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Free Access5/10-year BTPs / 5-year CCTeu
Italy will come to the market this morning to sell up to E8.25bln of the 5/10-year BTPs and 5-year CCTeu; launching the new 1.10% Apr-27 BTP for E3.5-4.0bln and looking to sell E2.5-3.0bln of the 0.95% Jun-32 BTP and E1.0-1.25bln of the 0.50% Apr-26 CCTeu.
- On auction will be:
- 1.10% Apr-27 BTP. ISIN: IT0005484552.
- 0.95% Jun-32 BTP. ISIN: IT0005466013.
- 0.50% Apr-26 CCTeu. ISIN: IT0005428617.
- Auction history:
- The 1.10% Apr-27 BTP being launched today will replace the 0% Aug-26 BTP (ISIN: IT0005454241) as the new benchmark 5-year BTP. The previous 5-year BTP was launched via conventional auction on July 29 last year, where E4.5bln was issued at an average yield of 0.020%, resulting in a 1.29x bid-to-cover. The BTP has been reopened five times since. The most recent reopenings were last month on January 28 and on November 30, 2021, issuing E3.0bln and E2.0bln respectively. The January auction saw an average yield of 0.500% and bid-to-cover of 1.53x, whilst the November reopening resulted in a -0.090% average yield and 1.52x bid-to-cover.
- The 0.95% Jun-32 BTP was launched for E3.75bln on October 28, 2021, where an average yield of 1.050% and bid-to-cover of 1.35x was achieved at a price of 99.07. The BTP has since been reopened twice. The most recent January 28 auction saw E3.5bln sold at an average yield of 1.390% and a bid-to-cover of 1.38x, whilst the initial November 30 reopening saw E2.25bln sold at an average yield of -0.020%% and a 1.47x bid-to-cover.
- Today’s auction will see the sixth reopening of the on-the-run 0.50% Apr-26 CCTeu, which was launched for E2.5bln in November 2020, for an average yield of -0.020% and a 1.58x bid-to-cover. The most recent two auctions were on September 29, 2021, where E1.75bln was sold at an average yield of -0.210% and bid-to-cover of 1.58x. The second most recent auction was on May 28, 2021, with a larger auction size of E2.0bln and an average yield of -0.070%. The resulting bid-to-cover was 1.51x.
- Timing: Results will be available shortly after the auction closes at 10:00GMT / 11:00CET.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.