It had to be a record and it was a record. This morning the Italian Treasury placed One-year bots for 6 billion euros, the maximum amount offered, with an average interest rate at new all-time low of 0,011%, against 0,124% in the analogous auction in July. Demand also improved, with the coverage ratio rising from 1,52 to 1,72.
Immediately after the announcement of the result of the auction, the Milan Stock Exchange still travels in deep red (-2,25%), affected - like all European price lists - by double devaluation of the Chinese yuan.
As for the BTP-Bund spread, at the end of the morning the gap between the yields of our ten-year bonds and German public bonds of the same maturity stood at 116 basis points, essentially stable compared to yesterday's close (115 bps).
