Le banche italiane hanno nascosto i rischi sui bond
Classificati come HTM per evitare le coperture, gli spread dei BTP sono artificialmente compressi rispetto ai competitor europei.
@DiMartinoBooth @biancoresearch @@profplum99
Italian banks reclassified all bonds as HTM and therefore did not hedge, other EU banks not so much.
So the (hedging) pressure on BTP was lower then on Oat or Bund and explains the improved spread
but from now on will be higher...