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5/10-year BTP / 0.65% Apr-29 CCTeu

ITALY AUCTION PREVIEW
MNI (London)
  • Italy will come to the market this morning to sell E2.5-3.0bln of the 5-year 0% Aug-26 BTP, E3.0-3.5bln of the 10-year 0.95% Jun-32 BTP as well as E1.0-1.5bln of the on-the-run 0.65% Apr-29 CCTeu.
  • On auction will be:
    • 0% Aug-26 BTP. ISIN: IT0005454241.
    • 0.95% Jun-32 BTP. ISIN: IT0005466013.
    • 0.65% Apr-29 CCTeu. ISIN: IT0005451361.
  • Auction history: The 0% Aug-26 BTP was launched in July 2021, where E4.5bln was sold at a price of 99.91 with an average yield of 0.020% and a bid-to-cover of 1.29x. The BTP was reopened four times last year, the first reopening issuing E2.5bln and the following three all issuing a smaller E2.0bln nominal. The most recent auction was on Nov 30 last year, where E2.0bln was issued at an average yield of -0.090% and a 1.52x bid-to-cover.
  • The 0.95% Jun-32 BTP was launched for E3.75bln on October 28 2021, where an average yield of 1.050% and bid-to-cover of 1.35x was achieved at a price of 99.07. The BTP has since been reopened once on November 30, 2021, with E2.25bln sold at an average yield of -0.020%% and a bid-to-cover of 1.47x.
  • The 0.65% Apr-29 CCTeu was launched via syndication on June 24 last year for E6.0bln at an average yield of 0.690%. 2021 saw four reopenings at auction and one exchange operation of the CCTeu. The reopenings issued E1.25-2.0bln, with the most recent auction on November 30 issuing E1.5bln at an average yield of 0.030%, resulting in a bid-to-cover of 1.49x. The exchange operation was the latest operation on December 9, 2021 where E2.255bln was issued at an average yield of 0.100%.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT / 11:00CET.
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