October 17, 2018 / 11:16 AM / 10 months ago

Italy's 10, 30-yr yields rise as Treasury says to tap long-dated bond issues

LONDON, Oct 17 (Reuters) - Italy’s longer-dated government bond yields rose on Wednesday after the country’s Treasury said it will reopen some long-dated bond issues as part of a bond exchange deal later this week.

The Italian Treasury said it had hired three banks to place, via a syndicate, five nominal bonds with maturities varying from 2025 to 2046 in exchange for its April 2020 BTP Italia retail linker.

While bond buy-backs tend to boost the Italian market, the announcement that this will take place with a tap of existing bonds put upward pressure on long-dated yields.

Italy’s 10-year bond yield rose to 3.47 percent, reversing an earlier fall, and was last up 2 basis points on the day.

Italy’s 30-year bond yield also rose to session highs of 3.95 pct, up two basis points on the day. (Reporting by Abhinav Ramnarayan; Editing by Dhara Ranasinghe)

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