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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. 
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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.