BTPs: spread against the Bund rises further, opening at 123 points; yield at 4.70 per cent
(Il Sole 24 Ore Radiocor) - The spread between BTPs and Bunds continues to widen at the opening. The trend seen yesterday appears to be continuing, with tensions on global energy markets and a ‘contagion’ effect from French government bonds (now perceived by market participants as riskier than their Italian counterparts), which have fuelled buying flows towards German Bunds.
At the start of trading, the yield spread between the benchmark 10-year BTp and the German bond of the same maturity stood at 123 basis points, up 5 basis points from the previous reference level of 118, reaching its highest level since April 2025. The yield on the benchmark 10-year BTp rose slightly to 4.70 per cent at the open, having climbed yesterday to 4.69 per cent from Wednesday’s closing level of 4.62 per cent – levels not seen since October 2023.
The yield on the German Bund, by contrast, continues to fall, standing at 3.47 per cent from 3.52 per cent the previous day, whilst the French 10-year OAT stands at 4.92 per cent, unchanged from the previous day, still at an 18-year high and with a spread of as much as 145 basis points over the German Bund (last night it stood at 140).
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