ITALY AUCTION RESULTS: 5/10-year BTPs and CCTeu

Click here to access the indicative 2026 sovereign rating review schedules across the five most prominent rating agencies (Fitch, Moody's, S&P, Morningstar DBRS & Scope Ratings).

• Note that the schedules are indicative only and ratings can be reviewed on an ad-hoc basis.
• Rating agencies may also adjust their schedules during the year.

Norges Bank Jan FX transactions: "In January 2026, the daily net sales of foreign exchange for these purposes will amount to NOK 776 million. The net amount arises from Norges Bank needing to sell foreign currency equivalent to 650 million NOK per day on behalf of the government while simultaneously needing to sell foreign currency equivalent to 126 million NOK per day to fund the transfer of dividends to the government."

• We'd seen a few analyst estimates looking for net FX sales (i.e. NOK buying) of NOK900-950mln in January, so this is a bit less than expected. However, this may be compensated with larger net NOK purchases in subsequent months. One factor contributing to this is the end of Norges Bank's "extraordinary transfer" to the Government, worth NOK82.1bln. This transfer implied NOK selling and foreign currency buying.
• Despite the smaller than expected figure, the confirmation of Norges Bank becoming a net NOK buyer looks to have generated some light krone strength in EURNOK and NOKSEK. Yesterday's ranges in both crosses remain intact for now though.

A reminder that UK STIR & gilt futures and options listed on ICE Europe will close at 12:15 on Wednesday 31 December 2025 and will remain closed on Thursday 1 January 2026.