Plenty of demand for Italy — at 18bp over
Italy’s new 15 year BTP will be priced today at BTP 2021s plus 16bp area (from guidance of 13.5bp-17.5bp), which equates to around mid-swaps plus 18bp, so again it has been an expensive exercise. At Tuesday’s close, the book was more than Eu6.5bn and the issue size has been set at Eu4bn.
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