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0% Nov-23 BTP / 0.65% May-26 BTPei / 2.55% Sep-41 BTPei

ITALY AUCTION PREVIEW
MNI (London)
  • Italy will come to the market this morning to sell E3.25-3.75bln of the new 0% Nov-23 Short Term BTP, as well as E0.75-1.0bln of BTPeis: the 0.65% May-26 and 2.55% Sep-41.
  • On auction will be:
    • 0% Nov-23 BTP Short Term. ISIN: IT0005482309.
    • 0.65% May-26 BTPei. ISIN: IT0005415416.
    • 2.55% Sep-41 BTPei. ISIN: IT0004545890.
  • Auction history: The new 0% Nov-23 short-term BTP will be launched today via conventional auction, replacing the on-the-run 0% Jan-24 BTP Short Term (IT0005454050). The on-the-run BTP was launched in July 2021, 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.
  • 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 noncompetitive round sold a further E450mln.
  • The 0.65% May-26 BTPei was launched for E2.0bln in June 2020, where an average yield of 0.560% and bid-to-cover of 1.56x was achieved. The following four reopenings of the linker were all smaller, the first issuing E750mln and the later auctions E1.0bln. The most recent auction was on August 26, 2021, with an average yield of -1.200% and a bid-to-cover of 1.55x. A further E150mln was raised in the noncompetitive round.
  • The 2.55% Sep-41 BTPei will be reopened for the first time in almost two years today. The last two auctions were in March 2020 and November 2019. The 2020 reopening issued E691mln for an average yield of 1.770%, resulting in a bid-to-cover of 1.51x. In comparison, the 2019 auction saw E660mln sold for a 1.020% average yield and 1.47x bid-to-cover. Noncompetitive rounds for the linker have been small, ranging from E80-150mln.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT / 11:00CET.
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