The calm returns on the spread between the Btp and the Bund. The gap between Italian and German government bonds narrowed considerably in the morning, returning below the psychological level of 300 bps. The value recorded just before 13 pm stands at 282 basis points. The purchases of Cct and Ccteu, which had declined in recent days, favored the decline.
The yield on the Italian 6-year bond thus continues its descent after reaching a high on Monday, when it exceeded 12%. The spread instead marked the record since the introduction of the euro on 353 July, when it reached 190 basis points. At the beginning of July it stood at around XNUMX basis points, a level to which it should fall in order to return to talking about a normal situation.
The yield on the 10-year Bund rose 8 points to 2,76%. Today the Bundesbank placed 1,642-year government bonds for 3,43 billion with an average yield down to 3,93%, from XNUMX% at the April auction.
