Independent Strategy

Fairer winds

The results of the Italian regional elections and the approval of the electoral reform law by referendum last weekend should be seen as a big boost for the government. The result not only depletes the populist message but provides renewed momentum to the reformers. Alongside a positive external backdrop – specifically monetary policy and European Union Covid-19 fiscal support measures, we think that BTPs are trading cheap versus bunds. We move to a long position.

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