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PowerShares DB 3x Italian Treasury Bond Futures ETN (ITLT)

  • Jun. 14, 2012, 4:07 AM
    The Spanish 10-year yield hit 6.90% this morning, a euro-era record, before pulling back slightly to 6.83%. Investors are reacting to Moody's three-notch downgrade of the country yesterday and to general concerns about Spain's bank bailout and the region's broader problems. Bodes poorly for the Italian bond auction later today; 10-year yields trading around 6.24%.
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  • Jun. 13, 2012, 11:21 AM
    An auction of €6.5B ($8.12B) in 1-year bonds does nothing to dispel fears that Italy might be next as yields jump to 3.97% from 2.34% last month while the bid-to-cover ratio falls to 1.73 from 1.79. The yield is the highest since December. Next up is an auction of €4.5B in longer-dated bonds tomorrow.
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  • May. 14, 2012, 4:15 AM
    Italy goes to the well today in the first bond sale by a peripheral eurozone issuer since the recent elections in France, Greece and several Italian cities.
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  • Apr. 18, 2012, 3:03 AM
    Italy delays by one year its plan to reach a balanced budget in 2013, citing a weakening economic outlook, according to a draft document due to be approved by PM Monti today.
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  • Apr. 11, 2012, 6:03 AM
    After surging recently, and despite today's more expensive Italian bond auction and woeful Spanish industrial output data, yields on 10-year Italian and Spanish debt take a dive. That latter is -14 bps at 5.84% and Italian yields are -18 bp at 5.51%. German yields, which had been falling, are +15 bps at 1.79%.
  • Apr. 11, 2012, 5:48 AM
    Italian yields jump in an auction of €11B of 12- and 3-month paper as Spain's budget woes hit other vulnerable countries, with the 1-year doubling to 2.84% from 1.405% in a previous sale in March, and the shorter-term rate climbing to 1.25% from 0.49%. The bid-to-ask ratio was 1.6.
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  • Apr. 11, 2012, 4:08 AM
    EU shares are mixed early on after surging Spanish bond yields caused sharp losses yesterday. London flat, Paris -0.3%, Frankfurt +0.4%, Madrid -0.2%, Milan -0.7%. Spanish 10-year yields -3 bps, Italy -4 bps. Could Sheldon Adelson's $35B casino investment help rescue Spain?
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  • Apr. 4, 2012, 11:50 AM
    Today's surge in Italian bond yields - the 10-year is +22 bps to 5.37% - comes despite the country's Q4 budget deficit narrowing to 2.8% of GDP from 4.2% a year earlier. With the country's austerity program taking hold, Italy even ran a primary budget surplus (net of interest costs) of 2.6%, while tax revenues rose 2.9%.
  • Feb. 16, 2012, 4:04 AM
    Yields on 10-year Spanish and Italian govenment bonds shoot higher, although yields on Greek and Portuguese paper are barely moving. Spain +13 bps to 5.57%, Italy +11 bps to 5.85%, Belgium +9 bps to 3.64%.
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  • Feb. 15, 2012, 6:20 AM
    Italy sinks into recession as Q4 GDP contracts 0.7% Q/Q vs. -0.2% in Q3 and estimates of -0.4%. Year over year, Q4 GDP fell 0.5%.
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  • Feb. 14, 2012, 8:21 AM
    The ECB's cheap LTRO financing - AKA back-door bond-purchases - continues to weave its magic, enabling Italy, Spain, Belgium and even Greece to hold successful bond auctions. Italy sold €6B of bonds, bringing its issuance this year to €35.4B, or over a third of the €90B it needs to repay or roll over in 2012.
  • Feb. 13, 2012, 5:45 AM
    Yields on GIIPS 10-year bonds diverge following the Greek vote. Portugal in particular is benefiting and is -31 bps at 12.17%, continuing falls that began last week. Spain is -5 bps at 5.25% and Italy is -8 bps at 5.53%. Greece, though, is +3bps at 32.93%, while Ireland is +47 bps at 8.21%.
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  • Feb. 12, 2012, 5:45 AM
    S&P cut the ratings of 34 Italian banks on Friday, due to concerns about expected lower profits and the banks' ability to roll over their wholesale debt. The downgrades, which include UniCredit (UNCFF.PK) and Intesa Sanpaolo (ISNPY.PK), follow S&P's cutting of Italy's sovereign rating last month to BBB+.
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  • Feb. 10, 2012, 6:05 AM
    German manufacturing may have suffered in December, but Italian industrial production suprisingly rises 1.4% M/M vs. a consensus of -0.5%, led by the transportation and chemicals sectors. Y/Y, output fell 1.7% vs. expectations of -4.6%. (PR)
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  • Jan. 30, 2012, 7:37 AM
    Italy sells €2B of 10-year bonds at a yield of 6.08%, down from 6.98% in a sale last month. A sale of 5-year paper by the government went off at a yield of 5.39%, dramatically lower than the 6.47% yield seen in Dec. While EU officials are in Brussels hashing out answers for Greece, Italy also remains highly in focus.
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  • Jan. 30, 2012, 5:56 AM
    While all eyes are on Greece heading into the EU summit, Italy is the elephant in the room. The eurozone has the capacity to address Greece's ongoing problems, but the same cannot be said for Italy, and major refinancings are just around the corner. If Italy goes down, the impact on the market could make Lehman's failure pale in comparison. (submitted by Eric Parnell)
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ITLT Description
The PowerShares DB 3x Italian Treasury Bond Futures Exchange Traded Notes (Symbol: ITLT) (collectively, the "PowerShares DB BTP Futures ETNs," or the "ETNs") are the first exchange-traded products to provide investors with leveraged or unleveraged exposure to the U.S. dollar value of the returns of an Italian bond futures index.
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Country: Italy
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