Bekymringen over finansieringen af den høje italienske statsgæld vokser, efter at det ikke er lykkedes at skabe coronabonds i EU. Danske Bank mener, der stadig er behov for et finde et fælles europæisk “instrument”, der kan holde styr på Italiens gæld, der ifølge IMF vil vokse md 20 pct.
Uddrag fra Danske Bank:
Danske Daily – Italian debt worries return
The sell-off in Italian debt extended to a second day after the idea of ‘corona bonds’ failed to gain traction among EU finance ministers last week and the Italian debt office updated its issuance guidelines for 2020.
10Y yields are now back above 1.8%, the highest since before the ECB initiated its Pandemic Emergency Purchase Programme and the IMF expects Italian net debt to rise by nearly 20 percentage points in 2020 (see also Fixed income section).
While Italian yields are still off the peak hit a month ago, the sell-off illustrates that member states’ creditworthiness is back on the radar for investors, underlining the need for a common European debt instrument as we argue in FI Research: The case for ‘corona bonds’ and other policy options, 3 April.
