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UniCredit on Italy's Q4 supply

EUROZONE ISSUANCE

Ahead of the release of Italy's Q4 issuance guidance, UniCredit notes that it expects the following in Q4.

  • Expect a "new 10Y benchmark is likely to be sold via auction at the end of November", replacing the 0.95% Dec-31 BTP as the on-the-run 10Y BTP.
  • Expect a new BTP Futura and a reopening of the 1.50% Apr-45 BTP Green (although these details will "not included in the upcoming funding guidelines")
  • "Contrary to what happened last year, Italy will cancel its mid-December auction"

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