Spot the Difference!

Try to spot the difference between the texts below:

FT today: 

Greece has raised €3bn in a five-year bond deal after attracting in excess of €20bn in orders for its eagerly anticipated return to the bond market.  The yield on the deal was confirmed at 4.95 per cent – much lower than most analysts expected.
 
FT January 25, 2010 :  

International alarm over Greece’s debt crisis abated on Monday when investors flocked to buy the government’s first bond issue of the year, an indication that it may run into less trouble than anticipated in meeting its short-term financing needs.  Investors placed about €20bn ($28bn, £17bn) in orders for the five-year, fixed-rate bond, four times more than the government had reckoned on.
 
Could you find it?  Astute readers will have noticed that at the time of the earlier bond auction, the paper cleared a little under 6% with CDS at ~320 bps, whereas yesterday the bonds fetched 4.95% with CDS at 425 bps.

Nothing to see here, folks, please disperse.
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amplitudeinthehouse
admin
April 10, 2014 at 4:14 PM ×

Big difference, earlier there was willing help, the latter paid help.
The Chairman of the Greek Central Bank knew only too well.

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Macro Man
admin
April 10, 2014 at 4:39 PM ×

Hmmm....remind me how it worked out for the Romans when they moved from a volunteer army to employing mercenaries?

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abee crombie
admin
April 10, 2014 at 6:05 PM ×

Roller coaster of luv for US Equities.

Dont look now, but get your shampoo bottles ready for H&S.

Or maybe we were just catching up with Yen. Meh. Back to being confused

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Leftback
admin
April 10, 2014 at 6:56 PM ×

Brown trousers and projectile vomiting all round for momos again today, not to mention Treasury shorts. Full on growth to value rotation in US equities today.

Not the market reaction that most media morons would have predicted after the morning claims data, but then media types have been brainwashed to yell "Sell Bonds" at all times, except oddly, at the height of the most irrational market panics, the one time when one should unload to desperate punters.

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Anonymous
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April 10, 2014 at 8:04 PM ×

C says
So much for the "Diary of Janet" and "Breaking Benjamin" trumps 5 min macro.
That exit door looks like it is getting narrower by the day.

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Anonymous
admin
April 10, 2014 at 8:29 PM ×

Active mgs (NAAIM) 85% long. Most bearish is 0% (none are short) and most bullish is 150%
Interesting - exposure index dropped 6 pts (to 85%) but median exposure rose 5 pts to 90%. Either way, active mgrs are all in

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