October 18, 2018 / 2:58 PM / a month ago

Italy/Germany yield spread widest in 5-1/2 years as EU to send formal budget letter

LONDON, Oct 18 (Reuters) - The gap between Italian and Germany 10-year bond yield spreads hit its widest level in 5-1/2 years after news that the European Union is to send a formal warning letter to Italy that could lead to Brussels rejecting the draft budget before the end of the month. Italy’s five-year bond yield rose 11 basis points to its highest in over a week at 3.08 percent, while its 10-year yield rose eight bps to a one-week high of 3.627 percent.

The closely-watched Italy/Germany bond yield spread hit 317 basis points, the widest level since April 2013. (Reporting by Virginia Furness; Editing Abhinav Ramnarayan)

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