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The divergent monetary policy is doing havoc in the bond market. Federal Reserve (FED) which is about to hike interest rate this year and European Central Bank (ECB) is about to start its monthly asset purchase programme of € 60 billion/month in March 2015.
- Ireland's benchmark 10 year bond yield has fallen below 1% first time ever currently trading around 1% whereas in US the benchmark yield trades at 1.98%.
- Ireland at the peak of the European financial crisis had yields of near 14% on its 10 year govt. bond. It is one of the troubled countries that received financial assistance.
- The story is similar with other troubled countries of Europe except Greece. Portugal's 10 year benchmark is almost at par with US, trading at 2.12%. Spain is enjoying a premium close to 60 basis points.
Market is expected to continue to cheer the bonds of Europe. According to certain class of investors similar or better opportunities exist in the equity market.
Euro is expected to remain depressed over the asset purchase by ECB. Euro is currently trading at 1.137, up 0.3% for the day.
