November 29, 2016 / 8:50 AM / in a year

Italian bond yields hit one-week low as bank shares recover

LONDON, Nov 29 (Reuters) - Italy’s government bond yields fell to a one-week low on Tuesday as shares in its beleaguered banks recovered from recent falls.

Shares in lender Monte dei Paschi di Siena rose 5.5 percent, having ended Monday down over 13 percent, while Italy’s benchmark banking index gained 1.5 percent.

A top bond investor for BlackRock Inc, the world’s largest asset manager, said on Monday he was scaling up exposure to European banks and other financial stocks that have been beaten up by worries over a referendum in Italy that may unseat its prime minister, Matteo Renzi.

Rick Rieder, BlackRock’s chief investment officer of global fixed income, also said he still held exposure to Italian government debt, though at lower levels than in the past.

Italy’s 10-year government bond yields fell as much as 4 basis points to a one-week low of 2.02 percent, according to Tradeweb data. (Reporting by John Geddie, editing by Nigel Stephenson)

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