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Free AccessItaly finance ministry........>
ITALY AUCTION PREVIEW: Italy finance ministry sells E1.5-2.0bln tap of a CTZ 0%
Mar-20 alongside E1.25-E1.75bln of BTPei 1.30% May-28 and 1.25% Sep-32 BTPei.
- BACKGROUND. BTPs in general have performed well compared to German Bunds last
week and there appears a positive feeling for BTPs despite the continued impasse
of forming a new government which should help this relatively small auction
today.
- RV. CTZ usually trade on a cheaper curve than BTPs and this is no exception.
The BTP 4.25% Mar-20 to CTZ Mar-20 spread is an ample 6.3bp however there is a
large difference in cash flows. The Mar-20 trades with a steep 8.2bp spread to
the CTZ Oct-19, close to its high seen since it launch on Mar 26. The 6 auction
average bid-cover ratio is 1.79x. For the linkers, the real yield of BTPei
May-28 is 0.494%, still very low on an historical basis but the breakeven of
1.345% also offers little protection. While the 1.25% Sep-32 BTPei trades at
real yield of 0.774% and a breakeven of 1.36%. 6 auction average cover ratio for
linkers has been 1.75x.
- RESULTS. Auction cut-off is at 1000BST with results around 20 minutes later
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.