Pisani: Greek Bonds Bear Good — and Bad — News

Greece: There's good and bad news on the 5-year note auction.

The good news is that Greece got the deal done and was well oversubscribed to boot.

The bad news is it came at a high yield of 6.2 percent. That is well north of Greece's existing 5-year note yield of about 5.8 percent, which is already well above most other country's similarly priced notes (the U.S. 5-year is at 2.35 percent).

The deal attracted total bids of 25 billion euros, about 5 times the 5 billion euros targeted by the government; they ultimately decided to sell 8 billion euros worth.

Miller Tabak's Peter Boockvar put it best: "...today's sale is evidence that it will be the cost of money where overleveraged sovereigns will pay a penalty rather than having an inability to find buyers."

National Bank of Greece (NBG) up 3.2 percent, but bear in mind it has dropped almost in half in the last 3 months.

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