Home » Btp, yields on the highest for over ten years in today’s auction

Btp, yields on the highest for over ten years in today’s auction

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Btp, yields on the highest for over ten years in today’s auction

The rate of return offered by Italian government bonds continues to rise. New highs were recorded in a new Treasury auction this morning: the yields of the new three-year stock have soared to their highest levels for over a decade and those of the 7-year reopening have been on the highest levels since the beginning of the series. The Treasury has placed a total of 8.75 billion euros, the maximum of the offer, of four BTPs.

More specifically, the new BTP of 15 January 2026 (coupon 3.50%) was assigned for 3.75 billion with a rate of 3.57%, the highest since July 2012. The ninth tranche of the BTP for June 2029 was assigned for € 2.75 billion at a rate of 4.25%, the highest since the start of the series in October 2013, from 3.50% at the placement in mid-September. While the fourth tranche of the March 2038 BTP was assigned for one billion at the rate of 4.82% compared to 3.45% in mid-July. The Treasury also awarded 1.25 billion in the 30-year off-the-run maturing in August 2039, at a rate of 4.78%. Meanwhile, the ten-year yield moves in the 4.70% area. The BTP / Bund spread is slightly reduced to 237 basis points.

At the same time, Piazza Affari improved compared to the opening (+ 0.63% for the FtseMib). In positive territory also the Dax in Frankfurt which marks a + 0.70%, the Cac 40 in Paris with a + 0.20% while the Ftse 100 in London marks a -0.02%.

The eyes of the operators are focused on the US macro data and in particular on the September consumer prices coming soon. Estimates indicate a slowdown to 8.1% per year, due to the drop in gasoline costs over the period under review. The data is highly anticipated to understand what the increase will be coming from the Fed, the US central bank. An above-expected trend would strengthen the hypothesis of a fourth consecutive rate hike from the Fed’s 75 basis points at the November meeting.

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“The greater weakness of US macroeconomic data could cause an initial slowdown in rate hikes by the Federal Reserve (Fed) potentially allowing other central banks to catch up,” JP Morgan experts report in their weekly Bond Bulletin.

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