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Italian 10-Year Yield Hits Fresh Record Low On Renewed Political Optimism

Courtesy of ZeroHedge View original post here.

Italian bank stocks climbed and BTP yields fell on Wednesday amid optimism that the political turmoil that has roiled the Italian government over the past month might soon be over, while UniCredit, Italy’s largest bank by assets, might be looking to take direct control over its Turkish subsidiary, Yapi Kredi.

The FTSE All Italia Bank Index climbed more than 1.3%, outperforming the broader market, led by UniCredit, which climbed as much as 2%, placing it among the top  STXE 600 performers. Meanwhile, Italy’s 10-year yield fell 12bps to 1.01%, a new record low, while the BTP-bund spread narrowed 10bps to 173bps, the tightest level since May 2018.

According to Bloomberg, UniCredit is in talks about taking direct control of its holding in Turkish lender Yapi Kredi, a deal that would pave the way for a potential sale or reduction of its stake, people with knowledge of the matter said.

Meanwhile, on the political front, the center-right Democratic Party leader Nicola Zingaretti signaled support for a potential coalition with Five Star during talks that continued late into the night on Tuesday between Italy’s Democratic Party (Partito Democratico) and the anti-establishment Five Star Movement (M5S). The political drama has been ongoing for days, captivating the country and investors since Prime Minister Giuseppe Conte resigned due to a feud with the League’s leader, Matteo Salvini. Conte resigned on Aug. 20.

The negotiations are a critical step toward forming a new government without sending Italians back to the polls for yet another election.


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