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Italy Q2 funding update

EUROZONE ISSUANCE

Funding target for April to December E228-248bln. E86.9bln has been sold to date with E9.8bln due this week (plus non-competitive). The funding target for the start of the year was E340-360bln. By our calculations this would be down to E324.7-346.5bln. So a smaller overall funding target.

New bonds to be issued in Q2:

  • 3-year BTP maturing 15 July 2027 (minimum outstanding E9bln, MNI expects June launch)
  • 7-year BTP maturing 15 July 2031 (minimum outstanding E10bln, MNI expects May launch)

Bonds to be reopened in Q2:

  • 3.20% Jan-26 BTP Short Term (minimum outstanding E9bln).
  • 3-year 2.95% Feb-27 BTP (minimum outstanding E9bln, already exceeded).
  • 5-year 3.35% Jul-29 BTP (minimum outstanding E10bln).
  • 7-year 3.50% Feb-31 BTP (minimum outstanding E10bln already exceeded).
  • 10-year 3.85% Jul-34 BTP (minimum outstanding E10bln).

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