So why buy Irish bonds when they're already paying less than they have ever done?
These bond spreads now look "extremely tight relative to longer-run valuations and the weak cyclical backdrop for the euro area economy" according to strategists at Barclays.
The answer lies, as so much does, with ECB President Mario Draghi. He seemed to lean closer to launching a program of quantitative easing, potentially including the purchase of sovereign debt (i.e. possibly Irish bonds) in a speech on Friday. This would be part of the ECB's ongoing attempts to combat potential deflation in the region.
An "explicit announcement that the ECB is prepared to undertake a large-scale asset purchase program (including sovereign debt)" is now likely at the ECB meeting on 4 December, according to economists at Credit Suisse.
Whether that moment comes in December or not, bond traders seem to believe that the ECB will continue to prop up peripheral euro zone economies.
Read MoreDraghi will be forced into QE: Pro
One of the most important forward indicators for future economic growth, the euro area flash PMI figures, came in worse than expected for November, led by weakness in Germany. This was termed "another vote for public QE" by Deutsche Bank analysts.
"All yields in the periphery are mad - Ireland less so because it's got more chance of surviving when winter comes. Winter is coming," warned Bill Blain, strategist at Mint Partners.
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