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Wednesday, November 30, 2011, 9:10 AM As might be expected, peripheral bond yields dive as risk is most definitely on. Italian 10 year BTPs shed 27 bps from the day's high to 7.11%. Spain is lower by 11 bps to 6.38%. Nicely down earlier, German 10 year Bunds are back to unchanged at 2.32% 1 Comment [Global & FX]
Wednesday, November 30, 2011, 6:54 AM The German 1 year note yield dips below zero for the first time ever, sinking as far down as -6 basis points this morning, currently at -4 bps. German 10 year paper is settling down after last week's liftoff, down 6 bps to 2.27%. 1 Comment [Global & FX]
Tuesday, November 29, 2011, 10:00 AM The surge in German yields over past days has brought about a curiousity not seen in more than 2 years - U.S. 30 year bonds at 2.95% yielding less than equivalent German paper at 2.97%. The pop in Bund yields began with last week's failed bond auction and has continued as the continent may be sliding towards some sort of fiscal union and a resulting worsening of German credit. 2 Comments [Global & FX]
Monday, November 28, 2011, 3:56 PM Fortunes were made playing the convergence trade in Europe (prior to 2008) in which peripheral bond yields fell to meet core yields. Should fiscal union come to pass, Vince Cignarella proposes the next great convergence trade, only this time yields in the core will rise to meet those on the periphery. The failed German bond auction and subsequent sharp rise in German yields may have been about just that. Comment! [Global & FX]
Monday, November 28, 2011, 4:36 AM Yields on 10-year eurozone government bonds are generally lower, although those of Germany are +6 bps to 2.32%. Italy -18 bps to 7.08%, Spain -5 bps to 6.65%, Belgium -1 bps to 5.86%, France -1 bps to 3.68%, Austria -2 bps to 3.83%. Italy and Belgium are due to hold bond auctions today. Comment! [Global & FX]
Monday, November 28, 2011, 2:58 AM Geman bund futures rise 21 ticks to 134.33 after the IMF says it's not in talks to bail out Italy and followng S&P's downgrade of Belgium on Friday. Comment! [Global & FX]
Friday, November 25, 2011, 5:21 AM A survey of the ugliness that is 10-year eurozone government bonds shows Italy +12 bps to 7.23%, Spain +6 bps to 6.69%, Belgium +4 bps to 5.78%, Austria +2 bps to 3.79%. At least France -3 bps to 3.692% and Germany flat at 2.197% Comment! [Global & FX]
Friday, November 25, 2011, 3:02 AM German bunds stabilize as December futures rise 9 ticks to 135.14, while 10-year yields fall 2.5 bps to 2.169%. "Bunds are really just too cheap at the moment," says a trader. "The market is trading like it expects armageddon and equities are trading like they expect some sort of muddle through, but bunds are usually right." Comment! [Top Stories, On the Move, Global & FX]
Thursday, November 24, 2011, 8:16 AM Paul Krugman takes time from Thanksgiving prep to post his thoughts on the run on German debt. He reads this as the market "pricing in a real possibility of eurozone collapse." How about the other side? Maybe the market is pricing in tighter integration, with Germany set to weaken its own credit by standing behind the debts of southern Europe. Or maybe German yields had just fallen too far too fast, and buyers simply stood aside. 21 Comments [Global & FX]
Thursday, November 24, 2011, 6:29 AM U.K. 10-year borrowing costs are now cheaper than those of Germany for the first time since 2009, with gilts yielding 2.19% and bunds 2.21%. "Going, going..With German bunds yielding more than gilts, the euro crisis has moved into its final phase. Germany must act or it's game over," says Jeremy Warner. 5 Comments [Top Stories, On the Move, Global & FX]
Thursday, November 24, 2011, 4:55 AM Eurozone 10-year government bond yields are mixed, falling for Italy, Spain and France, but rising for Belgium and Austria, as well as for Germany. Italy -5 bps to 6.92%, Spain -7 bps to 6.58%, France -6 bps to 3.63%, Belgium +2 bps to 5.5%, Austria +1 bps to 3.75%, Germany +8 bps to 2.23%. Comment! [Global & FX]
Thursday, November 24, 2011, 4:34 AM Amid the angst over yesterday's German debt auction and PMI, the country's Ifo business sentiment index for Nov unexpectedly rises to 106.6 from 106.4 in Oct, the first increase since June. Expectations were for a drop to 105.1. The euro rises in reaction and is now +0.3% on the day to $1.339. (PR) Comment! [Global & FX, On the Move, Top Stories]
Thursday, November 24, 2011, 4:19 AM German 10-year bond prices continue yesterday's falls following that debt auction, with yields rising 9 bps to 2.24% after reports that Germany’s government is concerned it may have to agree to euro bonds. It's a prospect that RBC rates strategist Norbert Aul calls a "credibility transfer." Comment! [Global & FX, On the Move, Top Stories]
Wednesday, November 23, 2011, 11:04 AM Pimco's Bill Gross tweets on Germany's horrid debt auction: "Germany tastes its own medicine in the bond market. Euroland bond market needs a balance sheet - ECB. EFSF, EEEmerency." 2 Comments [Global & FX]
Wednesday, November 23, 2011, 8:29 AM Could Germany change its mind over how to deal with the eurozone's debt crisis after a rise in yields today? David Beers, the head of S&P's sovereign ratings, seems to think so. "It's quite telling that there has been upward pressure on yields in Germany - it might begin to change perceptions," said Beers. 3 Comments [Global & FX, On the Move]
Wednesday, November 23, 2011, 5:52 AM German Bund futures fall as much as 69 ticks to a session low of 136.56 after the country's disastrous bond auction. The euro also drops, -0.9% for the day at $1.339. EU shares take a dive as well, with the Euro STOXX 50 -0.9%, London -0.9%, Paris -0.6%, Frankfurt -1.2%. Comment! [Global & FX, On the Move]

BUNL PowerShares DB German Bund Futures ETN

BUNL

PowerShares DB German Bund Futures ETN