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BTP Short Term & 10y Linker

ITALY AUCTION PREVIEW
MNI (London)
  • On offer today:
    • E1.75-2.25bln of the 0% Nov-23 BTP Short Term (ISIN: IT0005482309)
    • E0.75-1.25bln of the 0.10% May-33 BTPei (ISIN: IT0005482994)
  • Market colour: BTP Short Term yields fell around 35bp at the onset of the Ukraine war in late February. They rose 135bp off these lows to a high of 1.054% on May 9. Yields have since softened to 0.771% at the time of writing.
  • Linker yields fell over 120bp from mid-February to March 7. They have since increased over 170bp off the March 7 low to the high of 0.919% seen yesterday. At the time of writing, yields had fallen back around 8bp.
  • BTP Short Term spreads to the 0% Dec-23 Schatz narrowed to a low of 40bp on April 21, then widened around 47bp to the high on May 9 of around 87bp. At the time of writing, spreads were back around 76.6bp.
  • BTPei breakevens to the 0.95% Jun-32 BTP increased over 110bp from the launch to the April 29 high around 265bp. Over May breakevens have fallen over 60bp to back around 203.2bp at the time of writing.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.
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