La Spain once again it fills up in an auction, placing 5,83 billion euros of government bonds on the market at six months and at one year, against a maximum target of 5,5 billion, and with falling rates. On the half-yearly maturities the yield fell to 0,794% from 0,859% in February while on the annual maturities it fell to 1,363% from the previous 1,548%. Demand for six-month bonds was 3,22 times the amount offered, while for one-year bonds it was 1,85 times.
Shortly after it was the turn of thebot auction, the first test after Fitch's downgrade. The Treasury sold all 7,75 billion euros of one-year BOTs, but was forced to offer higher yields than in the previous auction. The placement rate rose to 1,280% from 1,094% in February. Demand was equal to 1,5 times the amount offered, up from 1,38 in the analogous auction in February. Basically, Italy's advantage over Spain is reduced to 9 bp: in the face of political uncertainty in Italy, operators prefer to divert purchases to Spain.
La Milan Stock Exchange it is up with the Ftse Mib index, which rises by 0,32%, to 16.142, in line with Madrid, +0,34%. The rest of Europe proceeds uncertainly: Paris -0,22%, Frankfurt -0,18% . An imperceptible decrease in London - 0,02%.
THEeuro it is slightly down against the dollar at 1,30. The Brent it is weak at 109,3 dollars a barrel, third day of decline.
Among the Italian blue chips, the best stock is Saipem, which rises by 6%. The parent company Eni it advances by 1,3%. Fiat – 1,1% after the increases of recent days. Lingotto has announced its intention to proceed with a bond issue. Pirelli yields 0,95% after accounts and targets that are not liked by Citi and Goldman Sachs. Among the utilities, it retreats Enel Green Power, -0,1%, after the 2012 results released this morning. Enel -0,2%.
Atlantia rebounds by 0,4% after -3,5% yesterday, gemina +0,9%. In great evidence Mediaset, + 5,5%. Fight the banks: Unicredit -0,4% Mediobanca + 1,1% Understanding +0,2%. In luxury they retreat Tod’s, -1,2%, and Ferragamo, -2% after hitting new all-time highs yesterday. SocGen intervened on both titles with a sell. cucinelli -2%.
The alleged interest of UBS for Intermobiliare Bank (+9,55%) revitalized a share that yesterday had reached its lowest since last September and had been excluded from the generalized rebound achieved by Piazza Affari at the end of the year. The postponement of the approval of the financial statements to 26 March to make, at the request of Bank of Italy, the necessary provisions in relation to non-performing loans and to write down some owned properties had also weighed on the prices of the last sessions.
By announcing the postponement of accounts and the "negative impacts" due to Bankitalia's findings, Bim also promised the adoption of "measures" which "will make it possible to refocus the bank's mission on its core business to guarantee its future profitability in a context of enduring patrimonial stability”. The Bank entered the orbit of Veneto Banca after a takeover bid at 4,25 euro per share launched in 2010.
