Eoin Treacy's view Greek 10yr - European Generic 10yr - hit another new high yesterday and extended the advance today to over 1600 basis points. This suggests that if the ECB is still purchasing European sovereign bonds, Greek issues are not among them.

Portuguese 10yr - European Generic 10yr - found support last week above 800 basis points and a sustained move below that level would be required to indicate a declining risk premium. Spanish and Italian spreads have also found at least short-term support.

Irish 10yr - European Generic 10yr - exhibits a marked divergence from the above spreads and continues to decline. The spread has contracted from over 1100 basis points in mid July to 670 today. A clear upward dynamic would be required to question scope for an additional narrowing of the risk premium on this market.