Markets trading up as concerns over Bernanke's reconfirmation have eased — and also because of good news out of Greece.
Greece did get the 5-year note auction off this morning. Demand was strong: They were initially seeking to sell 5 billion euros, but demand was more than three times that. Not clear how much they will finally sell, but demand size was certainly impressive.
It hasn't been priced yet, but traders are hearing it will yield 350 basis points over the benchmark swap rate, which is currently around 2.35 percent. That would put the yield at about 5.85 percent, which is about where the existing 5 year notes are right now.
That is well above most 5-year government notes (the U.S. 5-year currently yields 2.36 percent), but quite a victory for stability in Greece — at least in the short term.
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