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0% Jan-24 BTP Short Term / 0.65% May-26 BTPei

ITALY AUCTION PREVIEW

0% Jan-24 BTP Short Term

  • The 0% Jan-24 BTP Short Term will be on offer for E2.75bln.
  • It's only auction so far has been the launch auction where E3.75bln was sold at a price of 100.74 with an average yield of -0.290% and a bid-to-cover of 1.37x.
  • This is a longer duration BTP Short Term than previously, so there is little history to really compare to. The prevailing yield at the time of writing was marginally higher than the previous auction at -0.286%.
0.65% May-26 BTPei
  • The 5-year linker was launched in June 2020 via auction and this will be the fifth auction of the BTPei with the last auction in April.
  • The table below shows the auction history for the 0.65% May-26 BTPei.
DateIssuedAvg yieldBid/coverPricePre-auct
Current-1.207%
27-Apr-21E1bln-0.920%1.57x108.13108.10
26-Jan-21E1bln-0.620%1.65x106.85106.81
27-Oct-20E750mln-0.150%1.55x104.48104.49
25-Jun-20E2bln0.560%1.56x100.54New

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