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UniCredit on today's Mar-41 BTP syndication

BTPS
  • UniCredit expect today's Mar-41 BTP syndication to have a size of EUR6-8bln and note that fair value is in the 1.79-1.80% area but note that "the new bond might be issued with a premium on this level."
  • UniCredit also notes that "Over the last week or so, the 20Y area has cheapened in barbell vs. the 15Y and the 30Y segment (BTP 3.1% Mar40 vs. BTP 1.45% Mar36 and BTP 2.45% Sep50), and, even more pronouncedly, vs. 10Y and 30Y maturities (BTP 3.1% Mar40 vs. BTP 1.65% Dec30 and BTP 2.45% Sep50). The barbell BTP Mar40 vs. Dec30 and Sep50 trades at 39/40bp, near its highs since the beginning of June. The movement has been a consequence of both a steepening of the 10/20Y and a flattening of the 20/30Y segment. The new 20Y benchmark, which would offer a premium on Mar40, would be a good opportunity to switch from the wings to the 20Y tenor."
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