Domenica, 23 Settembre 2018
MILAN

Italy's borrowing costs edge up following Spain's downgrade

English
© ANSA

(ANSA) - Milan, October 11 - Italian borrowing costs edged
higher early Thursday amid concerns over another downgrade of
Spain's economy.
The spread between the ten-year Italian bond and Germany's
benchmark Bund widened to 368.7 points, compared to 362 points
at Wednesday's close, with a yield of 5.13% on the Italian
paper.
Still, investors bought the maximum target of 3.75 billion
euros worth of July 2105-dated benchmark three-year bonds sold
by the Italian treasury Thursday morning.
Rating agency Standard & Poor's cut its rating on Spain by
two notches Wednesday to BBB - and maintained a negative
outlook.
The surprise rating cut upset markets, which sometimes lump
Spain and Italy together as two countries under significant
economic stress.
Spain's situation is more dire than Italy's, however, and
analysts suggested the rating cut - which will drive up
borrowing costs for Spain - may push it closer to seeking a
bailout.
The Italian Treasury also sold 2.25 billion euros in
non-benchmark bonds maturing in September 2016, August 2018 and
March 2025.

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