Back in single digits

It is important to realise that it is only a constructed number but it somewhat noteworthy that the 10-year yield calculated by Bloomberg for Irish government bonds has dipped below 10% today.  This is the first time this has happened since the fall in yields in the aftermath of the publication of the bank stress test results on the 31st March.

Here is the daily chart.

Here are today’s actual closing prices and yields for all Irish government bonds from the NTMA daily report.  Click to enlarge.

Developments elsewhere are rightly dominating.  Spanish and Italian bond yields are down dramatically on the day.  Ireland is just a bobbing cork in a very choppy sea.