The markets in Europe may be somewhat mixed so far today, but there are signs that the panic over Greece and Spanish banks is letting up—at least for now.
Just check out yields on 10-year Spanish and Italian bonds—they’re down 13 bps and 12 bps today, respectively, and the spread between yields on these bonds and German bunds of the same maturity has fallen 15 bps today for both securities.
Perhaps more importantly, yields on bonds of shorter duration are also falling. The Italian 3-year is off 10 bps and the Spanish 3-year has fallen 11 bps. Here’s Why This Number Is More Important >
Check out yields on the Spanish 10-year today:
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