On a day when European equity markets bounced around all day, it seemed that Irish bond yields were going to spend the day in relative tranquillity. That was until just before 3pm when a rapid drop over a 20-minute period saw the yield drop from 9.9% to 9.5%, where they finished.
It is not clear why this happened. It could be an intervention by the ECB engaging in some bond buying late in the day. There are now just two Irish bond issues yielding more than 10%. These are the April 2013 and January 2014 bonds. All longer dated bonds are yielding less than 10%. Click to enlarge.Tweet