On spreads Spain beats Italy: Btp just above 300, Bonos at 289

The spread between ten-year Italian bonds, the BTPs, and their German counterparts, the Bunds, is just above the threshold of 300 basis points (302). After an opening at 366 and a low at 284, the spread therefore stands at a value lower than that recorded at the close of last Friday, equal to 375 bp. The same 5 August in which the record peak of the differential was also recorded at 416 basis points. In any case, quotations higher, in the order of ten points, than those of the Spanish Bonos, today at 289. On Friday, the yield differential of Italian bonds exceeded that of Iberian ten-year bonds for the first time since the beginning of 2010. The same downward trend, albeit slight, for the spread on French securities, which also rose to their all-time high on Friday (91 basis points) and is now in the 89 bp area.