Asta italiana ottima, l’emissione (3bn) è stata piazzata ben al di sopra dei livelli del secondario, circa 20cents al di sopra del mid, a uno yield di 6.47% (era stato 6.29% a Novembre). Buono il bid to cover di 1.41.
Questo il commento dello strategist:
the yield compares to 6.60% just ahead of the auction (in the secondary market) and 6.89% at the close yesterday.
In liquidity terms, the ability to place the entire max amount is rather encouraging.
The amount bid was in line with the offered amount (bid size is 99% correlated to offer, in 5Y BTP auctions in 2011) resulting in a bid cover (relative to the maximum target of € 3 bn) of 1.42 (2011 average: 1.42, average Sep-Nov: 1.35). So the overall result can be considered in line with current, difficult market conditions but certainly no worse than that..
Looking ahead, we would expect the spread over the Jan-2016 Spanish Bono on sale tomorrow (roughly 216 bp now) to tighten further.
*ITALY 2016 BONDS BID TO COVER 1.42 TIMES VS 1.47 ON NOV. 14 *ITALY SELLS EUR3 BLN 4.75% 2016 BONDS; YLD 6.47% *ITALY SELLS 2016 BONDS AVERAGE YIELD 6.47% VS 6.29% ON NOV. 14
