ITALY AUCTION PREVIEW: On offer next week
Jul-25 15:42
MEF has announced it will be looking to sell the following at its auction next Wednesday, July 30:
- E1.5-2.0bln of the 1.35% Apr-30 BTP (ISIN: IT0005383309)
- E3.0-3.5bln of the 2.70% Oct-30 BTP (ISIN: IT0005654642)
- E1.0-1.5bln of the 3.60% Oct-35 BTP (ISIN: IT0005648149)
- E1.5-2.0bln of the 1.05% Apr-34 CCTeu (ISIN: IT0005652828)
Additionally, MEF has announced the following:
"Considering the cash management activity, the medium-long term bond auction scheduled for the 13th of August 2025 will not be held as well as the BTP€i auction scheduled for the 26th of August 2025. All the other auctions will be held regularly, included the BOT auction scheduled for the 12th of August 2025."
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US: Senate Finance Proposes $15B Rural Hospital Fund For OBBB
Jun-25 15:37
The Senate Finance Committee has circulated a memo proposing a USD$15 billion "stabilization fund" for rural hospitals. The proposal, to be included in the GOP's One Big Beautiful Bill, is designed to assuage concerns amongst some Republican Senators that cuts to Medicaid will gut rural hospitals. The initial proposal falls well short of the USD$100 billion called for by some Senators.
- Memo: "This section would make $3 billion, in each of fiscal years (FY) 2027 through FY 2031, for a total of $15 billion in funding, available to the 50 states. Under the program, a state would be required to submit an application to the CMS Administrator in order to receive federal funding..."
- Senator Josh Hawley (R-MO) said this week: “I am confident [OBBB] will not be put on the floor as it is currently. Something will change... It’s all a work in progress.” He warned: “This rural hospital stuff, this could threaten the progress of the whole bill. Let’s resolve this and move this thing along. Otherwise, we’re going to be sitting here looking at each other in August."
- Burgess Everett at Semafor notes on X: "I do not think people fully appreciate that the final negotiations on the reconciliation bill (Medicaid, SALT, etc.) could go up until right before the bill passes and be the last amendment of the votearama."
- Punchbowl reports that SALT Republicans are currently meeting with Treasury Secretary Scott Bessent to address concerns that the Senate will water down the House-passed SALT cap.
FED: US TSY 1Y-10M FRN AUCTION: HIGH MARGIN 0.157%; ALLOTMENT 65.53%
Jun-25 15:32
- US TSY 1Y-10M FRN AUCTION: HIGH MARGIN 0.157%; ALLOTMENT 65.53%
- US TSY 1Y-10M FRN AUCTION: DEALERS TAKE 53.50% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: DIRECTS TAKE 0.89% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: INDIRECTS TAKE 45.61% OF COMPETITIVES
- US TSY 1Y-10M FRN AUCTION: BID/CVR 2.79
FED: US TSY 17W BILL AUCTION: HIGH 4.195%(ALLOT 84.50%)
Jun-25 15:32
- US TSY 17W BILL AUCTION: HIGH 4.195%(ALLOT 84.50%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 20.96% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 6.63% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 72.40% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.13
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