Rome

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 for the first time since March 2012 on Tuesday. The spread between Spain's Bonos bond and the benchmark German bund dropped below that of Italy's 10-year BTP soon after the opening of trading. By around 11:30 Italian time, the Spanish spread was down to 247 basis points with a yield of 4.46%, compared to 250 points and a yield of 4.49% for the 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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