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Free AccessItaly sells E1.5-2.5bln CTZ...>
ITALY AUCTION PREVIEW: Italy sells E1.5-2.5bln CTZ 0% Oct-19 and E1.5-2.0bln of
BTPei 0.1% May-22 and BTPei 1.3% May-28 on Friday.
- BACKGROUND: The Italian election is approaching but there is no panic in the
Italian debt market yet. There are no peripheral redemptions to help.
- RV/HISTORY: CTZ and traditionally these instruments head to the domestic
investors; the different client base might produce some swings in BTP-CTZ
spreads over the election. They also tend to trade on a cheaper curve that the
BTPs: the BTP 0.05% Oct-19 to CTZ Oct-19 spread is an ample 4.5bp in yield
despite very little difference in cash flows (5bp coupon difference makes a
subtle difference at ECB operations). The Oct-19 trades with a steep 14bp spread
to the CTZ May-19, its steepest ever. The 6 auction average bid-cover ratio is
1.82x. For the linkers, the real yield of BTPei May-22 is -0.353%, still very
low on an historical basis but the breakeven of 1.02% also offers little
protection from any inflation acceleration from the current 1.3%Y/Y. 6 auction
average cover ratio for linkers has been 1.75x.
- TIMING: Auction cut-off is 1000GMT, results are around 1020GMT.
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.