September 26, 2024 13:17 GMT
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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