BTP Stick-Save Fail!
All it took was 30 minutes of reality-soaked headlines from Cannes and Draghi's heroic efforts to hold 10Y BTPs below 450bps have failed. BTPs have reached almost 456bps over Bunds now - only 6bps tight of all-time intraday record wides.
And with a h/t to @AndrewYorks we note the interesting dislocation between ES and BTPs today:
UPDATE: 88 handle up for BTPs (6.37% yield and Bunds +457bps)
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