Italy draft budget agreement ‘a welcome result’ for BTP investors

By Burhan Khadbai
16 Oct 2019

The Italian cabinet’s late night agreement on a draft budget for 2020 will drive investors to hold longer maturity BTPs, causing spreads to tighten ahead of a potential rating outlook upgrade next week, said analysts.

In a statement released on Wednesday, the Italian government said it had agreed on a draft state budget for the 2020 financial year, which has now been sent to the European Commission.

The budget agreement includes the cancellation of a VAT clause, a plan to go cashless and ...

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