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Free Access3/7/30-year BTPs
Italy will come to the market this morning for its first auction of 2021 (although it has already sold E10bln of the new 0.95% Mar-37 BTP via syndication. On offer will be E7.75-9.25bln of BTPs. The auction comes against the backdrop of political uncertainty.
- E2.25-2.75bln of 0% Jan-24 BTP: This will be the fourth auction of the BTP with E11.1bln of the issue outstanding before today's auction. Despite reducing auction sizes, bid-to-covers for the issue have stayed around a constant 1.4x. We expect another similar results at this auction. This is probably the final (or if not penultimate) auction of the 0% Jan-24 before the new Apr-24 BTP launches.
- E4.0-4.5bln of the new 0.25% Mar-28 BTP. The previous 7-year benchmark, the 0.95% Sep-27 BTP launched in July with orders of E6.2bln and E4.5bln was sold. Since then, with the exception of November, bids have been in the E3.9-4.5bln area. We would expect a decent launch today.
- E1.5-2.0bln 1.70% Sep-51 BTP. This will be the first auction of the issue after it was launched in October via syndication for E8.0bln. Auctions of the 2.45% Sep-50 BTP in both August and October saw bid-to-covers in the vicinity of 1.4x.
- Timing: Results will be available shortly after the auction closes at 10:00GMT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.