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BTP Short Term & 10/20-Year BTPei

ITALY AUCTION PREVIEW
MNI (London)
  • On offer today:
    • E2.0-2.5bln of the 1.75% May-24 BTP Short Term (ISIN: IT0005499311)
  • A combined E0.75-1.25bln of BTPeis:
    • 0.10% May-33 BTPei (ISIN: IT0005482994
    • 2.55% Sep-41 BTPei (ISIN: IT0004545890)
  • Market colour: BTP Short Term yields decreased by around 30-40bp from the end of June into the first two weeks of July, then regaining these losses and increasing a further 30bp to the July 6 high of 2.064%. Yields are currently back down around 1.664%.
  • 10/20-year linker yields rose 193bp and 162bp to June 14 highs of 2.111% and 2.083%. Yields were back down around 68bp and 61bp off these highs at the time of writing.
  • Short Term BTP spreads to the Schatz widened around 45bp from the beginning of July and are currently around 4bp below the July 21 high at 128.0bp.
  • 0.10% May-33 BTPei breakevens to the 2.45% Sep-33 BTP have decreased just shy of 72bp from the April 29 high, whilst 2.55% Sep-41 BTPei breakevens to the 1.80% Mar-41 BTP have decreased around 61bp off these highs.
  • Note that the MEF announced yesterday that it would not hold its BTPei auction in August due to the high cash reserves it currently holds.
  • Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.
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