Tuesday, November 29, 2011
Italy Prices €7.5 Billion In New Bonds At Unsustainable Yields, Market Rejoices If Only For A Few Minutes
Confirming just how much the market has lost it, at just after 5 am Eastern when the news of today's Italian auction as announced, the EURUSD soared by almost 100 pips on news that the auction had not failed. Apparently the lack of day to day bond issuance failure is now good enough for Europe. In the meantime, one look at the actual auctions that made up today's action show just how unsustainable Italian debt yields have become. The Italian Treasury priced 3, 9 and 11 year BTPs at yields
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