The spread between BTPs and Bunds continues to fall on the morning of August 13, 2026. According to data updated at 10.24 am, the spread between Italian and German government bonds stands at 78 basis points, with a negative change of 1.39%. The yield on the Italian ten-year BTP is 3.94%, while that of the ten-year German Bund stops at 3.16%.
The Italian differential therefore remains below the threshold of 80 basis points, confirming the movement already observed in recent sessions. The comparison with the other main European government bonds shows a more contained spread for Spain and a slightly higher spread for France.
Btp-Bund spread of August 13th at 78 points
At 10.24am on 13 August the BTP-Bund spread was equal to 78 basis points, down by 1.39%. The yield on the ten-year Italian bond remains at 3.94%. The German Bund with the same maturity yields 3.16%.
The data keeps the Italian spread below 80 basis points. In the previous survey, the spread had returned precisely to around this threshold, after the tensions recorded on international markets and the growth in government bond yields. The spread level indicates the difference, expressed in basis points, between the yield of Italian BTPs and that of German Bunds, considered the main reference in the Eurozone.
Spain-Germany spread at 43 points
The spread between Spanish Bonos and German Bunds is lower than the Italian one. At 10.24am the Bono-Bund spread was equal to 43 basis points, with a negative change of 1.82%.
The yield on the ten-year Spanish government bond is 3.59%, compared to 3.16% on the Bund. The distance between Italy and Spain therefore remains around 35 basis points on the spread front, while the difference between the ten-year yields of the two countries is 0.35 percentage points.
France above Italy: Oat at 3.98%
The highest yield among the main securities considered is the French one. The ten-year French Oat yields 3.98%, while the spread compared to the German Bund stands at 82 basis points.
The French differential is therefore 4 basis points higher than the Italian one. The OAT yield also exceeds that of the BTP, with a difference of 0.04 percentage points.
Markets still focused on energy and rates
The performance of European government bonds continues to be influenced also by inflation expectations and the decisions of central banks. In recent sessions, the rise in energy prices, with oil returning to high levels, has increased investors’ attention on the European Central Bank’s next moves.
Tensions between Iran and the United States remain one of the main factors observed by the markets. A further increase in oil and gas prices may in fact have an impact on inflation and interest rate expectations. The next ECB meeting is scheduled for September. Expectations on future monetary policy decisions therefore continue to impact the yields of government bonds and, consequently, also on the differentials between the various Eurozone countries.
