EUROZONE T-BILL ISSUANCE: W/C 21 November
Nov-21 16:17
Germany, France, Austria, Italy and Greece are due to sell bills next week. We expect issuance to be E20.3bln in first-round operations, up from E17.2bln this week.
- On Monday morning, Germany will look to sell E3bln of the 6-month Jun 17, 2026 Bubill.
- On Monday afternoon, France will look to issue up to a combined E7.5bln of 14/27/49-week BTFs: E3.1-3.5bln of the new 14-week Mar 4, 2026 BTF, E1.5-1.9bln of the 27-week Jun 3, 2026 BTF and E1.7-2.1bln of the 49-week Nov 4, 2026 BTF.
- On Tuesday morning, Austria will look to come to the market with E2.0bln of the new 3-month Feb 26, 2026 green ATB and E750mln of the 5-month Apr 30, 2026 ATB.
- On Wednesday morning, Italy will sell a new 6-month BOT, potentially alongside another BOT. Details will be announced this evening.
- To conclude issuance for the week on Wednesday morning, Greece will look to come to the market with E500mln of the new 26-week May 29. 2026 GTB.
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ITALY AUCTION RESULTS: Day 3 books for the Oct-32 BTP Valore Total E3.3bln
Oct-22 16:01
- Day 3 books for the Oct-32 BTP Valore (ISIN: IT0005672016) totalled E3.3bln. Total books now stand at E13.0bln.
- 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 3 books total E2.1bln, and cumulative books after three days total E8.7bln. Cumulative books for the Feb 2024 Valore issue (maturity March 2030) were E14.7bln
- 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 Italian in May with a retail takeup of E8.8bln.
- Books for the Oct-32 Valore opened on Monday, and will close at 1300CET on Friday (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.
SONIA OPTIONS: H6 Call Condor Seller
Oct-22 15:57
SFIH6 96.15/96.25/96.40/96.50 call condor, sold down to 3.25 in 18.5k
EURIBOR OPTIONS: Large Dovish Z6 Call Spread Buyer
Oct-22 15:49
ERZ6 98.875/99.00 call spread, paper pays 0.75 on 17k
