ITALY AUCTION RESULTS: 5/10-year BTP / CCTeu Results
Oct-30 10:07
| Coupon | 2.85% | 3.45% | 1.15% | 1.05% |
| Maturity | Feb-31 | Feb-36 | Oct-31 | Apr-32 |
| Instrument | BTP | BTP | CCTeu | CCTeu |
| ISIN | IT0005671273 | IT0005676504 | IT0005554982 | IT0005594467 |
| Amount | E3bln | E4.5bln | E1bln | E1bln |
| Previous | E4bln | E2bln | E1.5bln | E1.25bln |
| Avg yield | 2.75% | 3.46% | 2.64% | 2.69% |
| Previous | 2.94% | 3.62% | 5.10% | 3.98% |
| Bid-to-cover | 1.59x | 1.47x | 2.17x | 2.15x |
| Previous | 1.52x | 1.71x | 1.76x | 1.85x |
| Avg Price | 100.58 | 100.19 | 103.32 | 102.67 |
| Pre-auction mid | 100.507 | 103.240 | 102.584 | |
| Prev avg price | 99.66 | 100.10 | 101.16 | 100.76 |
| Prev mid-price | 100.033 | 101.086 | 100.679 | |
| Previous date | 26-Sep-25 | 26-Sep-25 | 27-Mar-24 | 28-Mar-25 |
| Previous ISIN | IT0005648149 |
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BOE: Large ILTR Takeup; highest since first COVID lockdown
Sep-30 10:03
- Today's BOE ILTR operation saw the highest weekly takeup since 24 March 2020 (the day after the first COVID lockdown was announced).
- The weekly takeup was GBP5.085bln, replacing GBP1.600bln that is due to rolloff this week and brings usage of the facility up to GBP37.8bln (from last week's record high).
- We note that there was also a big increase in STR usage last week and this increases repo balances at the BOE to GBP125.0bln (this had stabilised around GBP100bln through July and most of August).
- We will be closely watching the rest of the balance sheet at the weekly updates to see if this corresponds to repayments of TFSME holdings.
EURIBOR OPTIONS: Call Spread vs Put
Sep-30 10:02
ERH6 98.0625/98.1875cs vs 97.875p, bought the cs for 1.25 in 7k total.
EURIBOR OPTIONS: Put Condor buyer
Sep-30 10:01
ERH6 98.25/98.12/98.06/97.81p condor, bought for 0.75 in 2k.
