TMOAB = The Mother Of All Bubbles

– Rather than pay Germany to hold their money, some lenders have flocked to Austria’s “century bond”, which yields 0.9%

– If the ultra-long-term market rate fell by 1.1 percentage points, the bond’s value would double.

– If ultra-long rates rise to 2%, the bond would lose 40% of its value; at 5%, its price would fall by 75%. Lenders seeking safety may face a rude surprise. – Economist 

Here’s to hoping the Euro zone banks have not  loaded up on these “risk-free” beasts.