Particularly disconcerting at the European close are Italian bonds, finishing at about their low...

|By:, SA News Editor

Particularly disconcerting at the European close are Italian bonds, finishing at about their low price (high yield) of the session despite several reported interventions by the ECB. Ten year BTPs are at 6.65%, a record 486 basis point spread to Bunds. A spread above 450 bps for several days running could result in higher collateral requirements and even more selling.