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Spreads Widen Following Government Tax Break Roll-Back

BTP

10-year BTP/Bunds widened as much as 2bp following headlines this morning following headlines that the Government plans to scale back a tax break for high-earners.

  • 10-year BTP yields spiked 3bps just before the headline hit BBG wires, but has since begun paring slightly.
  • On the day the 10-Yr BTP/Bund spread is 3.3bps wider at 203.2bps, while the 2s10s curve continues to bear steepen, currently trading 2.6bps wider at 87.6bps.
  • BBG report that the Meloni Government plans to "lower the tax benefit to about 50% of income and set a €600,000 ($635,000) cap on individuals seeking to claim the benefit".
  • The move, which in theory should be a marginal improvement to the Italian fiscal outlook, may be interpreted as the Government making last minute changes to the 2024 budget - which was approved by the cabinet but is still to go through Parliament and be ratified by the EC.
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