Auktion spanischer Staatsanleihen

„Peripheral bonds continue to trade nervously despite decent demand for this morning’s auctions, as a renewed bout of selling in the immediate aftermath pushed yields higher. Spanish bond yields have moved away from the recent highs this week as short positions were covered ahead of the impending auctions, but evidently some of these positions have now been re-initiated. From a bigger picture perspective, the recent price action highlights the increasing fragility of peripheral bonds, without the concurrent support of ECB liquidity. With the market concerned that the Spanish banks may have less appetite for government bonds going forward, increasing focus will be put on each bond auction.”