As tension rises in the palaces of Italian politics, the pressure on our spread is easing. Thanks to the ECB, which according to several traders today has started again buy Btp and Bonos, albeit in not particularly significant quantities. After an opening at 370, the yield differential between our ten-year bonds and the corresponding German Bunds immediately jumped to the level maximum of 377 basis points.
It was above all the crisis of the majority that weighed heavily, which he will soon be called upon to reiterate trust in the government in the Chamber of Deputies. A vote that promises to be uncertain: these are these frenetic minutes, in which the deputies are counted as pennies. It is inevitable that all of this influenced the credibility of our country and therefore the spread. Luckily from Frankfurt they threw water on the fire.
Although the purchases by the Eurotower have been limited, the news alone had beneficial effects on the bond market, leading our spread to decrease significantly, to return to a level close to that of the opening, at 367 points.
