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Broadly in line with expectations

ITALY AUCTION RESULTS
  • BTP auction broadly in line with expectations. The bid-to-cover fell on the 3-year BTP, but that was more than explained by the auction size increasing from E2.0bln in December to E3.5bln today.
  • Both 3/7-year issues coming in slightly above the pre-auction mid price.
  • 7-year auction very marginally better than December's.

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