MILAN, June 30 (Reuters) – After an opening weighed down by fears about the Greek situation, the market has turned in positive territory, after news of a possible reconsideration of Athens on the last proposal made by the EU Commssione. The spread, which close the opening had touched 170 basis points, has narrowed to about 156 basis points, and then, however, record a partial recovery. “After an opening letter, the market turned around on news of a possible opening of Greece to the EU proposals,” says a trader. A few hours after the end of the program to bailout the country, the greek prime minister Alexis Tsipras is considering a last minute proposal from the European Commission. According to what was reported by an official greek and then confirmed by the committee, contacts are under way between Athens and Brussels for groped to reach an agreement on the terms of the rescue in extremis greek. At this news, however, have followed statements by an official of the German Government said that it would be too late for the extension of the bailout program to Greece. AUCTIONS DISCRETE NOT PROVIDED TIPPING A reversal, the positive one that has affected the market, which came after the start of the auctions in the medium-long Italian Treasury, who were therefore unable to benefit from the renewed climate of albeit cautious enthusiasm. Auctions, BTP at 5 and 10 years and a CCTeu, however go quietly, saying operators and strategist, despite the backdrop of tension concerning Greece. “Given the circumstances and the context of the market auction went well. The demand was good, especially on the BTP 5 years” says Chiara Manenti, strategist at Intesa Sanpaolo. “The auction is not up to the previous, but does not mean it’s gone bad. The bid-to-cover was 1.38 overall from 1.49 in the previous, but given the general climate is not surprising. The 5 years, which was not under pressure, it went a bit ‘better than the other two, which weighed a higher bid “observes Chiara Cremonesi, of Unicredit. The 5-year BTP, available to investors for 1000000000 to 1.5000000000, was placed by a maximum 1.5 billion to the gross rate of 1.25% – up to June 2014 – compared to 0.85% auction in late May. The bid-to-cover passes to 1.62 from 1.48. Yields have seen a general rise, and compared with an offer between 5 and 7 billion euro licenses have been allocated to 6,785,000,000. “Surely the rise in yields has generated interest among investors, while the risks of contagion greek appear limited,” said Manenti. The yield of the ten-year has increased from 1.83% to 2.35% last month, records from October 2014, and was assigned to 2.881 billion on a range between 2 and 3. The coverage ratio is 1.35 1.44. The CCTeu, in auction 2-2,5 billion, was placed 2.404 billion for the gross rate of 1.08% from 0.78% at the end of May, with a coverage ratio of 1.25 to 1.55 . “With these auctions, the Treasury has covered 60% of the offer gross estimated for 2015. As for the next two months, the net supply will remain negative for 5 billion in July and $ 16 billion in August. Considering that the ECB continues to purchase, emissions will benefit from a highly favorable “concludes Manenti. 13,10 =========================== ==================== ========= BUND FUTURES WEEK. 151.88 (+0.11) BTP FUTURES WEEK. 129.55 (+0.15) BTP 2 YEARS (17 May) 101.257 (-0.043) 0.474% BTP 10 years (June 25) 92.444 (+0.009) 2,373% BTP 30 YEARS (SET 44) 127.866 (+0.800 3.408% ======================== SPREAD (PB) ====================== ===== ——————— ————— ——— – FORMER TREASURY / BUND 10 ANNI 156 158 BTP / BUND 2 YEARS 71 67 BTP / BUND 10 YEARS 160,159 minimum maximum 155.7 147.8 169.7 165.2 BTP / BUND 30 YEARS 185,189 BTP 2.10 189 YEARS , 9 BTP 30/10 YEARS 192.7 103.5 107.3 ================================== ============================= – www.reuters.it On other news Reuters in Italian. The top news also on www.twitter.com/reuters_italia
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