In this morning's placement, the Treasury sold the entire four billion maximum offer on the new ten-year BTP, but the rate paid to investors rose to 4,83% from 4,17% in January (+65 basis points), reaching the highest since October. The ratio of investor demand to supply has reached 1,65. Also placed all the 2,5 billion maximum offer on the five-year BTP. The rate paid to investors rose in this case to 3,59%, from 2,94% in January, once again reaching the highest level since October.
On the secondary market, the 4,89-year bond is trading at a yield of 344%, with a spread over the German Bund of XNUMX basis points, one more than yesterday evening.
Piazza Affari registered the result with relief: the operators evidently feared the worst. The Ftse Mib index, already down by 0,5%, recovered by +0,12%, to 15563. The other European stock exchanges also held back the increase: London +0,16%, Paris +0,33% , Frankfurt +0,07%.
INVESTOR CONFIDENCE FALLS
But it's not just the auction of BTPs that affects the price lists: in February the composite index of the confidence climate of Italian companies started to decrease again, falling to 77,4 points from 80,0 in January. This was noted by Istat, adding that the decline is determined by the declines recorded in market service and retail trade companies.
MOODY'S THREATENS DOWNGRADE
The result of the political elections in Italy, which has drawn a picture of uncertainty over the country's government, puts the Italian debt rating at risk with a view to a downgrade by Moody's. According to the agency, the situation of uncertainty in Italy, the third largest European economy and first bond market, could infect other weak economies in the area such as Spain and Portugal, "potentially rekindling the debt crisis in the euro area".
BANKS ARE BUYING GOVERNMENT BOND IN MASS AGAIN
Italian banks, like the Spanish ones, returned to making substantial purchases of government bonds in February, after having lightened up on government bonds for the most part in the previous three months, realizing capital gains. This is what emerges from the statistics published today by the European Central Bank: net purchases of government bonds in January amounted to 18,5 billion euros for Italian institutions (net sales of 13,4 billion in December) and 5,3, 4,1 billion for the Spanish (sales of XNUMX billion in December).
THE MAIN STOCKS AT PIAZZA AFFARI
Timid attempt at recovery by the banks: Unicredit +0,05%, Intesa +0,24%%, Ubi +0,12% Banco Popolare -0,63%. Instead, Mediobanca, -4,42%, which yesterday announced lower-than-expected half-year results, and MontePaschi, -3,24%, slumped. Generali +1,17%, Mediolanum +1,21%, Unipol -3,4%. Among industrial stocks, Fiat marks a drop of 0,5%, Finmeccanica +0,59T%, StM +0,85%
Ti Media runs in Piazza Affari, where the share gains 3,71%, on the day in which the Board of Directors meets to take stock of the sale of La7 to Cairo Communication (+1,81% to 2,69 euros). Telecom Italy -0,91%. Enel – 0,89% after the 2012 results of the Spanish subsidiary Endesa, slightly lower than expected, and the exit from the list of favorite stocks of Citigroup.
