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Free AccessItaly sells E2.0-2.5bln CTZ...>
ITALY AUCTION PREVIEW: Italy sells E2.0-2.5bln CTZ 0% Oct-19 today.
- BACKGROUND: This is not a reduced size CTZ offering to account for the thinner
conditions.
- RV/HISTORY: CTZ and traditionally these instruments head to the domestic
investors. They also tend to trade on a cheaper curve that the BTPs. The Oct-19
trades with a 6bp asset swap spread to the BTP 0.05% Oct-19, which is almost a
zero coupon bond but those 5bp of coupon do make it slightly more useful as
collateral at the ECB. There is a very generous 7bp roll to the previous CTZ
May-19. Against the German Schatz Sep-19, the spread is 53bp and on the wide
side of the recent range.
- 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.