In the middle of the second day of the Italian BTP offering, orders rose to 1.1 billion euros with nearly 40,000 contracts. The guaranteed minimum annual (real) coupon rate for the 18th edition of the Italian BTP is 1.60%, i.e. equal to the previous edition in mid-June.
Tomorrow, the first phase of the subscription period, intended for retail investors, will end unless it is closed early. A total of 3.18 billion euros of orders were collected yesterday.
Government bond yields fall, BTP at 4.05%
European government bond yields are falling as investors want to bet on less aggressive monetary policies by central banks. The spread between BTP and Bund drops to less than 200 basis points (198 points), with Italy’s 10-year average of 4.05% (-11 basis points). Yields for “peripheral” countries also declined, with Spain at 3.09% (-9 bps) and Greece at 4.24% (-5 bps).
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