Home » The Treasury launches the third BTp in dollars: the three-year deadline is ticked

The Treasury launches the third BTp in dollars: the three-year deadline is ticked

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After the success of the BTp Futura, Il Tesoro starts the third issue in dollars. The placement, which will arrive shortly, introduces the unprecedented maturity of three years, and returns to the longer one of 30 which meets a peak of interest among international investors. The announcement came in the morning, and indicates Citigroup, Deutsche Bank and Morgan Stanley as the lead manager of the operation. Placement usually takes place immediately after the announcement.

This year’s increase in borrowing also fueled by the latest deviation from 40 billion pushes the Ministry of Economy to use all the levers in a placement toolbox that has expanded considerably in recent months. The dollar issue is the third in a series launched after the complex closure of the regulatory framework with the American authorities, and is aimed at the entire global market. The latest issue, in mid-November, involved a 5-year bond that raised $ 3 billion with a gross dollar yield of 1.322%.

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The news came in a difficult day for the Italian paper. The spread between BTPs and German Bunds rose sharply to 106.8 basis points, just below the 107 point threshold at the end of the morning, returning to the levels of last March 5th. The ten-year yield rose sharply to 0.81%, up by 3.5 points compared to last Friday and more than double compared to similar stocks from other EU countries. Thirty-year BTPs are also growing strongly, rising 4.2 basis points to 1.84%, the highest since September 2020.

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