The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."
Wednesday, May 23, 2012
Germany issued 0% bond (yes, 0%)
The most interesting part of the session, was the announcement of the German 2yr Schatz auction. As mentioned yesterday, yields were at 4bp and Germany has been able to print a 0% coupon bond. Not a zero coupon bond, but a coupon of zero. So like the Greeks say to their investors, give me your money and I will pay you nothing for it. At least with Germany, you will get your money back.