Fears that Italy will leave the euro zone and trigger a lira-fueled inflation sp...
LONDON - Fears that Italy will leave the euro zone and trigger a lira-fueled inflation spike have disappeared altogether from market pricing, replaced instead by less dramatic worries over low inflation and growth in the euro zone’s third largest economy.
Italy has one of the most liquid inflation-linked bond markets in the euro zone, issuing debt linked both to euro zone and Italian inflation. But with the current coalition government proving more placatory than had been expected, and with Deputy Prime Minister Matteo Salvini showing no signs of trying to force a general election to secure sole control for his anti-euro League party, the trade has switched around.
Italy’s inflation-linked debt maturing Sept 2024, pegged to euro zone inflation, had a breakeven level of 52 basis points on Friday, but a bond maturing Oct 2024 linked to Italian inflation had a breakeven level of 4 basis points.Investors swap 'Quitaly' fears for deflation angst:
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