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0% Nov-23 Short Term BTP

ITALY AUCTION PREVIEW
MNI (London)

Italy will come to the market this morning to sell E2.5-3.0bln of the 0% Nov-23 Short Term BTP.

  • On auction will be the 0% Nov-23 BTP Short Term. ISIN: IT0005482309.
  • Auction history: The 0% Nov-23 short-term BTP was launched via conventional auction on January 26 this year. The launch saw E3.75bln issued at an average yield of -0.130% and 1.41x bid-to-cover.
  • The 0% Nov-23 BTP replaced the 0% Jan-24 BTP Short Term (IT0005454050) as the on-the-run issue, which was launched in July 2021, issuing E3.75bln at a price of 100.74 and an average yield of -0.290% and a bid-to-cover of 1.37x.
  • The old on-the-run BTP was reopened four times last year, with auction sizes ranging from E2.75-2.25bln. The last auction on November 25 saw E2.25bln issued for an average yield of -0.260% and a bid-to-cover of 1.45x. The non-competitive round sold a further E450mln.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT / 11:00CET.

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