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Wednesday, February 27, 5:49 AM Yields rise in the second Italian bond auction since the country's election, although the government achieves the top end of its sales target range. The Treasury sells €4B of 10-year bonds at a yield of 4.83% vs 4.17% last month, and €2.5B of five-year notes at 3.59% vs 2.94%. In the secondary market, the 10-year yield is -4 bps at 4.87%. Comment! [Global & FX, Top Stories]
Sunday, February 24, 3:20 AM Angry and disillusioned, Italians are voting today in a general election, with the center-left Democrats leading in the polls. The rise of the anti-establishment Five Star Movement and Mario Monti's position in last place means that the biggest fears for markets are a weak government, and, as economist Raj Badiani says, a "significant no-confidence vote on the current austerity plan and the need to reform further." 11 Comments [Global & FX, Top Stories]
Friday, February 22, 5:58 AM Italian markets are calm ahead of an election on Sunday and Monday, although the rise in the polls of Silvio Berlusconi's Freedom Party - it's second with 30% - has been unnerving investors over the past few week. And while the expected winner is the center-left Democratic Party, its projected 34-35% wouldn't be enough to form a government. FTSE MIB +0.5%, 10-year bond yields -4 bps to 4.45%. Comment! [Global & FX]
Thursday, November 29, 2012, 5:40 AM Italy sells €2.98B of 10 year bonds at a yield of 4.45%, down from 4.92% in a previous auction and the lowest in two years. However, the bid-cover ratio falls to 1.18 from 1.43. The government also issues €3B of five-year paper at 3.23%, down from 3.8%. The total sale of €5.98B was at the top end of the government's target of €4-6B. In the secondary market, 10-year yields are -9 bps at 4.51%. Comment! [Global & FX, Top Stories]
Thursday, October 11, 2012, 6:19 AM Italy sells €3.75B of 3-year bonds at a yield of 2.86%, up from 2.75% in September. The amount sold was at the top end of the government's target, and the bid-to-cover ratio rises to 1.67 from 1.49. Italy also auctions €2.25B of paper maturing in 2016, 2018 and 2025. Comment! [Global & FX]
Thursday, October 11, 2012, 4:12 AM Yields on 10-year Spanish government bonds rise 9 bps to 5.89% following S&P's ratings downgrade, although it's not the biggest spike ever seen. Two-year yields are +10 bps to 3.37%. Ahead of an auction of up to €6B of Italian debt later, the country's 10-year yields are +4 bps to 5.15% and 2-year yields are +5 bps to 2.41%. Comment! [Top Stories, Global & FX, On the Move]
Thursday, September 13, 2012, 6:03 AM Mario Draghi's planned bond-buying scheme has the desired effect as yields fall at an Italian auction of €6.5B ($8.4B) of government paper, including €4B of 3-year debt at a rate of 2.75%. That's down from 4.65% in July and the lowest since October 2010. The Treasury also sells €1B of 5-year bonds at 3.71% and €1.5B of 2026 notes at 5.32%. Comment! [Global & FX, Top Stories]
Friday, September 7, 2012, 4:05 AM Not only do EU stocks continue climbing over the ECB's bond-purchase scheme, but Spanish and Italian bond markets are dancing with delight as well. Spain 10-year yield -34 bps to 5.72%, 3-year -29 bps to 3.36%. Italy 10-year -14 bps to 5.05%, 3-year -12 bps to 2.7%. 1 Comment [Top Stories, Global & FX, On the Move]
Tuesday, September 4, 2012, 5:38 AM Mario Draghi's sweet words that the ECB's bond-buying program could take in debt with maturities of up to three years has the desired effect , sending yields on Spanish and Italian paper falling. Now all Draghi has to do is deliver. Spain: 2-year yields -24 bps to 3.27%, 10-year -16 bps to 6.7%. Italy: 2-year -25 bps to 2.39%, 10-year -5 bps to 5.72%. Comment! [Global & FX]
Wednesday, August 29, 2012, 4:48 AM The high spread between German and Italian bond yields could lead to a "potential rise in inflation for Germany," Mario Monti tells Il Sole 24 Ore ahead of a meeting today with Angela Merkel. With high inflation a touchy subject for the Germans, the comments appear to be part of Monti's efforts to persuade them of the necessity of bond-buying by the ECB and eurozone. Comment! [Global & FX, Top Stories]
Tuesday, August 28, 2012, 6:09 AM As with Spain, yields also fall in an Italian bond auction. The Treasury sells €3B of 2-year bonds at a yield of 3.06%, down from 4.86% last month. The bid-to-cover ratio rises to 1.95 from 1.78. The government planned to sell €2-€3B worth of paper. Comment! [Global & FX]
Monday, August 20, 2012, 6:01 AM Speculation that the ECB might take action to cap the spreads between peripheral and German bond yields causes those of Spain to plummet. 10-year yields are -28 bps to 6.17%, while the 2-year is -39 bps to 3.38%. Italian 10-year yields are -7 bps to 5.72% and the 2-year is -9 bps to 2.96%. With German bond yields rising, the spreads are narrowing. Comment! [Global & FX, Top Stories, On the Move]
Monday, July 30, 2012, 6:30 AM Speculation that the ECB might restart buying government bonds helps send Italian yields lower in an auction of €5.48B ($6.749) of debt with differing maturities. The cost of 10-year paper dropped to 5.96% from 6.19% in an auction in June, while the bid-to-cover ratio edged up to 1.29 from 1.28. Yields on five-year paper dropped to 5.29% from 5.84%. Comment! [Global & FX]
Friday, July 27, 2012, 8:06 AM The ECB and eurozone governments are preparing to take co-ordinated action to buy government bonds in an attempt to bring down borrowing costs for Spain and Italy, Le Monde reports. The eurozone, via the EFSF and ESM rescue funds, would purchase debt directly from government and the ECB would act in the secondary market. The speculation comes a day after Mario Draghi's "whatever it takes" comment. 10 Comments [Global & FX, Top Stories]
Monday, July 16, 2012, 5:15 PM Moody's cuts 10 Italian financial institutions long-term debt and deposit ratings by one to two notches, citing the weakening of the Italian government's credit profile. UniCredit (UNCFF.PK) and GE Capital SpA are among the banks downgraded. Comment! [Global & FX, Financials]
Sunday, July 15, 2012, 4:56 AM Italian finmin Vittorio Grilli forecasts that 2012 GDP will contract by just under 2%, which is almost in line with the Bank of Italy's prediction of 2%. Either way, it won't do anything to reduce the deficit or engender confidence in the bond market. Despite high Italian debt yields, Bundesbank President Jens Weidmann says they don't justify a bailout for Italy. How long will that situation last? Comment! [Global & FX]

ITLT PowerShares DB 3x Italian Treasury Bond Futures ETN

ITLT

PowerShares DB 3x Italian Treasury Bond Futures ETN