Spanish and Italian yields are a tad wider at the open, with Spain's 10-year back at 6%, up 6bps, and 5-year also up 6bps at 5.03%. The moves are less pronounced for Italian bond yields, with 10-year up 2bps at 5.11%. "Market participants remain sceptical whether a Spanish aid request for an [Enhanced Conditional Credit Line] is around the corner or whether funding costs have to soar once again before triggering such a political step," notes Commerzbank. Spain will auction up to EUR4.5B of 12 and 18-month T-bills at 0830 GMT while Greece auctions EUR1B of 13-week T-bills at 0900 GMT.
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