Another day of passion for it Italian spread, which immediately after the start of trading goes back above the threshold of 500 basis points. Around 9 am, the spread between 10-year BTPs and their corresponding German Bunds reached 506, up on yesterday's close (491 bp). In the following minutes the value returned to drop almost to the opening levels, to then flare up again and reach the maximum of the day at 511.
The spread at these levels signals that the fire on Italian government bonds continues to flare up, probably in anticipation of the Btp and Ctz auction scheduled for this morning. In the same minutes, in fact, ten-year yields they have arrived well beyond the guard threshold, to 7,23%.
The yield on 2-year BTPs also rose to a new high since the introduction of the euro, reaching 7,70%. On these bonds, the spread reached 731 basis points.
Meanwhile, the temperature remains high even on the bond market of France and Spain. By mid-morning, the Paris spread reached 155 basis points, slightly up on yesterday's close (153 bps), while the Madrid spread rose by 10 points, to 451.
