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BTP Short Term / BTPei (1/2)

ITALY AUCTION PREVIEW
MNI (London)
  • Italy will come to the market today to sell E1.75-2.25bln of the on-the-run BTP Short Term and E0.75-1.00bln of the 10-year BTPei linker.
  • On offer will be:
    • 0% Jan-24 BTP Short Term. ISIN: IT0005454050
    • 0.40% May-30 BTPei. ISIN: IT0005387052
  • 0% Jan-24 BTP Short Term: This will be the fifth auction of the 0% Jan-24 BTP Short Term this year, which was launched on July 27. That auction saw E3.75bln nominal sold at a yield of -0.290% and a bid-to-cover of 1.37x. Since then, the following issuances have been becoming smaller in size. The most recent auction on October 26 sold E2.25bln at a yield of -0.230% resulting in a bid-to-cover of 1.65x.
  • The BTP Short Term has been trading in a -0.35% to -0.20% range for the past three weeks or so, after yields briefly moved above 0% at the beginning of November.

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