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UniCredit don't expect further BTP-Bund spread widening

BTP

UniCredit think that we have hit (or at least are close to) the peak in BTP-Bund spreads: "Following yesterday's market reaction and the BTP auction's result, the chances that a further BTP-spread widening will occur appear slim in our view, although there is a risk that this could happen in the next few days, until it becomes clear that the solution to this crisis lies with the formation of a new government and not with new elections. In case pressure should arise, we expect it to be contained, with a further increase of 5/10bp in the 10Y BTP-Bund spread (to around 125/130bp) seen as a peak. This could present a good opportunity to extend exposure to BTPs at cheaper levels."

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