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BTP Valore: Orders Nearing E13bln Total

EUROZONE ISSUANCE

Orders for the 4-year BTP Valore haven't shown much evidence of slowing in the third day of sales. They stand at E2.111bln through midday CEST (per Borsa Italiana data), when added to the previous two days' E10.627bln in orders makes a combined E12.74bln so far.

  • That's very strong: as we have pointed out before, another comparative retail issue - the 5-year BTP Italia - saw a total of E8.6bln over 3 days, which has easily been eclipsed by the Valore.
  • Placement will continue through 9 June (could theoretically be an early end to the sale at the discretion of the MEF, but not before end of play today).

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