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0% Dec-24 BTP / 0.45% Feb-29 BTP

ITALY AUCTION PREVIEW
MNI (London)
  • Italy will come to the market today to sell E3.0-3.5bln of each of the 3/7-year BTPs. It will not offer a 15+ year BTP this week following last week's syndication.
  • On offer will be:
    • 0% Dec-24 BTP. ISIN: IT0005474330.
    • 0.45% Feb-29 BTP. ISIN: IT0005467482.
  • Auction history: This will be the first reopening of the 0% Dec-24 BTP, which was launched via auction on December 14, 2021. The launch saw E3.5bln issued at an average yield of -0.100%, resulting in a bid-to-cover of 1.21x.
  • This BTP replaced the 0% Aug-24 BTP (ISIN: IT0005452989) as the on-the-run issue. The latest comparable November auction of the 0% Aug-24 BTP 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.
  • Today will also be the first reopening of the 0.45% Feb-29 BTP. This BTP was launched at auction on November 11, 2021 for E3.75bln, resulting in a yield of 0.600% at a bid-to-cover of 1.37x.
  • This replaced the previous 7-year BTP (the 0.50% Jul-28 BTP, ISIN: IT0005445306) which launched in May 2021 with E4.5bln sold. The last reopening of the 0.50% Jul-28 BTP was in October, which saw E2bln issued at an average yield of 0.480% at a bid-to-cover of 1.65x. A further E400mln was sold in the non-competitive round.
  • Timing: Results are due shortly after the auction closes at 10:00GMT / 11:00CET.
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