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5/10y BTPs & Oct-30 CCTeu

ITALY AUCTION PREVIEW
  • On offer today:
    • E2.0-2.5bln of the 1.10% Apr-27 BTP (ISIN: IT0005484552)
    • E3.5-4.0bln of the new 2.50% Dec-32 BTP (ISIN: IT0005494239)
    • E1.0-1.5bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250)
  • Market colour: Following an almost 50bp-dip at the end of February soon after launch, the 5-year BTP yields have steadily increased around 130bp from their trough to 1.891% at the time of writing. 5y BTP spreads to the Bobl have widened over 33bp since the March 25 lows and now sit around 125bp.
  • 10y BTP yields on the previous 0.95% Jun-32 BTP have risen from around 1.20% at the beginning of the year by around 150bp to be around 2.68% at the time of writing. Since the middle of March the moves have been fairly steady. 10-year BTP Bund spreads are currently at their widest since Jun 2020 and are above 180bp at writing. These have widened by around 15bp over the past 10 days or so and are considerably higher than the 125-140bp range seen from December until the Ukrainian invasion.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.
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  • On offer today:
    • E2.0-2.5bln of the 1.10% Apr-27 BTP (ISIN: IT0005484552)
    • E3.5-4.0bln of the new 2.50% Dec-32 BTP (ISIN: IT0005494239)
    • E1.0-1.5bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250)
  • Market colour: Following an almost 50bp-dip at the end of February soon after launch, the 5-year BTP yields have steadily increased around 130bp from their trough to 1.891% at the time of writing. 5y BTP spreads to the Bobl have widened over 33bp since the March 25 lows and now sit around 125bp.
  • 10y BTP yields on the previous 0.95% Jun-32 BTP have risen from around 1.20% at the beginning of the year by around 150bp to be around 2.68% at the time of writing. Since the middle of March the moves have been fairly steady. 10-year BTP Bund spreads are currently at their widest since Jun 2020 and are above 180bp at writing. These have widened by around 15bp over the past 10 days or so and are considerably higher than the 125-140bp range seen from December until the Ukrainian invasion.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.