Spread drops to 269 amid govt-formation hopes

Yield 3.92% as Napolitano winds up talks with parties

Spread drops to 269 amid govt-formation hopes

Rome, April 23 - Pressure on Italian bonds eased further Tuesday amid hopes Italy is heading towards a new government. The spread between the 10-year Italian bond and the German benchmark, a key measure of Italy's borrowing costs and of investor confidence, dropped to 269 basis points with a yield of 3.92% after falling to 288 Monday, down from 297 at Friday's close. Giorgio Napolitano's re-election as president Saturday has boosted hopes Italy will soon have a government after two months of political deadlock following February's inconclusive general election. Napolitano is winding up talks with parties and is expected to hand out a mandate to try to form a left-right coalition government late Tuesday.

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