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Decent auction

ITALY AUCTION RESULTS
  • BTP futures have continued to move lower following the BTP-ST / BTPei auction despite some decent results.
  • The results of the 0.10% May-33 BTPei auction were very much in line with those seen in the January auction while there was strong demand for the new 3.40% Mar-25 BTP Short-Term. The latter had moved higher 5-10 minutes ahead of the bidding deadline but outside of that 5 minute period, the price achieved exceeded any price seen in the grey market in the 90 minutes ahead of the auction deadline.

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