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Free AccessThe Dipartimento del Tesoro...>
ITALY AUCTION PREVIEW: The Dipartimento del Tesoro will tap the market for
E6.25-7.75bln on Wednesday. On offer is the new 1.00% Jul-22 BTP, as well as
taps of the 2.50% Nov-25 BTP and 2.95% Sep-38 BTP.
- BACKGROUND: Italy will target E3.5-4.0bln for the 1.00% Jul-22 BTP,
E2.0-2.5bln for the 2.50% Nov-25 BTP and E0.75-1.25bln for the 2.95% Sep-38 BTP.
At the last auction of the 2.50% Nov-25 BTP, E2.25bln was sold at an average
yield of 2.26% and bid-to-cover of 1.38x, while E1.25bln was sold at the last
auction of the 2.95% Sep-38 BTP, with an average yield of 3.90% and bid-to-cover
of 1.41x.
- RV/HISTORY: Italian BTP yields have inched lower since the beginning of the
year, while the very long-end of the curve has steepened. The 2.50% Nov-25 BTP
currently trades at a yield of 2.064% up from a YTD low of 1.954% and 180.1bps
outside the comparable EUR swap, while the 2.95% Sep-38 BTP trades at 3.352% and
212.2bps above the comparable EUR swap.
- TIMING: Results are due around 1000GMT.
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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.