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Short end Italy underperforms

BONDS
  • BTP futures are still lagging behind Bund, albeit off the contract low at 111.97.
  • Yesterday's low at 111.78, was the lowest print since the 6th January.
  • BTP/Bund spread is in turn 0.7bp wider, but well within yesterday's range.
  • Looking at the short end 2yr, for Italy, BTSH3 hovers above yesterday's low at 105.03, which was also the lowest print since the 2nd of January.
  • Looking at the 2yr Italian/German spread, it is sitting 2.6bps wider at 46.2bps.

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