The Italian treasury this morning placed five-year BTPs for 3 billion euros, the total amount offered. Demand was good (at 4,4 billion), but yields started to rise again, reaching 6,29%. A more than clear increase (by 97 basis points) compared to the 5,32% recorded in the last auction on 13 October.
The coverage ratio between supply and demand was equal to 1,469, up from 1,344 in the previous auction. Rates hit their highest level since 1997, but still down on Friday. Last week, in fact, they had reached the maximum peak of 7,50%.
