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: 5/10-year BTP and CCTeu auction

ITALY AUCTION PREVIEW
CEEMEAEurozoneItalyBulletMarketsFixed Income Bullets

Italy will hold a 5/10-year BTP and CCTeu auction this morning. On offer will be E3.25-3.75bln of the new 5-year 2.95% Jul-30 BTP (ISIN: IT0005637399), E2.5-3.0bln of the 10-year 3.65% Aug-35 BTP (ISIN: IT0005631590) and E2.50-2.75bln of the Apr-33 CCTeu (ISIN: IT0005620460).

  • The launch of the new 5-year BTP and the 10-year on offer were both in-line with our expectations.
  • The new 5-year 2.95% Jul-30 BTP will replace the previous on-the-run 3.00% Oct-29 BTP. The previous on-the-run issue attracted an average bid-to-cover ratio of 1.70x for amounts issued of between E2.0-4.5bln.
  • The 3.65% Aug-35 BTP was launched via syndication in early January. This line attracted a record book size of E145bln for the E13bln issued.
  • In addition to supply-related pressure, soft European equity performance has driven some widening in the 10-year BTP/Bund spread, now up 1bp today at 112bps.
  • The 1.10% Apr-33 CCTeu was last re-opened in January, where it attracted a 1.58x bid-to-cover ratio for the E2.75bln issued.
  • Digestion of the supply may be facilitated by backflows: Commerzbank note that “€45bn redemption and coupon payments from Italy and France can be reinvested from today alongside a significant and broad-based duration increase for €-sovereigns in the upcoming index roll”.
  • Timing: Results will be available shortly after the bidding window closes at 10:00GMT / 11:00CET. 
209 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 5/10-year BTP and CCTeu auction this morning. On offer will be E3.25-3.75bln of the new 5-year 2.95% Jul-30 BTP (ISIN: IT0005637399), E2.5-3.0bln of the 10-year 3.65% Aug-35 BTP (ISIN: IT0005631590) and E2.50-2.75bln of the Apr-33 CCTeu (ISIN: IT0005620460).

  • The launch of the new 5-year BTP and the 10-year on offer were both in-line with our expectations.
  • The new 5-year 2.95% Jul-30 BTP will replace the previous on-the-run 3.00% Oct-29 BTP. The previous on-the-run issue attracted an average bid-to-cover ratio of 1.70x for amounts issued of between E2.0-4.5bln.
  • The 3.65% Aug-35 BTP was launched via syndication in early January. This line attracted a record book size of E145bln for the E13bln issued.
  • In addition to supply-related pressure, soft European equity performance has driven some widening in the 10-year BTP/Bund spread, now up 1bp today at 112bps.
  • The 1.10% Apr-33 CCTeu was last re-opened in January, where it attracted a 1.58x bid-to-cover ratio for the E2.75bln issued.
  • Digestion of the supply may be facilitated by backflows: Commerzbank note that “€45bn redemption and coupon payments from Italy and France can be reinvested from today alongside a significant and broad-based duration increase for €-sovereigns in the upcoming index roll”.
  • Timing: Results will be available shortly after the bidding window closes at 10:00GMT / 11:00CET.