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BTPs on Offer

ITALY AUCTION PREVIEW
MNI (London)

On offer today:

  • E3.25-3.75bln of the new 3.50% Jan-26 BTP
  • E2.25-2.75bln of the 2.80% Jun-29 BTP (ISIN: IT0005495731)
  • E0.75-1.00bln of the 3.25% Mar-38 BTP (ISIN: IT0005496770)
  • E0.75-1.25bln of the 5.00% Aug-39 BTP (ISIN: IT0004286966)

Market colour:

  • Today will see the launch of the new 3-year 3.50% Jan-26 BTP.
  • BTP yields have recovered an upwards trajectory since the early October dip. 7-year BTP yields are currently around 4.289%, around 23bp below the Sep 28 high. Mar-38 BTP and Aug-39 BTP yields are standing around 4.873% and 4.823%. This is around 12bp below yesterday's highs.
  • 7-year BTP spreads to the 0% Aug-29 Bund are around 218.3bp, approx. 9bp below the late July high, having edged close to this high again on Friday.
  • Mar-38 BTP and Aug-39 BTP spreads to the 1.00% May-38 Bund have been within the 220-244bp range and 212-227bp range since the beginning of September and are currently edging close to the top of this range at around 234.2bp and 229.3bp respectively.

Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.

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