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Free AccessOn Thursday, Italy sells......>
ITALY AUCTION PREVIEW: On Thursday, Italy sells E2.0-2.5bln of BTP 0.9% Aug-22,
E1.0-1.5bln of BTP 2.05% Aug-27, E0.5-1.0bln of BTP 2.2% Jun-27 and E1.5-2.0bln
of CCTeu Apr-25.
- BACKGROUND: The settlement date for these auctions is 2 Jan and so there is no
need to fund these securities over year end. The Italian Treasury did this exact
combination of 5Y and two 10Y BTPs alongside a CCTeu at the same point last
year.
- RV/HISTORY: Italian bonds have cheapened to Spain and Portugal in the past
weeks and this is in spite of the Catalan elections. There does appear to be a
good concession. In December 2016, this auction combination saw strongest demand
for the off-the-run 10Y, with the cover at 1.55x. None of the auctions were
particularly well or poorly bid.
- The 6 auction average bid-cover for CCT auctions is 1.60x. For the 10Y BTP
2.05% Aug-27, the equivalent number is 1.55x, with most recent yield of 1.73%,
well below the 1.92% that the issue currently provides.
- TIMING: Auction cut-off is 1000GMT, results are around 1015GMT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.