Lunedì, 22 Ottobre 2018

Italian bond auctions mixed, spread soars


Rome, March 27 - The average interest rate on
Italian 10-year bonds fell at an auction on Wednesday but a
separate sale of five-year bonds saw the rate rise.
Italian bonds have been under pressure recently in part
because of the political gridlock Italy faces after last month's
inconclusive election and because of concerns raised on in the
international markets by the situation in Cyprus.
Before Wednesday's auctions the spread between 10-year
Italian bonds and the German equivalent shot up 21 basis points
to 442.
The spread, a key indicator of Italy's borrowing costs and
of investor confidence in the country, was stable at 443 basis
points at 4.57% after the sales.
In the first auction on Wednesday, the Treasury sold three
billion euros' worth of 10-year bonds at an average interest
rate of 4.66%, down from 4.83% at a sale last month.
But the rate on five-year BTP bonds, of which the Treasury
sold 3.91 billion euros' worth, climbed to 3.65%, up from 3.59%
last time.

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