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There have already been some wild moves in.....>

EGBS
EGBS: There have already been some wild moves in Italy BTPs this morning with
the 2-yr coming under some intense pressure, with the yield at one point spiking
over 100bps at one point to 1.912% and highest level since Jan 2014. It
currently trades at 1.606% but markets are illiquid and volatile.
- Continued political concerns in Italy with Five Star Movement leader on Monday
calling on supporters to protest peacefully, and started to begin work on likely
fresh elections. 10-yr Bund/BTP spread is 16bp wider at 250bps.
- Spain and Portugal are also being dragged wider by the falls in Italy, however
it is the long end of Spain that is suffering the most with 30-yr yield 26bps
higher at 2.947% compared to only a 4.5bp move higher in 2-yr Bonos.
- Long end of the Euribor curves rises 3.5 to 4 ticks as markets continue to
price out any chance of the ECB being able to reduce monetary policy stimulus in
the near future.
- There is some Italian consumer confidence data at 0800GMT, but this is
unlikely to support BTPS with attention squarely on the political situation.
MarketsFixed Income Bullets
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