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Forex pairs in this Article » (Barcelona) - Brown Brothers Harriman analysts note that Italy saw a rise in yields at today's auction of some 3.45 bln euro of 2015 notes (2.3% from 1.85%) since last month's auction, reflecting the rise in the secondary market that has taken place since the Jan sale.

The team note that it also sold some long dated paper (2026 and 2040 bonds) and highlight that there are reports suggesting Italy is probing market conditions to bring 30-year paper to market. While some observers will blame nervousness ahead of the election, we note Italian 10-year bond yields are off 11 bp over the past week and down 3 bp today.
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