- This morning, Italy will look to sell its new 23-month 1.75% May-24 BTP Short Term (ISIN: IT0005499311) for E3.5-4.0bln, maturing 30 May 2024. This will be the first BTP Short Term with a non-zero coupon. Recall that the BTP Short Term replaced the zero-coupon CTZ. As we suspected may be the case, the BTPei auction has been cancelled this month due to the BTP Italia issuance.
NET NOMINAL FLOWS: There is only a negligible redemption of E0.1bln with coupon payments of E4.0bln due (of which E3.3bln are Finnish). Together with estimated gross nominal issuance of E16.9bln, this leaves estimated net flows for the week at positive E12.8bln (down from the positive E20.3bln last week).
For a calendar of all announced EGB/EU/ESM/EFSF auctions see the MNI EZ/UK Bond Supply Calendar here.