Positive outcome, but not too much, for this morning's Btp auction. The Treasury today placed BTPs maturing in 2014, 2021 and 2022 for a total value of 7,5 billion euros. THE ten-year titles have been placed at a gross rate of 6,979%, against 7,56% in the previous auction. The supply coverage ratio stood at 1,357. Two-year bonds were placed at 5,62%.
Il Treasury has placed only 6,9 billion bonds, less than the maximum expected amount of 8,5 billion euros. As regards BTPs, 2,5 billion euro of ten-year bonds were placed at 6,98%, up from 7,56% in the previous auction at the end of November, and 2,5 billion of three-year bonds at 5,62 %, from 7,89% at the end of November. For both categories of securities, demand exceeded supply by 1,3 times. Yesterday the Bot's bid-to-cover had been better, equal to 1,7.
On the secondary market, after the auction, the ten-year BTP yield is rising and has reached 7,10%, 20 basis points more than yesterday. The spread with the German Bund widened to 522 points. In short, the tension remains very high. But Prime Minister Mario Monti can kick off the year-end press conference with one less thought: the risk of a debt "flop", at least for now, is averted.
Le Stock exchanges have essentially remained unchanged awaiting the auction and with very little trading for the festive period. Now Piazza Affari records a slight increase +0,05%, the Ftse Mib index at 14.809. Paris rises by 0,16%, better than Frankfurt and London + 0,3%. The euro is trading at 1,291 against the dollar, down from 1,294 at last night's close.
In Piazza Affari, the FtseMib index is unchanged. London and Paris report drops of 0,1%, Frankfurt +0,2%. Among the rising stocks, Azimut +2,91% and Mediolanum +0,94% and Banca Generali +1,79% stand out, companies that operate in asset management with results above the sector average. Sharp decline of Banca Popolare dell'Emilia -3,6% which sold its mutual funds. Among the other banks, Intesa rose by 1,1%.
Unicredit is also growing, despite the news that Cariverona will only partially subscribe to the capital increase. In evidence Banca Finnat +2,41%, in charge of following the grouping of the new securities of Piazza Cordusio. Lottomatica -1,6% and Prysmian -1,4% are down. Fiat loses 1,13%. Among the mid caps, the rise of Rdb +4% continues. Seat -3%, Landi Renzo -3% and De' Longhi -2%, go down on the eve of the split.
