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ITALY: 10-year BTP/Bund Spread On Track For Tightest Close Since March

ITALY
CEEMEAEurozoneItalyBulletGlobalFixed Income BulletsRegionMarkets

The 10-year BTP/Bund spread is on track for its tightest close since mid-March, currently 3bps tighter today at 124bps. The latest round of European equity selling pressure has helped the spread away from intraday tights of 123bps.

  • Several reports detailing the Government’s progress in plugging a E9bln 2025 budget hole have crossed today, ahead of a cabinet meeting to approve the measures at 1900BST/2000CET. The EC’s 2025 draft budgetary plan deadline is tomorrow.
  • Reuters ran comments from Deputy PM Tajani earlier, who said that banks “might contribute between 3 and 4 billion euros, without clarifying the time frame over which the sum would be raised.”
  • Officials cited by Reuters also noted that “the government also plans to hike excise duties on diesel and may eliminate some tax breaks available to companies regarding the main corporate tax IRES”.
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The 10-year BTP/Bund spread is on track for its tightest close since mid-March, currently 3bps tighter today at 124bps. The latest round of European equity selling pressure has helped the spread away from intraday tights of 123bps.

  • Several reports detailing the Government’s progress in plugging a E9bln 2025 budget hole have crossed today, ahead of a cabinet meeting to approve the measures at 1900BST/2000CET. The EC’s 2025 draft budgetary plan deadline is tomorrow.
  • Reuters ran comments from Deputy PM Tajani earlier, who said that banks “might contribute between 3 and 4 billion euros, without clarifying the time frame over which the sum would be raised.”
  • Officials cited by Reuters also noted that “the government also plans to hike excise duties on diesel and may eliminate some tax breaks available to companies regarding the main corporate tax IRES”.