10yr Irish government bond yields eased today to 6.29% (-0.19) after the “successful” auction of 3 1/2 (yield 4.77% vs 3.63% at previous auction) and 8 year (6.02% vs 5.09%) new government debt. This now has cemented the fact that it would be cheaper for Ireland to ask the EFSF (European Financial Stability Fund) for help than to sell 8-year bonds at 6% yields.

10yr Irish government bond yield. Source: Bloomberg.com