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BTP: Little Reaction In Long-End To Syndication Announcement

BTP

Little reaction in 30-year BTP benchmark yields following the syndication announcement, with the 10s30s curve just above 61bps at typing. 

  • BTP futures were also little changed, currently -50 at 119.44. First support is seen at 119.13 (20-day EMA), though the medium-term trend condition remains bullish, supported by moving average studies.
  • As noted above, we had highlighted the possibility of an Italian syndication, possibly as soon as this week in our regular EGB Issuance, Redemption and Cash Flow Matrix publication.
  • Note: The 10s30s curve gapped lower last week (from ~65bps to ~60bps) following the Bloomberg 10-year benchmark roll.

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