November 10, 2010
Fed up with the spin coming out of the Rehn-fest yesterday? Here is what is really happening today. Irish yields for our 2015 government paper now offered at 10% (not 8+%), no bids. AIB senior bonds 2016 maturity now 13% offered, no bids. This after paying E55 billion to senior bond holders in September! As I have argued here for many months making your financial position worse (by paying seniors and incurring debt) is never going to make your risk profile anything other than more risky. This is where we are now. Pathetic. See you in Kilkenny!