Ireland

For those who haven’t been quite following the excitement taking place in Ireland (finally, it’s actually a real reason to party as opposed to 2011):

MOODY’S UPGRADES IRELAND’S SOVEREIGN RATINGS TO BAA3/P-3: OUTLOOK CHANGED TO POSITIVE

MOODY’S UPGRADED IRELAND’S GOVERNMENT DEBT RATINGS TO BAA3/P-3 FROM BA1/NP

MOODY’S CITES UPGRADE OF IRELAND’S SOVEREIGN RATINGS TO “THE RECENT ACCELERATION OF ECONOMIC GROWTH”

Good news, indeed. You can see the vast improvement for Ireland reflected in the yields of its benchmark bonds:

Ireland 5 Year Benchmark Yield

Ireland 5 Year Benchmark Yield

and here’s the 10 year, since the Eurozone crisis:

Ireland 10 Year Benchmark Yield

Ireland 10 Year Benchmark Yield

This morning comments from the head of Ireland’s debt agency, John Corrigan sets us up for a potential new round of bond auctions from Ireland now that yields are favourable for the nation (from Reuters):

would announce the first of a series of modest bond auctions, to raise a total of 4 billion euros by year-end, “probably in the next week or two”.

On this blue Monday, this is a glimmer of good news. -CJ