price of Irish government 10-year bonds, meanwhile, reached a weekly high of 6.030% earlier, the highest since last week’s spike.

# government-bonds - Wednesday 15 September, 2010

Was Cowengate to blame for a second spike in bond prices?

Irish bond prices took a moderate increase yesterday – was a ‘hoarse’ early-morning interview to blame?

# government-bonds - Wednesday 8 September, 2010

THE MARKETS seem to have responded strongly to news of the Anglo Irish Bank restructuring plan. The 10-year bond yield had sat at 6.046% in the forty minutes before the restructure was announced; in the minutes afterward it fell to 6.012% and is now falling back to the happier side of the 6% mark, at 5.991% within an hour after the plan was announced.

THE YIELD being demanded of Irish 10-year government bonds has continued to ‘ebb and flow’ today, hitting a daily peak of 6.044% just a few moments ago. The bonds had began the day at 5.983% but jumped above 6% as trading kicked off, and has continued to creep upward. On the Dublin stock exchange, the ISEQ index is down just under 1%.

THE EXTENSION of the government bank guarantee seems to have done little to assuage investor fears on the world markets: in early trading this morning, the yield on Irish 10-year government bonds has shot past the symbolic 6%, climbing from 5.983% to 6.018% shortly after 9am when main trading kicked off. It could be a very nervous day: watch this space.

# government-bonds - Tuesday 7 September, 2010

Cowen asks for calm over bond market ‘ebbs and flows’

The Taoiseach says today’s spike in bond prices are a natural feature of the market and that Ireland is safe.

The internet asks: why no coverage of the bond crisis? Irish Economy This post contains images

The internet asks: why no coverage of the bond crisis?

The cost of borrowing balloons as the world fears Ireland could be the next country to fold. But why so little coverage?

The Irish-Bund spread is going nuts on reports that the ECB is bidding up sovereign debt once again, together with a WSJ report that the Stress Test was, as everyone with half a brain knew all too well, a blatant lie, and sovereign debt was misrepresented.

Earlier, a report in the FT Deutschland suggested that the bailout of Anglo Irish alone, (not to mention AIB and Irish Nationwide) would be sufficient to threaten the country’s solvency. Things domestically are no better, after a poll in the Sunday Independent found that 74% of respondents believed the country would default, and preceded earlier news that Irish consumer confidence plunged from 66.2 to 61.4. The IMF’s recent expansion and creation of credit facilities is now roundly seen as having focused on Ireland, but many now believe that it may be too late and a Greek-type rescue is in the works as the second domino is about to topple.

Hopefully the Irish will figure out the Ambrose Evans-Pritchard was right all along, and that the time to riot is now if they hope to get the same preferential treatment by the ECB/EU/IMF as was afforded to Greece… Because we all know what the endgame is now.

Tyler Durden blogs at


# government-bonds - Monday 23 August, 2010

REPORTS THAT ANGLO Irish Bank may be about to transfer its second tranche of loans to NAMA at a significant discount have triggered a jump in the cost of Ireland’s loans.

Reuters is reporting that Anglo is looking at a 61% ‘haircut’ on the bank’s €7bn loan transfer.

An official statement on the sale and the discount involved is expected today or tomorrow.

Fears over the rising cost of bailing out Anglo have pushed up the cost of the nation’s debts, as investors demand to hold 10-year Irish bonds over German benchmarks.

The Financial Times warns that the bond-yield spread is heading towards high levels last seen in May.

Last week, the governor of the Central Bank, Patrick Honohan, said that Anglo would end up costing taxpayers €25bn, or 20% of GDP. He said that the bailout was “costly but manageable.”

The bank’s first batch of €10bn in loans transferred to NAMA was given a 55% discount. The second transfer was due on 19 July, but missed the deadline by over a month.

# government-bonds - Tuesday 20 July, 2010

THE NATIONAL TREASURY MANAGEMENT AGENCY has successfully raised €1.5bn in its latest bond auction – but has been forced into offering higher interest rates than it was two months ago.

Although the successful auction has resulted in nearly 90% of Ireland’s borrowing targets for 2010 being met already, just over halfway through the year, the auction was hit by Moody’s decision to downgrade Ireland’s rating yesterday.

The decision – which relabelled Irish debt from Aa1 to Aa2, meaning it was considered slightly riskier than previously – forced interest rates on ten-year bonds up to 5.537% – a significant increase on 4.72% rate offered only two months ago.

The rates offered on six-year bonds was slightly down on last month’s price, however. Bonds sold for 4.496%, down from 4.521% last month.

The NTMA has tried to portray the auction in a good light, however, saying it has guaranteed that the exchequer will be “fully funded” into the second quarter of 2011.