June 24, 2022 07:02 GMT
ITALY AUCTION PREVIEW
- On offer today: E3.5-4.0bln of the new 1.75% May-24 BTP Short Term (ISIN: IT0005499311)
- This morning, Italy will look to sell its new 23-month 1.75% May-24 BTP Short Term. This will be the first BTP Short Term with a non-zero coupon. Recall that the BTP Short Term replaced the zero-coupon CTZ. As we suspected may be the case, the BTPei auction has been cancelled this month due to the BTP Italia issuance.
- Recent BTP Short-Term bid-to-covers have been strong, but on falling auction sizes, with the May 26 auction of the most recent 0% Nov-23 BTP Short Term seeing a 1.89x bid-to-cover, compared to 1.41x at the late-January launch.
- Timing: Results will be available shortly after the auction closes at 1000 BST / 1100 CEST.
Similar past auctions:
The last BTP Short Term to be auctioned was the 0% Nov-23 BTP Short Term (ISIN: IT0005482309)
|Last 5 ave||E2.75bln||0.280%||1.64x|
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