Fitch's promotion is not enough to move the spread. Despite the unexpected promotion of the rating agency on the Italian outlook, the yield differential between Italian ten-year BTPs and the German Bund remained substantially unchanged at 160 basis points, slightly above yesterday's 159 points.
The BTP/Bund spread remains higher than that between the Spanish ten-year Bonos and the Bund, which currently stands at 157 basis points, also pushed downwards by the latest data released by the Central Bank of Spain, which heralded an acceleration of the Iberian GDP in the first quarter.
