Remember all the talk of last week’s “horrible” US bond auctions?
The bid to cover ratio for the 5-year tranche was 2.55 times while the 7-year note sale was 2.98. Shockingly poor, no?
Now, compare demand for the Greek 7-year today. 1.4 times. Uhh oh.
Horrible is in the eye of the beholder. Greek demand was really horrible…