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Mizuho note that "yesterday Italy announced....>

- Bonds & Currency News | Market News" >
BTPS: Mizuho note that "yesterday Italy announced the mandate for a new 10Y BTP
syndication. This was surprising certainly in terms of the maturity, and perhaps
on timing too. The Tesoro has moved the new 7Y in their quarterly plan into Q3,
and it's unusual to launch a new 10Y with the existing Aug30 still undersized.
This close to an ECB meeting one wonders if Italy is also concerned about a
spread widening on PEPP disappointment, but their funding needs are large. We'd
expect the goal would be to match the size of the 5Y which was issued in April
for EUR10bn. With a coupon of 1.6% we view a reasonable level for pricing as BTP
Aug30 +10bp."
- Bonds & Currency News | Market News" >
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MNI London Bureau | +44 0203-865-3809 |

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