In contrast to yesterday's successful auction of 6.4 billion euros of 12- and 18-month paper, the Spanish treasury's surprise announcement of the addition of an off-the-run with a 2032 maturity (no target amount) to tomorrow's scheduled 3-4 billion 15-year issue seems to have spooked the bond vigilantes.After having traded to yield slightly below 4 percent for much of last week, the 10-year surged to 4.09 this morning before settling (at this moment) back 5 points.
Screenshot from Bloomberg.
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