Italy’s Banks Back Patriotism to Spur Sovereign Debt Demand

As Italian bond yields hover close to euro-area highs, the country’s biggest banks are backing a plea for local investors to purchase the securities and help restore confidence in the nation’s sovereign market.

The Italian Banking Association is promoting “BTP-Day” today, with lenders waiving fees for clients who buy government bonds and bills known as BTPs and BOTs at branches. The initiative, originally proposed by a Tuscan businessman, will be repeated on Dec. 12.