Irish Bond Auction Completed Courtesy Of ECB Backstops, As Europe Now Lives Paycheck To Paycheck And Auction To Auction

Tuesday, September 21, 2010
By Paul Martin

by Tyler Durden
ZeroHedge.com
09/21/2010

Today’s market ripping false strawman (as if the ECB would let the Irish bond auction fail) was the issuance of €1.5 billion in 3.5 and 8 year bonds out of Dublin. And with yields a full percentage point higher than before, ECB backstopped banks using the newly purchased Irish bonds as collateral with the ECB, and/or the ECB picking up who knows how much itself, today’s auction was a smashing success, if one can calls paying 6% for 8 year bonds success. But the market apparently loves ECB interventions so much it has tightened Irish CDS by 15 points on the day. Full results are as follows.

The Rest…HERE

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