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0% Dec-24 BTP

ITALY AUCTION PREVIEW
MNI (London)

Italy will come to the market today to launch the new 3-year BTP with E3.0-3.5bln nominal on offer. There will be no accompanying 7-year BTP or long-term BTP issued today due to the MEF's “large cash balance”. Today’s auction will be Italy’s final auction for 2021 as the MEF announced the cancellation of the late December auctions.

  • On offer will be: 0% Dec-24 BTP. ISIN to be announced.
  • Auction history: This will be the first auction of the 0% Dec-24 BTP, which replaces the 0% Aug-24 BTP (ISIN: IT0005452989) as the on-the-run issue. The 0% Aug-24 BTP was first auctioned July 13 this year, where E4.5bln was issued at an average yield of -0.190% and a bid-to-cover of 1.34x. Three auctions followed in September, October and November, all with auction sizes of E2.0-3.0bln. The latest November auction saw E2.0bln issued at a yield of -0.160% and a bid-to-cover of 1.58x, with no take up in the non-competitive round.
  • Timing: Results are due shortly after the auction closes at 10:00GMT / 11:00CET.

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