Btp yields are up, but no more than expected. And the demand for XNUMX-year bonds is even growing. The Treasury sold the five-year Btp for 2,5 billion euros, the maximum pre-set amount, recording an increase in the average yield to 3,47% from 3,01% in May. The coverage ratio decreased to 1,30 from 1,40 previously. The Treasury has also placed 10-year BTP for 2,5 billion euro, hitting the maximum target, but had to offer a higher return. The average yield rose to 4,55% from 4,14% at the May auction. The coverage ratio increased to 1,46 from 1,38 previously.
Lo BTP/Bund spread it fell by 5 basis points to 283 while the yield fell to the auction values (from 4,61 to 4,55%). The differential with the Spanish Bonos narrowed to a flicker, around 10 basis points in our favour. Business Square (-0,06%) sails just below parity: Ftse Mib index at 15353. The European stock exchanges proceed at a slow pace: London +0,36%, Paris -0,08%, Frankfurt +0,05%, Madrid -1,22%.
Among the brightest titles there is Mediaset (+3,3%) on new highs since 2011 a few hours after the sentence that the Cassation will issue today on the Mondadori award. Salt too Cir, +1,67%. In Milan, after yesterday's rebound, the banks are weak: Unicredit -0,86% Understanding -1,26% Mediobanca -1,85% Mount Paschi-1,47%. Banca Pop.Milan -1,05% after Exane cut the target price.
THEEcofin found tonight the agreement on the crisis resolution mechanism. The plan provides that shareholders, bondholders and depositors with more than 100 thousand euros will have to share the burden of the bailout.
Enel it loses 0,49% after CEO Fulvio Conti said he is "in no hurry" to issue the 2 billion hybrid bond. In no particular order, the other industrialists: Fiat + 1,27% Finmeccanica -0,99% and StM +0,22%. Among other blue chips, Generali -0,29% Telecom Italy +1,11%, unchanged Eni.
