This morning's BTP auction went well: the Treasury sold all 3,5 billion euros of the new 3-year BTP with rates at their lowest since October 2010. The average yield fell to 2,50% from 2,64 % of the November 14 auction.
In detail, the first tranche of the new three-year benchmark, expiring on 1 December 2015, was placed with a yield of 2,50%, down by 14 cents compared to the previous month and at its lowest since October 2010. 3,494 billion euros against a demand of 4,748 billion and a ratio between supply and demand of 1,36 (the lowest since last February).
The 15-year BTP, on the other hand, offered for an amount between 500 and 750 million, was issued for 729,1 million with a yield of 4,75%. Demand amounted to 1,441 billion with a bid/cover ratio of 1,98.
