Spanish spread 'overtakes' Italy's

Bonos falls to 249.2 points, compared to 249.7 for BTP

Spanish spread 'overtakes' Italy's

Rome, September 10 - The Spanish 10-year bond's spread level dropped below that of its Italian equivalent in early trading on Tuesday. The spread between Spain's Bonos bond and the benchmark German bund dropped to 249.2 points, compared to 249.7 for Italy's 10-year BTP. On Monday the spread of the 10-year Italian bond and the Spanish equivalent hit the same level for the first time in 17 months. Italy's spread had been significantly lower than Spain's, but the gap has narrowed in recent months after the eurozone debt crisis was apparently brought under control. The Bonos has overtaken the BTP amid uncertainty over the future of Italian Premier Enrico Letta's left-right government. There was some good news for Rome though as the spread, a barometer of investor confidence and of Italy's borrowing costs, was down after closing at 256 points Monday.

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