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5/10-year BTPs & CCTeu

ITALY AUCTION PREVIEW
MNI (London)
  • On offer today:
    • E2.25-2.75bln of the 2.65% Dec-27 BTP (ISIN: IT0005500068)
    • E2.0-2.5bln of the 2.50% Dec-32 BTP (ISIN: IT0005494239)
    • E0.75-1.00bln of the 0.65% Apr-29 CCTeu (ISIN: IT0005451361)
  • Market colour: 5/10-year BTP yields are currently 20-33bp lower than yesterday's highs, standing at 4.116% and 4.714% at the time of writing. For both 5/10-year BTPs, yields remain around 173-176bp higher than the dip at the beginning of August.
  • 0.65% Apr-29 CCTeu yields are currently around 121.528%.
  • 5-year BTP spreads to the 1.30% Oct-27 Bobl have widened just shy of 29bp over the last week to around 199.6bp. 10-year BTP spreads to the 1.70% Aug-32 Bund are currently around 4bp narrower than the Tuesday high, having widened 28bp over the last week. 10-year BTP spreads were at 247.6bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.

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