Well, with some reservations, the appointment of the Btp with the markets. The Treasury placed overall this morning 6,35 billion euro of securities of various nature and of various maturities already in circulation, against a target of between 5,0 and 6,5 billion euro. Returns fall, but marginal difficulties emerge for the thirty-year period in covering the entire demand. This is not an exceptional fact in itself (in Germany in the last year the offer has often not been fully processed) but it nevertheless testifies that the cuts by S&P and the political turmoil have left some marks.
In detail, the Treasury sold at auction 3,385 billion three-year Btp, just under the 3,5 maximum set, with rates slightly down to 2,33% from the previous 2,38%. The coverage ratio was stable at 1,34 times the amount offered.
Also place 1,461 billion of the second tranche of the thirty-year BTP expiring in 2044, just below the maximum target amount of 1,5 billion. In this case, the average rate paid to investors is 5,19%, slightly up on the previous auction (+0,20 percentage points). The demand was equal to 1,30 times the amount offered.
Finally assigned all the 1,5 billion Ccteu, maturing November 2018, with an average yield of 2,68% (+0,07 points) and solid demand, equal to 1,70 times
After the outcome of the auction it expanded, albeit not by much, the Btp/Bund spread at 288 bp. Business Square, up robustly like the other markets following the words of Ben Bernanke and the governor of the Boj, Haruhiko Kuroda, reduced gains to 0,28%, the Ftse/Mib index at 15.720. London rises by 0,78%, Paris +0,85%, Frankfurt +1,13%, Madrid +0,06%.
Bernanke's words immediately drove the dollar down with the euro, which rose to 1,312 from 1,297 at last night's close. It is now pegged at 1,304.
Salt in Milan Rcs (+2,2%), after the news of the sale of all unexercised rights. After the brilliant start, the recovery of Pop. Milano banks slows down +2,16%, Unicredit +0,44%, Intesa +1,17%, Monte Paschi -0,19%. Mediobanca +1,03%: Citigroup has started hedging with a buy recommendation and a target price of 5,6 euro.
Numerous updates from analysts. Eni goes up (+1,27%), despite HSBC having lowered the target price to 18 euros from 19 euros. Neutral judgment confirmed. Saipem +1,25%: Berenberg, the German broker, has started hedging with a hold recommendation and a target price of 14,2 euros. Enel -0,16%: Exane lowered its target price to 2,2 euros (-15%), confirming the negative underperform opinion. Conversely, Citigroup confirmed the buy opinion, while cutting the target price to 3,8 euros from 4 euros.
Generali unchanged: Morgan Stanley raises the target price to 13 euros from 12,3 euros. Yesterday the stock closed at 13,92 euros. Among the small caps, the march of luxury continues: Poltrona Frau +0,87% reaches levels it hasn't seen since 2008.
