Titoli di Stato Italia Trading Titoli di Stato III° (Gennaio 2010 - Dicembre 2011) (48 lettori)

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tommy271

Forumer storico
Italy ‘Place to Be’ in Europe Periphery Bonds, Commerzbank Says

November 03, 2010, 10:39 AM EDT



By Keith Jenkins
Nov. 3 (Bloomberg) -- Investors seeking stability among the so-called peripheral euro government debt markets should be looking toward Italy given its stronger public finances than Greece, Ireland or Spain, according to Commerzbank AG.
“If you like to have peripheral exposure, then Italy is the place to be in the euro area,” said David Schnautz, a fixed- income strategist at Commerzbank in London.
Peripheral European securities weakened versus their German counterparts today amid renewed concern about a bank default in Ireland. The extra yield investors demand to hold Irish 10-year securities instead of German debt rose to a record for the third consecutive day, while yield spreads on both Portuguese and Greek bonds widened.
The Irish-German spread was at 498 basis points as of 2:14 p.m. in London, according to Bloomberg generic data, more than triple the 149 basis point equivalent spread for Italy.
“Even at these levels, we recommend investors to play from the safe side and rather to put more weight in Italian bonds,” Schnautz said by phone. He said Commerzbank doesn’t have explicit yield-spread targets for peripheral bonds.


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