The Mumble: Greece and the canny canary

Cyprus put the final piece of the periphery comeback jigsaw puzzle firmly in its place this week with a confident €750m five year bond that drew nearly €2bn of demand — the vast majority from overseas, and just a quarter from fast money accounts. Greece could be next up with a three or seven year — but with money market pricing possibly signalling some unexpected behaviour among banks tapping the European Central Bank’s targeted long term refinancing operations later this year, Athens funding officials would do well to bring a deal sooner rather than later.