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CORRECTED-EURO GOVT-Irish bond yields rise along with Spain's
September 26, 2012 / 10:27 AM / 5 years ago

CORRECTED-EURO GOVT-Irish bond yields rise along with Spain's

(Corrects direction of yield move to rise in first paragraph)

LONDON, Sept 26 (Reuters) - Irish bond yields rose on Wednesday as worries about Spain led to selling in lower-rated euro zone sovereign debt, while comments from Germany, the Netherlands and Finland added to the pressure.

Those countries issued a joint declaration on Tuesday that appeared to unravel much of what was agreed at the last European summit in June, when EU leaders paved the way for the direct recapitalisation of problem banks..

Debt issued by Ireland and Spain - both of whom have had great problems with their banking system - underperformed other peripheral debt.

The yield on the October 2020 Irish bond rose 17 basis points on the day to 5.21 percent while Spanish 10-year yields rose above 6 percent and stood 30 basis points higher on the day.

“It’s a risk off day but cracks (in the summit conclusions) are particularly negative for Spain and Ireland, so that’s the extra kicker,” one trader said. (Reporting by Ana Nicolaci da Costa, editing by Nigel Stephenson)

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