A few weeks after it lowered margins on Italian Bonds, following a hike previously, LCH has completed the round trip and as of minutes ago hiked margins once again, raising deposit factors on 3.25 Year to 30 Year Italian Bonds, with the most expensive duration class being the 15-30 year tranche which will see an 18% Initial Margin, and 8.3% on the 7-10 year. End result: Italian curve is about to get even steeper as the long end is sold off to satisfy margins and the money floods into the LTRO protected sub-3 year maturities. Full statement below.