ITALY AUCTION RESULTS: Day 4 BTP Piu Books Total E1.708bln
Day 4 books for the inaugural Feb-33 BTP Piu (ISIN: IT0005634792) totalled E1.708bln, bringing total books across the last four days to E13.809bln. Assuming ~90% of total books are made up in the first four days (as was the case for the four previous BTP Valore issues), this implies a total book size of around ~E15.3bln.
- Books totalled E5.604bln on day 1, E3.738bln on day 2 and E2.759bln on day 3.
- The BTP Piu will form part of the BTP Valore family and will include an option for an early redemption after 4 years as well as a step-up coupon. The minimum coupon rates are 2.80% for years 1-4 and 3.60% for years 5-8.
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US 10YR FUTURE TECHS: (H5) Gains Considered Corrective
- RES 4: 110-25 High Dec 12
- RES 3: 109-31 High Dec 18
- RES 2: 109-17+ 50-day EMA
- RES 1: 109-04/109-06 High Jan 21 / High Dec 31
- PRICE: 108-23+ @ 17:05 GMT Jan 21
- SUP 1: 108-00/107-06 Low Jan 16 / 13 and the bear trigger
- SUP 2: 107-04 Low Apr 25 ‘24 and a key support
- SUP 3: 107-00 Round number support
- SUP 4: 106-11 2.00 proj of the Oct 1 - 14 - 16 price swing
The medium-term trend condition in Treasury futures remains bearish and the recovery that started Jan 13, is considered corrective. The contract has traded through the 20-day EMA, at 108-17. This exposes 109-06, the Dec 31 high, and 109-17+, the 50-day EMA. A clear break of the 50-day average is required to strengthen a bullish theme. The bear trigger has been defined at 107-06, the Jan 13 low.
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