GILT PAOF RESULTS: The PAOF for the 4.50% Mar-35 gilt was not taken up
* A total of GBP1.0bln had been available. * This leaves GBP17.0bln of the gilt in issue....
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BTP: No Lasting Impact From Syndication Announcement
BTP/Bunds only ~0.5bp wider on the syndication announcement before a quick reversal, given that it doesn't come as a shock to markets. As noted above, the announcement also matched our own expectations.
SPAIN T-BILL AUCTION PREVIEW: On offer tomorrow
Tesoro Publico has announced it will be looking to sell a combined E2.0-3.0bln of the following letras at its auction tomorrow, February 11:
- the 3-month May 9, 2025 letras
- the 9-month Nov 7, 2025 letras
EGB SYNDICATION: 15-year BTP mandate
"The Republic of Italy has mandated Barclays Bank Ireland PLC, Deutsche Bank A.G., Intesa Sanpaolo S.p.A., Morgan Stanley Europe SE and Nomura Financial Products Europe GmbH for a new syndicated 15-year BTP due 1st October 2040. The transaction will be launched in the near future subject to market conditions."
"Therefore, the auctions of BTPs longer than 10 years scheduled for the 13th of February 2025 will not take place."
- This was exactly in line with our expectations. We had flagged a 15-year syndication for this week and we pencil in a size of E8-10bln with the transaction tomorrow.
- We had also expected the cancellation of the 15+ year auction on Thursday.
