Remember all those super-long-duration bonds that every Tom, Dick, and Henri bought with both hands and feet earlier in the year? Headlines roared of "six time oversubscribed", or "four times oversubscribed" as Draghi and his entourage 'guaranteed' to keep everything profitable – whatever it takes. Well, things have gone a little disastrous in the last few days as Irish and Belgian 'century' bonds, Austria 70 year, Italian and Spanish 50 year bond prices are collapsing.
Belgian 'Century' bonds are down almost 30% in 3 months!
Ireland's 'Century' bonds are down 40% in 2 months!!!
Austria 70 Year bond issued 3 weeks ago is 15%!!
And finally the recently issued Italy 50 Year bonds are down 17% since issuance in October…
Across the entire super-long-duration bond market, it's an utter bloodbath as the entire developed sovereign bond market has lost almost $1 trillion in the last week…
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