The order book for the European Financial Stability Facility is a whopping eight times oversubscribed, giving the answer to a keenly watched test of demand for the markets, but the overall European situation remains unclear.

The first bond linked to the EFSF's €27bn funding for Ireland's bank bailout has been a roaring success by any measure. The cynics would say that of course it was, it had to be, but the level of demand that investors across the spectrum provided is quite staggering.