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3/7/25-year BTPs

ITALY AUCTION PREVIEW
MNI (London)
  • On offer today:
    • E2.25-2.75bln of the 1.20% Aug-25 BTP (ISIN: IT0005493298)
    • E2.75-3.25bln of the 2.80% Jun-29 BTP (ISIN: IT0005495731)
    • E1.0-1.5bln of the 3.25% Sep-46 BTP (ISIN: IT0005083057)
  • Market colour: 3/7-year yields are currently around 2.764% and 3.522%. This is up around 105bp and 85bp since the beginning of August dip, remaining 38bp and 33bp below June 14 highs.
  • 25-year BTP yields are only around 12bp below the June 14 high, standing at 4.063% at the time of writing, which is up around 88bp from Aug 1.
  • 3-year BTP spreads to the 0% Oct-25 Bobl are around 152.6bp, 25bp narrower than the Jul 28 high. 7-year BTP spreads to the 0% Aug-29 Bund are similarly around 22bp narrower than the late July high, standing at 204.9bp at the time of writing. 25-year BTP spreads to the 2.50% Aug-46 Bund have widened to approx. 232.9bp, close to late July levels and 12bp below the June 14 peak.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.
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