Italy scores another issue ‘Jumbò di BTP, selling 18 billion against over 200 billion requested by investors, on the day the global market of state government bonds: American Treasuries again in tension, France under observation, “British Gilt” that see red alarm yields to the maximum of 1998.
After the warnings of the major world financial institutions on record global debt, after months of high voltage on the US securities for Trump’s budget plans exacerbated by the US President’s attacks on Federal Reserve, investors ask for the bill. They see black and buy gold, today at the umpteenth record well above 3,500 dollars. And they demand higher returns to take the risk-deputy. The US Treasuries at 30 years of age splashes to the Maximians since July returning to touch the 5%guard level.
And between fears for the budget in view of the financial, after the reshuffle of the Starmer government and with a current balance already in suffering before the duties, the thirty -year performance of the British Gilts flies up to 5.7% to the maximum of 27 years: a crisis that risks screwing and drags the pound, down by 1.2% on the dollar and 0.6% on the euro, putting further pressure on the of the chessboard Rachel Reeves.
The Big Tech titles suffer from the stock exchange after years of euphoria and the escape from risk triggers a turbulence that drags the bonds with them, which usually move against the countertrend. It is in this climate that Italy, with the debt near 140% of GDP, chronically growing in the ‘Zero Virgolà and the highest spread of the Eurozone, today placed 18 billion euros of new and 30 -year -old new and 30 BTPs. Singing contained prizes and an overall demand of almost 218 billion, of which about 110 billion for the seven years, a record on the trade unions, and 107 on 30 years, on the maximum.
All this while the inflation of the euro area accelerated at 2.1% risks cooling enthusiasm for a next cut de rates. The placement of the BTPs at the end on the new seven years November 2032 has sprouted a spread of eight basic points compared to the titles on the market, and six points basic over 30 years.
The result of the choice to limit the thirty -year offer to five billion – explain market sources – when the demand was so much times a lot. On a deadline, the thirty years, little frequented by other European broadcasters, and on which Italy aims to extend the average duration of the debt.
And in the lines of an orientation – explain the same sources – aimed for some time to reduce the placement between the hedge fund at a “almost nothing” quota with a view to stabilizing the debt, instead selling to ‘Real Money’ investors – funds, institutional, pension funds – which keep in portfolio often until expiry. According to a note from sources close to the placement, which went to 70% abroad, “the credit solidity of Italy is” strengthened, the strong demand for Italian debt both at a domestic and international level, the positive thrust on the Italian debt built in recent months “. They helped a certain prudence of the budget and the political stability of the Meloni government, an ‘asset’ in the face of investors with respect to the turbulence that affect France.
The Italian debt, moreover – point out the sources – no longer offers the large performance prizes that had made it so attractive to the European partners: the spread is on the rise but closes at 89 basis points. Of course, if Italy is no longer the special number one in Europe, it is also for partners demerit. This is the case of France – with a spread today in area 80 one step away from the ‘podiò which is still Italian – but above all today of Great Britain. With the background Trump who seems to want to issue the economic and financial order of the past.