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Today Italy auctioned 5 year and 10 year bonds. The auction provides hint over Euro zone bond market and Italy's.
- Italy had to pay higher for today's auction compared to last, showing that investors are somewhat concerned over lending to Governments at near zero yields. Average yield it paid for 5 year bonds rose to 0.85% from 0.63% at last auction. For 10 year yield cost rose to 1.83% from 1.4% just about a month back.
Yields are still considerably low, however up significantly when compared to their recent low after European Central Bank (ECB) announced asset purchase. 5 year yield hit record low at 0.438% and 10 year hit 1.128%.
While higher yield showed concerns over lending at such low rates, demand showed that fear is unnecessary over recent rout.
- Bid to Cover ratio rose to 1.48 for 5 year bonds from 1.36 prior, however dropped to 1.44 from 1.59 for 10 year auction.
Demand pattern shows that short end of the Euro zone curve would remain well anchored due to ECB asset purchase program.
