MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: EUROZONE NOV FINAL MANUF PMI 45.2 (FLASH 45.2); OCT 46.0

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

MNI: EUROZONE OCT UNEMPLOYMENT RATE 6.3%

MNI: GERMANY NOV FINAL MANUF PMI 43.0 (FLASH 43.2); OCT 43.0

MNI: FRANCE NOV FINAL MANUF PMI 43.1 (FLASH 43.2); OCT 44.5

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Syndication preview: Dual: 10-year BTP / 30-year BTPei

ITALY AUCTION PREVIEW
  • A dual-tranche syndication has been announced to launch a new 10-year BTP maturing Aug 1 2031 and a new 30-year BTPei maturing May 15, 2051.
  • This will be the second Italian syndication of 2021 following the launch of the 15-year 0.95% Mar-37 BTP whose transaction took place on 5 January.
  • The current 10-year BTP was launched via auction (rather than syndication) in September and currently has E16.1bln outstanding. Prior to this, the 1.65% Dec-30 BTP (the previous 10-year benchmark) was launched via syndication in June, raising E14.0bln with a book size of E107.9bln.
  • Given that this is a dual tranche transaction, we look for a size in the region of E10bln for the new 10-year BTP.
  • There were no BTPei syndications in 2020 (although there was a BTP Italia launched). The last BTPei syndication was back in October 2019 which saw the 10-year 0.40% May-30 BTPei launched. This saw a transaction size of E4.0bln with books of E22.1bln.
  • Given the high demand for longer-duration debt at present and the reflation trade which remains in full swing, we expect strong demand for the new 30-year BTPei. We look for a transaction size of E4-6bln.
  • Timings: As a guide we look at the latest syndicated transaction on 5 January and the dual-tranche syndication on 21 April, 2020:
    • Books open: 9:45GMT, dual: 10:00GMT
    • Spread set: 11:18GMT, dual: 11:39GMT
    • Books close: 11:45GMT, dual: 12:00GMT
    • Launched: 13:45GMT, dual: 14:04GMT
    • Priced: 15:34GMT, dual: 16:39GMT
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

To read the full story

Close

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.