The marked decline in the spread between the 366-year BTPs and Bunds did not stop and, after opening at 290 bps, by mid-morning it was even back below 284,08, reaching a minimum of 11 basis points. Shortly before 290 the value seems to have momentarily stabilized at around XNUMX bp.
The signs of recovery they were evident already from the opening. The announcement of the European Central Bank's willingness to purchase government bonds of European countries immediately had a very strong impact on the bond market. The spread between Italian and German bonds, which exploded on Friday to far exceed the 400 point threshold, took very little time to recover this morning. Minutes away from trading opening it had already dropped below the 330 bp threshold, with a low at 319.
In these same hours, the spread on Spanish government bonds is doing even better, literally plummeting: after opening at 361,48 bps, the value sank to a minimum of 274, to then recover slightly to 284 pb.
