The specter of the Greek default is receding, and the market is breathing. At least the bond one. While the European stock exchanges are all traveling in negative territory, a few hours fromagreement that guaranteed a 230 billion plan total euro to Athens' coffers eased back to the pressure on spreads.
The yield differential between 10-year BTPs and their corresponding German Bunds, after opening at 353, fell this morning below the threshold of 340 basis points, hitting a low of 337. This is the at least for almost six months: to go back to such a low level, in fact, we have to go back to last September 8 In parallel yields on our 5,41-year bonds have reached XNUMX%.
The positive trend is also confirmed on Spanish debt securities, with the Madrid spread falling from 319 to 311 basis points in the morning, also dragged down by the positive outcome it achieved the bonus auction of this morning.
