Research (Česká spořitelna)
Markets  |  February 28, 2013 09:44:54

Grillo gives new government max 6 months - somehow bond auction, yields rose, weak interest

Italy yesterday sold for 4 billion bond 10Y and 5Y 2.5 billion of bonds, but the offer had to yield 4.83% respectively. 3.6%, which was the highest since October 2012. B / c the 10Y bond reached 1.65, although according to information from the market, not by foreign investors interested in (which is understandable given how evolved Italian elections). Growth against předvolebnímu period is about 50 bp, but yields are still significantly lower than before the ECB intervention in the form of OMT bond repurchase program in September 2012 (when the bonds were over 6%). But the situation remains volatile, according to the first information in Italy nobody wants anybody to agree on a coalition, which calm the bond markets just do not return ...

Ex-comedian B.Grillo, which the movement got most of the parties, has indicated that it does not expect any government would have lasted more than six months (which historically in the ITA is not unusual) and Bersanimu referred, that the coalition will not be nothing, Moody's said, that the election result may be negative for the rating (political uncertainty associated with new elections). There is talk of new elections, just do not know what it would help much otherwise it probably will not end, perhaps only that Grillo won instead of 25% than 40%.

Related news:
Bersani: Grillo should show their ideas and how ..

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Grillo dává nové vládě max 6 měsíců - aukce dluhopisů jakž takž, výnosy rostly, zájem slabý

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