Today, Berlin has started paying money borrowed from the market again. Interest rates on German government bonds are back in positive territory: Germany placed all the 5 billion Schatz over two years offered, paying average yields up to 0,06% from 0,0% in the August auction. Good demand, which reached 8,446 billion euros.
Meanwhile, the Btp-Bund spread remains nailed to 340 basis points, the same level reached yesterday evening at the close. The differential corresponds to rates on our ten-year bonds equal to 5%.
