ITALY AUCTION RESULTS: BTP Short Term
Mar-22 10:08
| 3.20% Jan-26 BTP Short Term | Previous | |
| ISIN | IT0005584302 | |
| Amount | E2.75bln | E4bln |
| Avg yield | 3.31% | 3.41% |
| Bid-to-cover | 1.46x | 1.37x |
| Avg Price | 99.85 | 99.67 |
| Pre-auction mid | 99.832 | 99.628 |
| Previous date | 23-Feb-24 | |
| Target | E2.5-2.75bln |
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GILT AUCTION RESULTS: Average auction due to concession priced in ahead of auction close
Feb-21 10:08
- That's an average auction of the short 5-year 4.50% Jun-28 gilt, despite the tight tail of 0.4bp and solid bid-to-cover of 3.34x.
- The LAP of 101.557 did exceed the pre-auction mid-price of 101.548, but only becaue of a concession priced into the market around 2 minutes ahead of the auction close.
- If there had been a decent premium for the LAP over the prevailing price through the auction window this would have been a much stronger auction.
- The 4.50% Jun-28 gilt is now trading around the LAP (after falling a little post-result publication).
- No reaction in gilt futures to the results publication.
EURIBOR: EURIBOR FIX - 21/02/24
Feb-21 10:07
EURIBOR FIX - EMMI/Bloomberg:
- EUR001W 3.8730 -0.0130
- EUR001M 3.8860 -0.0090
- EUR003M 3.9460 0.0030
- EUR006M 3.9110 -0.0170
- EUR012M 3.6950 0.0090
US TSY FLOWS: US Tnotes tests session high
Feb-21 10:05
- US Tnotes has caught up with the shorter end part of the Curve, TYH4 test session high, did trade as high as 110.05 Yesterday.
- Further out, some will look at the 110.17+ level, the 15th December high, but In terms of Yield, 4.20% is closer to ~110.19, although did trade as low as 4.1812% on the 15th December.
- Main initial support is still at 109.15, February and the 2024 low, ahead of the Psychological 4.40% level in Yield.
- For flows, spread in the 2yr (TUA), and 10yr (TYA) are leading with just under a third of the front Month volumes spread related.
