BTPs ARE MOODY'S-PROOF. FONSAI REVERSES COURSE -9%
Despite the relegation decreed by Moody's Italian and Spanish bonds held up well to the impact of the auction. Italy finished with very positive outcome of the auction from a maximum of 6 billion Btp with a maximum maturity of 2017. They were all placed with sharply reduced yields compared to previous auctions, from 3,41% for the BTP maturing in 2014 to 4,26% for the BTP maturing in 2017. Approximately 5,5 billion bonds with maturities between 12 and 18 months were also successfully placed this morning. Yields fell to 1,899% (from 2,049%) and 2,308% (from 2,399%) respectively. Requests exceeded the offer by more than 2 times.
The yield on the 10-year BTP on the secondary market drops by 3 basis points to 5,54%, the yield on the Spanish bond rises by 3 basis points to 5,23%, the yield on the Bund rises by two basis points to 1,95 %. The Italy-Germany spread drops to 357 basis points.
Even the European Stock Exchanges received the new blow from Moody's (also involving France and the United Kingdom as well as Italy and Spain) without particular tensions. London +0,15 and Paris +0,37% canceled the initial losses. Frankfurt gains 0,53% after the publication of theZew index on investors' expectations, result better than expected. Piazza Affari runs faster thanks to the push from the banks: the FtseMib index rises by 0,77% to 16495. The euro strengthens against the dollar to 1,320 from 1,318.
In Milan it is the banks that recover the most. Banco Popolare rises by 2,69%, Intesa +1,81%, Unicredit +0,69% after the promotion by Ubs which raised the target price to 5,6 euros (from 4 euros), after confirming the buy recommendation .
MontePaschi, as the time of the sales by the Foundation approaches, has canceled the losses and rises by 0,48%. Pop.Milano remains down (the old management is in the sights of the Public Prosecutor's Office) which drops by 1,67%. The two best blue chips are Campari +3,68% promoted by Bank of America to buy from neutral, and Impregilo +3,75%: Salini is once again considering the possibility of launching a takeover bid.
Conversely, Lottomatica falls -5,97%; new taxes on the gaming sector are in sight. The Fondiaria-Sai yellow is filled with new chapters. Suddenly, after a euphoric start (and yet another upward postponement) the share has abruptly reversed gears: it is now down by 9,01% while the rumors about possible raids by Palladio Finanziaria and any allies continue. intending to block the merger plan with Unipol sponsored by Mediobanca and Unicredit. Unipol goes down at breakneck speed: -5,73%.
Finally, Rcs -3,77% fell after the board's accounts and the decision to write down assets in Spain by 300 million.
