PIIGSBondsGetSlaughteredAtClose
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PortugueseandItaliansovereignbondspreadshaverisenforfourweeksin a row now (with Portugal +29bps this week alone and near 2013 wides) but the close today was unusual in its agression. Portugal had been blowing wider since yesterday, but minutes beforetheclosetoday, SpainandItalywereslammedhigherinyield/spreadandlowerinprice (BMPS unwinding?) Of course European stocks didn’t care – Greece up 5.6% on the week, Spain +3.3%, Italy +3%… "fixed"

4th week in a row that EU bond spreads are blowing wider… Taper?

but what happened at the close today?

But stocks didn’t care…

Why should we care – this is why…

Charts: Bloomberg

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