ICO, L-Bank tap short-euros; Italy goes for linker
L-Bank and ICO demonstrated the wealth of demand existing in short dated euros, L-Bank printing an increased Eu1.5bn issue and ICO likely to issue Eu2bn with a book approaching that figure on Tuesday afternoon. The book for the Italian 10 year linker, meanwhile, was approaching Eu5.5bn on Tuesday as guidance was revised from 12bp to 14.5bp over the BTPei 2017 to 12.5bp-13.5bp. The deal is set to price this afternoon. Read EuroWeek on Friday for the full analysis.
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