The good results of spread and the overtaking of Spain are also thanks to foreign investors. Confidence in Italy comes above all from abroad and as regards the public debt, “It's not just Italian investors who are buying. The foreigners are back”, said Vittorio Grilli the presentation of the new BTP Italy, the four-year bond for small savers. The Deputy Minister of the Economy was optimistic about the placement without excessive burdens of the approximately 450 billion of securities estimated for 2012.
“In recent weeks, the spread has recovered a lot compared to Spain”, continued Grilli, “and this means that the markets are rewarding the countries where they see more linear and faster progress". In fact, the Btp-Bund differential has been standing just above 300 points for days, after the record of 567 last November. The Monti government's over 20 billion euro maneuver has also played its part and the executive hopes that this lowering of interest will help achieve the 2013 deficit target.
Also Maria Cannata, the public debt manager of the Ministry of Economy, showed optimism on the outcome of the placements of these early months of 2012 proceeding as scheduled. “Total emissions so far are at 106-107 billion, therefore almost 25%”, he has declared.
However, the former director general of the Treasury remains cautious: “The markets are still fragile and it's not the time to push. In the situation we are in, we go with the wind, not against the wind”. Via XX Settembre will continue to increase shorter-term issues at least until mid-year, but with the intention, however, of returning to placing debt with a duration of more than 10 years as soon as the "opportune moment" presents itself.
