Lunedì, 15 Ottobre 2018
ROME

>>>ANSA/ Italy spread dips under 300 on news of Greek debt deal

English
© ANSA

Rome, December 3 - The yield spread between 10-year
Italian bonds and the German benchmark fell below the 300-points
mark Monday after the Greek government announced a plan to buy
back a big chunk of debt from private creditors, reassuring
investors wary of "peripheral" eurozone sovereign debt.
European markets reacted largely positively to the
announcement, racking up gains in early trading, although some
gains were lost after a the latest manufacturing figures from
the US and Europe were more downbeat than expected.
Although the spread began climbing early Monday from
Friday's close of 311 basis points, it set on a downward path
after the Greek government announced its debt buyback plan,
which calls for buying back up to half of the 62 billion euros
the country owes private creditors.
At its lowest on Monday, the spread - a key measure of
Italy's borrowing costs and of market confidence in the
country's ability to weather the eurozone crisis - descended to
292 basis ponits before closing at 304 points.
The yield on 10-year bonds was 4.44%, the lowest level
since last March.
Commenting on the narrowing spread, Italian Premier Mario
Monti said: "It's a positive day, we dropped to under 300".
Speaking in Lyon, where he held a one-day summit with
French President Franois Hollande, Monti tempered enthusiasm:
"We are still at a level which is not acceptable and
physiological, but it's nice to see a decreasing line.
"However, I confess that for me there's a spread level at
287 basis points which represents a goal that I hope is
reached," Monti said.
The number is half of what it was when the former European
commissioner assumed the head of a technocrat government last
year, replacing Silvio Berlusconi amid a peak in the euro
crisis.
On the back of the debt deal, which boosted the
financials-heavy FTSE-MIB, the Milan stock exchange closed up
0.43% at 15,876 after having at one point Monday breached the
16,000 mark.
Unicredit, the best bank-performer Monday, gained 2.2%,
followed by UBI Banca, up 1.53%, and Intesa Sanpaolo, up 0.93%.
Other European indexes, bar Spain's IBEX 35 - down 0.6% at
7,889 - closed marginally higher, with Frankfurt's DAX up 0.4%
at 7,435 and Paris's CAC 40 up 0.3% at 3,567.
London closed essentially flat, at 5,871, up 0.08%.

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