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/BTP ITALIA: Italy was........>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: /BTP ITALIA: Italy was hoping to allot some
E7.0bln-E8.0bn worth of inflation linked paper this time around. Retail
investors have only tendered for EUR0.86bln, with the remainder now being open
to institutions today. It will be interesting to watch their take up given the
country's current fiscal situation.

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