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New 7y, tap 3y/30y (1/2)

ITALY AUCTION PREVIEW

Italy will come to the market this morning to launch its new 7-year BTP as well as reopening the current on-the-run 3-year and 30-year BTPs. Up to E9.25bln will be available.

  • 0% Apr-24 BTP: Up to E3.0bln of the 3-year benchmark will be available this morning. The issue was launched in March with E5.0bln sold in the first round before being reopened in April with E4.0bln sold, so today's auction is the smallest of the issue so far (although in line with 3-year auction sizes of the past few months). Both auctions saw similar bid-to-covers of 1.40x and 1.38x respectively and both saw decent take up in the second rounds.

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