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BTP Valore day 1 books E3.7bln; lowest day 1 sales

EUROZONE ISSUANCE
  • At the end of the first day, books on the retail-only BTP Valore transaction with a 6-year maturity (ISIN: IT0005594491) were E3.701bln, the slowest start to a BTP Valore launch by some margin. If the same proportion of sales are made in day 1 relative to previous issues, E10.0-14.5bln would be raised through the week.
  • This is less than 60% of the volume seem in the last transaction in February / March which saw following the E18.3bln raised for another 6-year issue. It is also lower over E1bln lower than the E5.43bln seen on day 1 in June 2023 (E18.2bln eventually raised for 4-year) and E4.54bln seen in October 2023 (E17.2bln evenually raised for a 5-year issue).
  • Italy's previous 6-year Mar-30 BTP Valore issue saw E6.44bln sold on day 1, E4.611bln sold on day 2, E3.603bln on day 3 and E2.29bln sold on day 4 and E1.37bln on day 5.
  • The MEF has set the minimum coupons at 3.35% for years 1-3 and 3.90% for years 4-6 (as in March, it is a 3+3 step up coupon). In addition, there is an extra bonus of 0.8% for investors who hold from the issue date until maturity. Books will close at 13:00CET on Friday (although as always, the MEF reserves the right to close books early).
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