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Italy will sell BTPEi/CTZ on Thursday

ITALY AUCTION PREVIEW

Italy will come to market on Thursday to sell E3.25-3.75bn of the Sep-22 CTZ and E0.50-0.75bn of the 0.40% May-30 BTPEi.

  • BACKGROUND: At the last auction of the 0.40% May-30 BTPEi on 28 July, E1.00bn was sold at an average yield of 0.46% and bid-to-cover of 1.48x. The Sep-22 CTZ is a new issue.
  • RV/HISTORY: BTPs have rallied since the beginning of September, particularly at the longer end of the curve. Spreads over bunds have also narrowed with the 10-year BTP-Bund spread trading down to 136bp from 146bp at the beginning of the month. The 0.40% May-30 BTPEi has similarly firmed in recent weeks and currently trades at a yield of 0.337%, down from a September high of 0.571%. Although there are no Italy-specific data points ahead of the Thusday auction, the German IFO release for September could be market moving particularly following the disappointing preliminary September services PMI data for Germany, France and the Eurozone.
  • TIMING: Results are due shortly after the auction closes at 1000BST.
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