2,395-year Bunds at very low rates (2,4%), never so low for twenty years now. For the first time since German reunification, government bonds will not be enough to recover the value of inflation, which, according to the latest surveys, stood at XNUMX% in July. A fact that confirms the increasingly marked tendency to see bonds issued by the German treasury as a safe haven asset, which one can turn to in order to insure himself against market turbulence.
A fate opposite to that reserved by investors for bonds issued by countries whose accounting situation is considered to be at high risk, including Italy, which despite having a relatively low budget deficit suffers from a high debt-to-GDP ratio. Hence the widening of the gap on the yield differentials between the bonds issued by these countries and the German treasury bunds, the so-called "spread": already at record values in recent days, today it reached a new all-time high of 384 basis points (3,84 percentage points).
