Yields from today’s 3- and 7-year BTP auction, rising sharply to 3.04% and 3.75%, are at the highest levels since the sovereign debt crisis. This is what Assiom Forex expert Filippo Capaccioli explains according to which “the market is discounting the hawkish attitude of the ECB” and “is trying to test if and how the central bank will deploy anti-spead tools”.
6 billion BTPs were placed in the auction. In particular, 3-year BTPs with 2025 maturity were sold for € 2 billion and a yield of 3.04% (+152 basis points compared to 1.5% of the last placement), 7-year BTPs with 2029 maturity for 2 , 5 billion euros with a yield of 3.75% (+136 basis points) and two 30-year BTPs for a total of 1.5 billion euros with a yield of 4.23% respectively for the one maturing in 2052 and by 4.20% for the one maturing in 2049. In any case, explains Capaccioli, “the Italian banks are not those of 2010-2011 but have fewer impaired loans” and portfolios of government bonds at more market values, and therefore there is a lower risk of transmission of the contagion between public debt and the banking system.