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Italy To Offer EUR8.5bn of BTPs/CCTeu

ITALY AUCTION PREVIEW
  • Italy comes to market on Thursday to sell E8.5bn of BTPs/CCTeu. On offer are the 0% Apr-26 BTP, 0.60% Aug-31 BTP, 0.90% Apr-31 BTP and the 0.50% Apr-26 CCTeu.
  • Previous auction results (date, volume, average yield, bid-to-cover): 0% Apr-26 BTP (30 March 2021, EUR4.00bn 0.05, 1.33x), 0.60% Aug-31 BTP (30 March 2021, EUR3.00bn, 0.72%, 1.42x), 0.90% Apr-31 BTP (28 Jan 2021, EUR3.75bn, 0.65%, 1.38x) and the 0.50% Apr-26 CCTeu (30 March 2021, EUR1.50bn, -0.08%, 1.68x).
  • Demand has been robust at recent auctions, particularly for syndications (USD bonds and long-term BTPs).
  • BTPs have broadly traded weaker since the beginning of the year and the curve has bear steepened reflecting a normalisation of the growth and inflation outlook, and latterly some spillover from the stimulus-fuelled UST sell off. Yields have inched higher this week, while the curve has been little changed.
  • TIMING: Results are due short after the auction closes at 1000GBT.
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