CHART OF THE DAY: Spanish Bonds Are Having A Gigantic Day

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Spain is having a monster day after Moody’s concluded its October review of the country without downgrading its government debt – and bond yields are still heading lower well into the afternoon there.

Below is the intraday move in Spain’s 2-year government bond yields, which we like to call “the most important chart in Europe.”

chart of the day, spanish bonds, oct 2012

Photo: Bloomberg, Business Insider

Markets were nervous that a Moody’s downgrade could happen after S&P last week gave Spain a downgrade of its own.

Moody’s currently has Spain rated just one notch above junk, so the fact that the decision not to downgrade Spain is significant.

The Spanish IBEX stock index is also leading gains in Europe into the close, trading up 1.7 per cent.

Europe has another big crisis, and it’s even more dangerous than the sovereign debt one >

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