The BTP-Bund spread today, Tuesday 25 August 2026, opens at 82 basis points. The differential between the yield of the 10-year Italian BTP and that of the German Bund of the same duration opened the session at the same level as the previous close.
The yield on the 10-year BTP is at 4.06%, according to opening data. The data from Borsa Italiana updated at 9.44am instead indicate a yield on the ten-year BTP at 4.09%, with a spread of around 83 points. The ten-year Bund stands at 3.26%. The difference compared to recent days is therefore limited.
What does an 82 point spread mean
The BTP-Bund spread measures the distance between the yield required by the market to purchase a 10-year Italian government bond and that required for the corresponding German bond.
With a spread of 82 basis points, the difference is 0.82 percentage points. In other words, if the ten-year Bund yields around 3.26%, the market asks the Italian BTP for a higher yield, in the order indicated by the differential. This data does not directly represent how much the saver will earn by purchasing a BTP. The spread is in fact above all an indicator of the distance between the perceived risk of the two issuers and the conditions of the bond market. For the small investor, the number to look at most carefully when evaluating a new purchase is therefore also the yield of the single BTP, together with the price at which the security is purchased and its maturity.
Spread, what has changed
Taking a step back a few days, at the session of 20 August 2026, the Italian spread stood at slightly lower levels, at 79.8 basis points, with a yield on the 10-year BTP at 4.04%. On that occasion the German Bund yielded 3.30%. Five days later, we can see how the Italian yield has remained substantially stable and solid above the 4% threshold (moving between 4.04% on 20 August and 4.06% today). The spread recorded a very modest increase of around 2 basis points, mainly due to the slight fluctuations in the German bond.
Those who have purchased BTPs in recent months or years should not be alarmed by small daily fluctuations in the spread. In summary, there are no warning signs that justify selling securities you already own.
For those who have liquidity in the account and want to buy BTPs today, a return of 4.06% gross on an annual basis for a ten-year horizon represents an interesting gross return compared to expected inflation and the income offered by normal current accounts.
Italy, Spain and France: who offers the highest yield today?
This is the comparison with the other large issuers in the euro area (at 9.44 am on August 25):
- Italian 10-year BTP – yield 4.09%, spread approximately 83 points;
- French Oat 10 years – yield 4.13%, spread 88 points;
- 10 year Spanish Bonos – yield 3.71%, spread 45 points;
- 10 year German Bund – yield 3.26%.
Italy continues to show a lower risk premium than Paris. With the French Oat at 88 points spread (yield at 4.13%) and Italy around 82 points, the markets today recognize Italian securities as having a relative stability greater than that of the transalpine issuer. However, Spain remains the most advantaged issuer in Southern Europe, with a spread limited to 45 points and a rate of 3.71%.
