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EGB FUNDING UPDATE: Italy Q4 funding plan

EGB FUNDING UPDATE
  • Italy released its Q4 funding plan yesterday. It has revised it's total gross 2024 issuance target to E350bln (towards the bottom of the previous range of E348-368bln). It estimates E65bln of issuance for Q4-24.
  • The MEF notes that the reduced issuance needs reflect better than expected cumulative YTD cash requirements.
  • The following new BTPs will be launched in Q4:
    • 3-year BTP maturing 15 October 2027 (E9bln min)
    • 7-year BTP maturing 15 November 2031 (E10bln min).
  • The following bonds will be reopened:
    • 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269); E9bln min already exceeded
    • 3-year 3.45% Jul-27 BTP (ISIN: IT0005599904); E9bln min already exceeded
    • 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055); E10bln min
    • 7-year 3.45% Jul-31 BTP (ISIN: IT0005595803); E10bln min already exceeded
    • 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970); E10bln min
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  • Italy released its Q4 funding plan yesterday. It has revised it's total gross 2024 issuance target to E350bln (towards the bottom of the previous range of E348-368bln). It estimates E65bln of issuance for Q4-24.
  • The MEF notes that the reduced issuance needs reflect better than expected cumulative YTD cash requirements.
  • The following new BTPs will be launched in Q4:
    • 3-year BTP maturing 15 October 2027 (E9bln min)
    • 7-year BTP maturing 15 November 2031 (E10bln min).
  • The following bonds will be reopened:
    • 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269); E9bln min already exceeded
    • 3-year 3.45% Jul-27 BTP (ISIN: IT0005599904); E9bln min already exceeded
    • 5-year 3.00% Oct-29 BTP (ISIN: IT0005611055); E10bln min
    • 7-year 3.45% Jul-31 BTP (ISIN: IT0005595803); E10bln min already exceeded
    • 10-year 3.85% Feb-35 BTP (ISIN: IT0005607970); E10bln min