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5/10-year BTPs & CCTeu

ITALY AUCTION PREVIEW
MNI (London)
  • On offer today:
    • E2.25-2.75bln of the 2.65% Dec-27 BTP (ISIN: IT0005500068)
    • E1.0-1.5bln of the 0.95% Jun-32 BTP (ISIN: IT0005466013)
    • E1.5-2.0bln of the 2.50% Dec-32 BTP (ISIN: IT0005494239)
    • E1.00-1.25bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250)
  • Market colour: 5-year BTP yields rose 83bps from July 6 lows to the July 21 high of 3.134% and have since decreased to around 2.785%.
  • 0.95% Jun-32 BTP and 2.50% Dec-32 BTP yields increased around 133bp and 139bp from the beginning of May to June 14 highs of 4.182% and 4.280%. They are now back around 0.359% and 3.460%.
  • 5-year BTP spreads to the Bobl have widened around 65bp to the current high of approx. 217.6bp. 0.95% Jun-32 BTP and 2.50% Dec-32 BTP spreads to the 10-year Bund are also currently trading at a high of 243.4bp and 253.1bp, up 54-57bp from the beginning of May. The recent spread widening has been on the back of the political uncertainty with Draghi resigning and S&P downgrading the outlook for Italy from positive to neutral.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.
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