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5/10-year BTPs and 5-year CCTeu

ITALY AUCTION PREVIEW

Italy will return to the market today to sell E7.25-8.75bln of BTP/CCTeu.

  • 0.50% Feb-26 BTP: E3.0-3.5bln on offer. This will be the fifth auction of the 5-year BTP and there is currently E14.35bln of the issue outstanding. The bond was first sold in August and demand has remained decent with bid-to-covers ranging from 1.34-1.90x, with the highest of those at the most recent auction of the bond in November.
  • 0.90% Apr-31 BTP: E3.25-3.75bln on offer. This 10-year BTP was first issued in September and this will be its fourth auction. Demand has been a bit lower than for the 0.50% Feb-26 with bid-to-covers ranging from 1.27-1.57x. Again, like the 5-year the highest of these was the most recent.
  • 0.50% Apr-26 CCTeu: E1.0-1.5bln on offer. This will be the second auction of the CCTeu after it was launched in November for E2.5bln. The auction saw a respectable bid-to-cover of 1.58x. Demand for CCTeus have been pretty strong recently, with 3/4 of the auctions preceding the launch of this issue in November seeing bid-to-covers in excess of 2x.
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