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3/7/27/30-Year BTPs

ITALY AUCTION PREVIEW
MNI (London)
  • On offer today:
    • E1.5-2.0bln of the 1.20% Aug-25 BTP (ISIN: IT0005493298)
    • E2.0-2.5bln of the 2.80% Jun-29 BTP (ISIN: IT0005495731)
    • A combined E1.0-1.5bln of the 3.85% Sep-49 BTP (ISIN: IT0005363111) and the 2.15% Sep-52 BTP (ISIN: IT0005480980)
  • Market colour: 3-year BTP yields are up just shy of 180bp since the mid-April launch, whilst 7-year BTP yields have risen just shy of 110bp since the mid-May launch. Yields for the two BTPs currently stand around 3.047% and 3.739% at the time of writing. The long-term 27/30-year BTPs are up around 220bp and 200bp since the beginning of the year, and are currently hovering around 4.142% and 4.189% at the time of writing this morning.
  • 3-year spreads to the 0% Oct-25 Bobl have risen around 83bp from the April 11 low to the high of approx. 171bp seen yesterday, and have since narrowed to around 167bp, whilst 7-year spreads to the 0% Aug-29 Bund rose around 53bp from the May 13 low to the high of 220bp yesterday, and have since narrowed around 5bp.
  • 27/30-year spreads to the Bund have widened around 65bp since the beginning of a year, and are currently around the high of 249bp. The 30-year BTP spread to the Bund has seen similar movements and is currently around the high of 245bp seen yesterday.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.
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