The upswing for the Italian spread it doesn't stop. In mid-morning, the yield differential between 10-year BTPs and the equivalent German Bunds exceeded the ceiling of 300 basis points (reached last time last Friday), and then fell back to two points below the psychological threshold.
Last night the spread closed at 295 basis points. The new width of the gap corresponds to an interest rate on our ten-year bonds above 4,5% (at 4,522%), against 4,487% at the last closing.
To explain the renewed tensions on the Italian bond market, the dealers cite the pressure linked to the auctions in France and Spain scheduled for today. In any case, trading is so rare that it takes very little to shift quotations.
