Yields on 10-year sovereign bonds for both Spain and Italy fell at today’s auctions. Spanish yields fell by 26 basis points, to 4.67% and Italian yields fell by 17 basis points to 5.88%. The strong showing is based on traders’ belief that a conclusion is about to be reached on the Greek debt swap deal.
The spread between Italian and German debt narrowed by 15 basis points, to 4.03%.
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