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Italy Offers E6.75-8.25bn of BTP/CCTeu On Tuesday

ITALY AUCTION PREVIEW

Italy comes to market on Tuesday for a tap of E6.75-8.25bn. On offer are the 0.50% Feb-26 BTP, 0.90% Apr-31 BTP and the Feb-24 CCTeu.

  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0.50% Feb-26 BTP (28 Aug 2020, E4.5bn, 0.58%, 1.34x), 0.90% Apr-31 BTP (New Issue), Feb-24 CCTeu (30 Mar 2017, E2.5bn, 0.70%, 1.33x).
  • RV/HISTORY: BTPs have rallied since the beginning of September and the curve has bull flattened, extending the broader trend in place since April. Fresh concerns about the coronavirus trajectory in Europe and tentative signs of economic momentum slowing across the region raise the prospect of further policy accommodation from the ECB, which will continue to support BTPs. Ahead of the Tuesday BTP/CCTeu auction, Germany CPI data for September will be published, which could be a catalyst for price action if inflation were to significantly miss or exceed expectations.
  • TIMING: Results are due after the auction closes at 1000BST.
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