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3/7/20-year BTPs

ITALY AUCTION PREVIEW
MNI (London)
  • Italy will come to the market today to sell E3.0bln of each of the 3/7-year BTPs, as well as E1.75bln of the 20-year BTP.
  • On offer will be:
    • 0% Dec-24 BTP. ISIN: IT0005474330.
    • 0.45% Feb-29 BTP. ISIN: IT0005467482.
    • 1.80% Mar-41 BTP. ISIN: IT0005421703.
  • Auction history: Today’s auctions will see a reduction of E500mln in issuance of the 3/7-year BTPs compared to the January reopenings.
  • This will be the second reopening of the 0% Dec-24 BTP, which was launched via auction on December 14, 2021 to replace the 0% Aug-24 BTP (ISIN: IT0005452989) as the on-the-run issue. The launch saw E3.5bln issued at an average yield of -0.100%, resulting in a bid-to-cover of 1.21x. The short-term BTP was reopened once on January 13, also issuing E3.5bln, reaching an average yield of 0.140% and a bid-to-cover of 1.38x.
  • Today will also see the second 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, replacing the previous 7-year BTP as the on-the-run issue. The first reopening of the 0.45% Feb-29 BTP also on January 13 and saw E3.5bln issued at an average yield of 0.890% at a bid-to-cover of 1.51x.
  • The 1.80% Mar-41 BTP will be reopened for the third time today, following its launch in September 2020 for E10.0bln at an average yield of 1.822%, with book sizes of E83.5bln. The last two auctions were in February and June last year, where a nominal of E2.0bln and E1.75bln were issued respectively. The February 2021 auction saw an average yield of 1.140% and bid-to-cover of 1.27x, whilst the June auction resulted in a higher yield of 1.550% and 1.41x bid-to-cover.
  • Market colour: There will be increased focus on the auction this morning following the increase in both outright yields and spreads, particularly intensified since last week's ECB meeting.
  • Timing: Results are due shortly after the auction closes at 10:00GMT / 11:00CET.
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