EUROS

摘要

Following no auction supply the previous week, it was another slow week for European sovereign issuance. On Tuesday, the Netherlands' DSTA sold €1.865bn of its 0.25% January 2020s via the drip method, resulting in the usual drama-free affair. On Thursday, italy sold a total of €4.388bn across five and 10-year taps, the upper end of the expected €3.5bn-€4.5bn range. Covers were fairly average, at 1.62 on the five-year and 1.42 on the 10-year. Pricing was solid, with average yield of 0.77% on the fives, the 0.7% May 2020s, coming 5bp through the offer as the bids went in. The yield on the 10-year, the 1.5% June 2025s, was 4bp through, and both were quite impressive, even with the primary dealer concession.