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Previewing today's BTP auction Analysts at.....>

BTPS
BTPS: Previewing today's BTP auction Analysts at Barclays write "Trading in the
grey market sees BTP Mar 23 coming to the market just under 11bp cheap in ASW
terms vs the last 5y benchmark bond, which is on the cheap side compared with
recent rolls. In outright terms, 5y Italian yields have sold off nearly 38bp
since hitting lows in early December."
- Against Spain, they note that the 5Y sector is just a few bp away from its
recent levels that were hit at end-Jan.

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