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

ITALY AUCTION PREVIEW
  • 0.50% Jul-28 BTP: The new 7-year BTP will replace the 0.25% Mar-28 BTP as the on-the-run issue. Up to E4.5bln will be available in line with the launch auction of the 0.25% Mar-28 BTP in January which saw a bid-to-cover of 1.43x. The subsequent reopenings via auction in Feb/March saw bid-to-covers of 1.47x and 1.53x respectively. The 0.25% Mar-28 BTP was also reopened via syndication in a dual-tranche transaction last month. E7.0bln was sold with books of E66.0bln, showing very strong demand for the 7-year issue. We expect a strong launch auction today.
  • 1.70% Sep-51 BTP: The 30-year BTP was launched in October via a syndicated exchange with E8.0bln sold from books of E89.4bln. It was then reopened in January with E2.0bln sold with a bid-to-cover of 1.37x. In line with other 30-year EGBs, yields have picked up substantially through April and May and now yield over 2%. Today's auction is likely to see a yield over 2% for a 30-year BTP for the first time since April 2020. Up to E1.75bln will be available today.
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