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Decent 5/10-year BTP / CCTeu auction

ITALY AUCTION RESULTS
  • Relatively strong 5-year BTP auction with the average price of 98.13 higher than the prevailing market price throughout the auction period (the price was last at this level at 8:45GMT / 9:45CET). The bid-to-cover rose, but that was largely due to a smaller auction size.
  • The 10-year BTP auction was not quite as strong, but still decent. The 100.88 average auction price was above the prevailing midprice at the time of the cutoff, but in line with the market price seen 6 minutes ahead of the auction close. The bid-to-cover was almost identical to January's auction.
  • The new CCTeu saw strong demand and marked the first time a CCTeu has been launched at auction since November 2020 (the more recent launches have been via syndication). Consequently, the bids seen were the highest at any CCTeu auction since at least 2018.
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