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ITALY AUCTION PREVIEW: 3/7-year BTP auction at 10:00GMT

ITALY AUCTION PREVIEW
CEEMEAEurozoneItalyBulletMarketsFixed Income Bullets

Italy will hold a 3/7-year BTP auction this morning. On offer will be E2.75-3.25bln of the on-the-run 3-year 2.70% Oct-27 BTP (ISIN: IT0005622128), E1.00-1.25bln of the off-the-run 3.45% Jul-31 BTP (ISIN: IT0005595803) and E1.00-1.25bln of the on-the-run 7-year 3.15% Nov-31 BTP (ISIN: IT0005619546).

  • This will be the largest re-opening (assuming the top of the range is sold as standard) of the 3-year 2.70% Oct-27 BTP since its launch in November 2024. At the January re-opening, the line attracted a 1.65x bid-to-cover ratio for the E2.75bln issued. The average price of 99.670 compared to a pre-auction mid-price of 99.641.
  • The 2s3s5s fly has been relatively rangebound between -21bps and -24bps through the course of this month.
  • After being launched via syndication in October 2024, the 7-year 3.15% Nov-31 BTP was re-opened for E3bln in December and January, with an average bid-to-cover of 1.60x. Today’s smaller auction size may facilitate slightly stronger demand metrics.
  • The 3.45% Jul-31 BTP was last re-opened in October 2024.
  • Italian/German spreads are close to multi-year lows across the curve. However, these levels have not impeded solid demand at Italian debt issues this year (both conventional and via syndication).
  • As announced alongside the syndication mandate, the 15+ year BTP line was cancelled to facilitate the Oct-40 BTP syndication.
  • Timing: Results will be available shortly after the bidding window closes at 10:00GMT / 11:00CET.
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Italy will hold a 3/7-year BTP auction this morning. On offer will be E2.75-3.25bln of the on-the-run 3-year 2.70% Oct-27 BTP (ISIN: IT0005622128), E1.00-1.25bln of the off-the-run 3.45% Jul-31 BTP (ISIN: IT0005595803) and E1.00-1.25bln of the on-the-run 7-year 3.15% Nov-31 BTP (ISIN: IT0005619546).

  • This will be the largest re-opening (assuming the top of the range is sold as standard) of the 3-year 2.70% Oct-27 BTP since its launch in November 2024. At the January re-opening, the line attracted a 1.65x bid-to-cover ratio for the E2.75bln issued. The average price of 99.670 compared to a pre-auction mid-price of 99.641.
  • The 2s3s5s fly has been relatively rangebound between -21bps and -24bps through the course of this month.
  • After being launched via syndication in October 2024, the 7-year 3.15% Nov-31 BTP was re-opened for E3bln in December and January, with an average bid-to-cover of 1.60x. Today’s smaller auction size may facilitate slightly stronger demand metrics.
  • The 3.45% Jul-31 BTP was last re-opened in October 2024.
  • Italian/German spreads are close to multi-year lows across the curve. However, these levels have not impeded solid demand at Italian debt issues this year (both conventional and via syndication).
  • As announced alongside the syndication mandate, the 15+ year BTP line was cancelled to facilitate the Oct-40 BTP syndication.
  • Timing: Results will be available shortly after the bidding window closes at 10:00GMT / 11:00CET.