The spread between the Italian BTPs and the corresponding German Bunds falls below 360 basis points again. This morning, on the wave of greek crisis, the differential had soared to reach 371bps. But during the morning it fell again and now stands at 357 basis points with titles maturing in March 2012 with a yield of 5,6%.
Reverse trend in Spain, where the Bonos-Bund differential it grows, decreasing more and more the space that separates it from the gap between the Btp and the Bund. They certainly didn't help statements by the Minister of Economy Luis de Guindos, who foresees a 2012 still in recession. The Spanish spread marks, around 12.30, 332 basis points, 10 points higher than the opening.
Stable instead the Oat-Bund differential a 92 bp.
