Morgan Stanley's Luca Salford and Maria Chiara Russo noted that 15-year Italian government bonds (BTPs) appear slightly undervalued within the yield curve. The bank's interest rate strategists believe this discount may reflect investors positioning ahead of an anticipated new 15-year BTP issuance expected this week.
February is projected to see a second wave of syndicated bond issuance from eurozone countries, following a high volume of transactions already completed in January. January typically represents the busiest month of the year for both the number of syndicated issuance deals and the total issuance volume.
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