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BTP Short Term / 10y BTPei

ITALY AUCTION PREVIEW
MNI (London)
  • On offer today: E1.5-2.0bln of the 0% Nov-23 BTP Short Term (ISIN: IT0005482309) and E1.0-1.5bln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Market colour: BTP yields had been widening until around Feb 21. A dip from 0.156% to -0.266% for short-term BTPs in the final week of Feb occurred due to the deteriorating geopolitical outlook surrounding the Ukraine crisis. Since then yields have recovered, with Short Term BTPs at around 0.152%. Similarly, linker yields had been increasing to 0.375% until mid-February, where they then dipped sharply on March 1 and then further to -0.658% on March 8 as inflation expectations increased. They are now back at -0.261%.
  • The BTP short term spread to the Schatz has narrowed since the 61.3bp high on March 7 as inflation expectations hit a high, to 36.2bp where it currently stands.
  • The BTPei breakeven (relative to the 0.95% Jun-32 BTP) has been widening since mid-February, with a March 8 225.2bp peak, which had now been surpassed at 230.1bp at time of writing.
  • Timing: Auction results will be available shortly after the auction closes at 10:00 GMT / 11:00 CET.
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