We know it’s early in the trading day but we are quite confident that this will endure as today’s WTF chart of the day. Despite soaring NPLs and a systemic banking crisis (drastically intertwined with sovereigns since Draghi unleashed “whatever it takes”) and record high national debt-to-GDP, it now costs investors 19bps to lend money to Italy for 12 months…
Italy sold EUR 6 billion 12 month paper at a record low -19bps yield today…