Irish yields at record high after Moody's downgrade

LONDON: Irish 10-year government bond yields hit a record high on Wednesday, pulling Greek yields with them after Moody's downgraded the country's ratings to junk status.

The rating agency warned that debt-laden Ireland would likely need a second bailout just a week after it slashed Portugal's rating to junk status with a similar warning, piling pressure on states struggling with the debt crisis.

The 10-year Irish government bond yield rose as much as 28 ticks on the day to an all-time high of 13.96 percent, according to Reuters data, pushing its spread over benchmark German Bunds to 1,126 bps. Greek yields rose 12 bps to 17.17 percent.

Copyright Reuters, 2011