April 10th 2014 will live on as a day of infamy as hopes of Greece’s ‘recovery’ were proven ‘correct’ as it issued a 5Y bond in the public markets in what some commentators called a “triumphant return.”
As recently as last Friday that bond still traded at aroun 70c on the dollar (a 300% collapse from the issue price) but for all those who stuck to their guns and denied-denied-denied reality, today’s collapse shows that a ‘No’ vote was anything but priced in.