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Italy 3.25 05-Mar-2030 (IT000558348=MI)

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100.140 +0.410    +0.41%
15/05 - Closed. ( Disclaimer )
Type:  Bond
Group:  Government
Market:  Italy
ISIN:  IT0005583486 
  • Volume: 12,358,000
  • Bid/Ask: 99.900 / 100.150
  • Day's Range: 99.730 - 100.140
Italy 3.25 05-Mar-2030 100.140 +0.410 +0.41%

IT000558348=MI Overview

 
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Italy 3.25 05-Mar-2030 Discussions

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Ga bM
GabM Mar 05, 2024 6:24AM ET
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Nei prossimi tempi, secondo me, la quotazione di questo BTP dovrebbe arrivare ad essere intermedia tra Btp Tf 3,50% Mz30 Eur (IT000502423) e Btp Tf 3,7% Gn30 Eur (IT0005542797). Infatti il BTP valore in questione scade a Marzo 30 e ha una cedola media a 3.62%. Siete d'accordo? E quanto tempo ci metterà a succedere? Stamattina il btp valore è a 100.1 mentre il btp tf 3,5 quota 101.0 e quello tf 3,7 quota 101,7. Io penso ci siano due motivi che giustificano la situazione attuale. Il primo riguarda il fattore "step-up" visto che per i primi tre anni le cedole sono a 3,25 e quindi sono sotto i due BTP a cedola fissa. Il secondo motivo riguarda l'eccesso di vendite dei primi giorni causato dall'immediata tentazione di vendere sopra la pari dopo aver acquistato in fase di collocamento senza commissioni. Infine, e questo non so come inciderà, immagino che per un po' di tempo sarà un titolo meno liquido dei BTP classici visto che tutto il collocamento sul primario è stato fatto verso investitori retail che sono meno sofisticati e quindi hanno acquistato con l'idea dogmatica di tenerlo fino a scadenza.
 
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