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May 29, 2020

Greek Borrowing Costs Drop Lower Than Italy’s for First Time Since 2008


The yield spread between the Greek and Italian state bonds fell into negative territory on Thursday for the first time since 2008, meaning that the Greek state can borrow money at a cheaper rate than Italy in capital markets.

The 10-year Greek benchmark bond yield fell to 1.21 percent while the 10-year Italian bond was 1.23 percent, leading the yield spread to -2.4 basis points from 1.7 percent at the beginning of the year.

The five-year bond yield was 0.41 percent, up slightly from 0.398 percent on the previous day. The turnover in the market was a strong 50 million euros, of which 14 million were buy orders.

In interbank markets, interest rates were mixed. The 12-month rate was -0.274 percent, the six-month rate was -0.337 percent, the three-month rate was -0.406 percent and the one-month rate was -0.423 percent.

Source: AMNA

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