Mon Feb 4,
2013 4:11am EST
* Spanish
and Italian yields rise as political risks grow
* 2013
rally in peripheral bonds reaching stretched levels
* Bunds
rebound but remain lower after late Friday selloff
By William
James
LONDON, Feb
4 (Reuters) - Spanish and Italian government bond yields rose on Monday as
investors grew wary that mounting political uncertainty in both countries could
derail this year's strong rally in higher-yielding euro zone debt.
In Spain , Prime Minister Mariano Rajoy was facing
calls to resign over a corruption scandal, and in Italy
"It's
that worry of political instability in both Spain
and Italy
"A lot
of people have been bullish Spain
and Italy
Peripheral
debt has enjoyed a strong start to the year, aided by the easy supply of cash
from central banks and the promise that the European Central Bank will step in
and buy bonds of struggling states if necessary.
Spanish
10-year government bond yields rose 10 basis points to 5.32 percent while
Italian yields were 9 bps higher at 4.42 percent.
Commerzbank
strategists said the time was right to start cutting back investments in
peripheral debt as current low yield levels tested technical supports and the
Spanish political risks mounted.
"Uncertainty
from the accusations (against Rajoy) has the potential to weigh on sentiment,
giving investors second thoughts about overweight positions in the periphery in
general and Spain
Rajoy
denies any wrongdoing.
BUNDS
BOUNCE
German Bund
futures, often used as a hedge against a flare-up in the region's weaker
sovereigns, trimmed early losses when Spanish and Italian bonds started trading
but, at 141.78, remained 23 ticks lower than at Friday's settlement.
Much of
that fall can be attributed to a steep selloff in U.S. Treasuries late on Friday
after labour market and manufacturing data showed recovery in the world's
largest economy remained on track.
"Sentiment
still remains pretty negative for Bunds. We're testing support around 1.7
percent. To get through that level we're going to need to see further signs of
improving sentiment towards the euroland economy," said Nick Stamenkovic,
strategist at RIA Capital Markets.
Any rally
in Bunds was likely to be used by others as a chance to sell but the potential
for another major selloff remained limited due to the sheer scale of recent
falls, Stamenkovic said.
The 10-year
German yield was last at 1.69 percent, 2 bps higher on the day and 32 bps up
compared to levels seen on the final trading session of 2012.
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