Spanish Bonds Rise for Second Week With Italy’s on ECB Support

Spanish and Italian government bonds advanced for a second week on speculation the European Central Bank will remain supportive of sovereign debt, even as it refrained from adding stimulus and faced a legal challenge.

The nations’ two-year yields dropped to the lowest on record after the ECB held interest rates at a record low on Feb. 6. German bunds were little changed this week as the country’s top court sought guidance from the European Court of Justice on the legality of the ECB’s bond-buying plan. Greek 10-year yields posted the biggest weekly drop since May after officials said European authorities may extend the maturity on rescue loans.