ITALY AUCTION RESULTS: Day 4 books for the Oct-32 BTP Valore Total E2.298bln
Oct-23 16:29
- Day 4 books for the Oct-32 BTP Valore (ISIN: IT0005672016) totalled E2.298bln. Total books now stand at E15.3bln.
- This will be the fifth BTP Valore issued (but the first of 2025) and have the longest maturity to date. Since launching in 2023, BTP Valore volumes have ranged from E11.2-18.3bln with maturities ranging from 4-6 years.
- The last BTP Valore issued in May 2024 (maturity May 2030) saw day 4 books total E1.6bln, and cumulative books after four days total E10.3bln. Cumulative books for the Feb 2024 Valore issue (maturity March 2030) were E16.9bln after four days.
- So far in 2025 there have been two Italian retail offerings: the 9-year BTP Piu in February for E14.9bln and the 7-year BTP Italia in May with a retail takeup of E8.8bln.
- Books for the Oct-32 Valore opened on Monday, and will close at 1300CET tomorrow (October 24). The guaranteed minimum coupon rates will be 2.60% for years 1-3, 3.10% for years 4-5 and 4.00% for years 6-7.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
ITALY AUCTION PREVIEW: On offer this week
Sep-23 16:26
MEF has announced it will be looking to sell the following at its auction this Friday, September 26:
- E3.50-4.00bln of the new 2.85% Feb-31 BTP (ISIN tba)
- E1.50-2.00bln of the 3.60% Oct-35 BTP (ISIN: IT0005648149)
- E1.00-1.25bln of the 4.00% Apr-35 BTP Green (ISIN: IT0005508590)
- E1.00-1.50bln of the 1.05% Apr-34 CCTeu (ISIN: IT0005652828)
US TSY FUTURES: BLOCK: Recent Dec'25 2Y/10Y Flattener
Sep-23 16:25
- Flattener block posted at 1146:38ET, appr DV01 $355,000.
- -8,902 TUZ5 104-08.25, post time bid vs. +5,211 TYZ5 112-25, buy through 112-24.5 post time offer
US TSYS/SUPPLY: Preview Treasury 2Y Note Auction
Sep-23 16:13
Tsy futures are trading modestly higher/off morning lows (TUZ5 steady at 104-08.38 vs. 104-07.5 low; TYZ5 currently +2.5 at 112-25 vs. 112-21.5 low) ahead of the $69B 2Y note auction (91282CPB1) at 1300ET, WI is currently running at 3.572%, 6.9bp rich to last month's stop. August recap:
- Tsy futures inched higher after the $69B 2Y note auction (91282CNV9) stopped through: 3.641% high yield vs. 3.656% WI; 2.69x bid-to-cover vs. 2.62x prior.
- Peripheral stats: Indirect take-up inched up to 57.09% from 55.33 prior, directs slipped to 33.16% vs. 34.37% prior, primary dealer take-up at 9.74% vs. 10.30% prior.
