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BTP Short Term / BTPei (2/2)

ITALY AUCTION PREVIEW
MNI (London)
  • 0.40% May-30 BTPei: This linker was launched via syndication in October 2019, with E4.0bln being issued at a yield of 0.436% with a book size of E22.1bln. This will be the ninth re-opening, with the previous eight all issuing E0.75-1.25bln. The linker was last reopened at auction on September 24 selling E1bln at a yield of -0.850% and a bid-to-cover of 1.41x.
  • The 0.40% May-30 BTPei has seen some big swings in real yields with the real yield increasing more than 40bp on the day of the October ECB meeting before reversing this move and seeing real yields fall back below -1.00% less than a week later. Real yields have picked up again to close to the post-ECB levels of -0.59% at the time of writing. Looking at breakevens vs the 1.35% Apr-30 BTP, moves have been a little less intense, now standing at 141bps at writing (down from 168bp just over a week ago and close to 180bp ahead of the ECB meeting). This is back to the prevailing level seen through most of September.
  • Timing: Results are due shortly after the auction closes at 10:00GMT / 11:00CET.
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