ITALY AUCTION PREVIEW: On offer next week
Apr-18 15:45
The MEF will look to sell the following at its auction on Tuesday 23 April:
- E2.0-2.5bln of the on-the-run 3.20% Jan-26 BTP Short Term (ISIN: IT0005584302)
- E1.0-1.25bln of the on-the-run 5-year 1.50% May-29 BTPei (ISIN: IT0005543803)
- E1.0-1.25bln of the on-the-run 12-year 1.80% May-36 BTPei (ISIN: IT0005588881)
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Historical bullets
US TSYS/SUPPLY: 20Y Preview – A Test For Duration After Mixed Recent Results
Mar-19 15:40
- $13bn of 20-year supply in the re-opening at 1300ET, an interesting test ahead of of tomorrow’s FOMC and also for foreign demand after last night's BoJ decision.
- 20Y yields are trading more than 25bps above Mar 7 lows and have faded the rally seen at shorter tenors after fresh YTD highs for 2s and 5s and coming close in 10s yesterday.
- However, 20Y yields are only back to a similar level to where they were ahead of the Feb 21 auction and its particularly large 3.3bp tail.
- Last week’s large 2.2bp stop through for the 30Y suggests recent demand for the longer-end, but the 10s/20s/30s cash butterfly has only recently lifted off richest levels for the year-to-date (2bps higher at 36.3bps vs 41bps prior to the Feb 20Y auction).
Recent stats:
- Last stopped through in Nov auction. 3.3bp tail in Feb, five-auction average tail of 0.7bp.
- Bid-to-cover slumped to 2.39x in Feb, five-auction average is 2.53x.
- Primary dealer take jumped to 21.2% in Feb, five-auction average is 14.6%.
- Indirect take fell to 59.1% in Feb, five-auction average is 66.9%.
- Directs fell to 19.7% in Feb and five-auction average of 18.5%.
EUROZONE ISSUANCE: Syndication: New Feb-50 Green EU-bond: Priced
Mar-19 15:36
- Reoffer: 98.481% to yield 3.339%
- Spread set earlier at MS+80bps (Guidance was MS+82bps area)
- Size set at E7bln (from indicative E6bln earlier; MNI had expected E5-7bln)
- Final books in excess of E86.5bln (inc E1.75bln JLM interest)
- HR: 128% versus 0% Aug-50 Bund +78.5bps (Ref: 51.38% / 2.554%)
- Settlement: 26 March 2024 (T+5)
- Maturity: 4 February 2050
- Coupon:3.25% Fixed, Ann, ACT/ACT ICMA, short first coupon
- ISIN: EU000A3K4EU0
- JLMs: BARC / JPM (B&D/DM) / MS / SG / UniCredit
- Timing: TOE 14:10 GMT / 15:10 CET. FTT immediately
From market source
US TSYS: US TSY 42D AUCTION: HIGH RATE 5.280%; 61.50% AT HIGH
Mar-19 15:32
- US TSY 42D AUCTION: HIGH RATE 5.280%; 61.50% AT HIGH
- US TSY 42D BILL AUCTION: DEALERS TAKE 43.06% OF COMPETITIVES
- US TSY 42D BILL AUCTION: DIRECTS TAKE 5.69% OF COMPETITIVES
- US TSY 42D BILL AUCTION: INDIRECTS TAKE 51.25% OF COMPETITIVES
- US TSY 42D AUCTION: BID/COVER 2.90
