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3/7-year BTPs

ITALY AUCTION PREVIEW
  • Italy will come to the market this morning to reopen the 3-year BTP and launch a new 7-year BTP. Note that the longer-than-10-year issue will not take place today, with the MEF stating that this is due to the "high cash balance".
  • The prevailing yield on the 0% Aug-24 BTP is currently higher than has been achieved at any auction to date (-0.136%). Today's auction of E1.5-2.0bln is in line with the September auction which saw a bid-to-cover of 1.65x but smaller than the October auction where E3bln was sold with a bid-to-cover of 1.45x.
  • The new 0.45% Feb-29 BTP will be launched today with E3.25-3.75bln on offer. This will be a smaller launch than for the previous 7-year BTP (the 0.50% Jul-28 BTP which launch in May with E4.5bln sold). However it will be larger than the E2.0-2.75bln reopenings seen since, which have seen bid-to-covers range from 1.48-1.65x.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT/11:00CET.
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