Spread Btp Bund over 210 points: what risks and opportunities for savers?

The end of the purchases of securities by the ECB

After hitting intraday highs, during the session, of over 220 points on 6 June, the BTP Bund spread remains at high levels, well above 210 points. And also on the morning of June 8, the yield differential of the Italian ten-year bond opened with an advantage of 213 basis points over its German counterpart. The spread fever, in other words, shows no signs of abating, fueled by the uncertainties of the international situation with the Russian-Ukrainian war, by the rush of inflation, which in May in the euro area reached a peak of + 8.1% trend, and, perhaps above all, from the end of the government bond purchase programs by the ECB linked to coping with the pandemic emergency (Pepp program) and the recession (the App program, Asset Purchase Program). With the cessation of purchases in Frankfurt, the market becomes free to price the securities of the various issuers, asking for a higher return – this is the economic meaning of the spread – from those countries considered more at risk in terms of economic stability and debt management. public.

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