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CTZ/BTPei

ITALY AUCTION PREVIEW

Italy will come to the market today offering both CTZs and BTPei.

  • E2.5-3.0bln of the Sep-22 CTZ. This will be the fourth auction of the CTZ and will bring the outstanding amount to around E11bln, well in excess of the E9bln minimum issuance size announced at launch. With the MEF seemingly keen to launch the new BTP Short Term, we expect that today's auction could be the penultimate offering of the Sep-22 CTZ.
  • E0.75-1.00bln of the 0.65% May-26 BTPEi: This will be the third auction of the 5-year BTPEi following two successful auctions which saw bid-to-covers of 1.56x and 1.55x respectively. Real 5-year yields have fallen substantially since the bond launched in June 2020. Indeed, we are at the time of writing putting a negative sign in front of the launch yield of 0.56%.
  • Timing: Results will be available shortly after the auction closes at 10:00GMT.
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