Italy auctioned off a total of €7.5bln in 3, 9, and 11 year bonds this morning, which while not an outright failure, was completely disastrous.
3 year yield was 7.89%
9 year yield was 7.28%
11 year yield was 7.56%
At least if the auction was a failure the bond market might still be pricing the yields closer to 7%! lol