Italian bonds jumpy as national vote results pour in

Spread between Italian, German bonds narrows then widens

Italian bonds jumpy as national vote results pour in

Rome, February 25 - Italian bond yields were jumpy as national election results poured in Monday - first, rallying at the prospect of a stable government, then losing some momentum over concern for the outcome in the Senate. The Italian bond spread with the benchmark German bund narrowed from Friday's close of 288 basis points to just 261 basis points after early election exit polls Monday suggested the center left had taken a strong lead. That suggested stability for the Italian government. However, as questions began to be raised about the party's strength in the Senate, the spread began to widen, reaching 275 basis points later Monday. It appeared that the center left would have have a clear majority in the House, with about 340 seats. However, it became clear that landing a majority in the Senate will be more difficult, as bonus seats for the winning alliance are handed out on a regional basis there, unlike in the Lower House, where the calculations are done on a national basis.

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