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Specialist tap: Off-the-run 8-year BTPs


Italy will come to the market this morning to sell up to E1.5bln via a Specialist tap of two off-the-run BTPs maturing in 2029.

  • This will be the first 8-year BTP issuance since a tap in June 2020 which saw E645mln of the 2.80% Dec-28 BTP sold.
  • Last issuance:
    • 3.00% Aug-29 BTP: This was originally a 10-year BTP launched in February 2019 and (other than an increase in size for repo operations) has not been reopened since the last on-the-run auction in July 2019.
    • 5.25% Nov-29 BTP: This was originally a 30-year BTP launched in November 1998 and has only been reopened once in the past decade. This was via a syndicated exchange in October 2018 with E700.5mln sold in exchange for a BTP Italia that was maturing in April 2020.
  • Timing: Results will be available shortly after the tap operation concludes. The operation is open for bids at 9:00BST and will close no later than 10:00BST.

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