MNI BRIEF: German Economy "Treading Water", Prices Stable -Ifo

MNI BRIEF: China To Release Childcare Subsidies, Boost Income

MNI: ITALY FEB HICP 0.1% M/M, 1.7% Y/Y

MNI BRIEF: PBOC Mulls New Tools Targeting Consumption

MNI BRIEF: China House Prices Up In February

MNI BRIEF: China Data Shows Good Foundation Despite Issues

MNI:US FEB RETAIL SALES +0.2%; EX-MOTOR VEH +0.3%

US FEB RETAIL SALES $722.7B VS JAN $721.3B

MNI: FOREIGN HOLDINGS OF CANADA SECURITIES +7.9B CAD IN JAN

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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.
218 words

To read the full story

Close

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.

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.