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Issuance for 2019 has been announced at.......>

ITALY
ITALY: Issuance for 2019 has been announced at around EUR251bn (ex BOTs) with
EUR201bn covering redemptions (which are EUR17bn more than 2018) plus around
EUR50bn to cover current expenditure (this EUR50bn is still to be confirmed).
- 3-5y nom BTP: Overall issuance roughly same as in 2018. Positive net issuance
of 3y and negative net issuance of 5y.
- 7-10y nom BTP: 7y higher gross but lower net issuance than 2018. 10y
marginally negative net issuance.
- 15+y nom BTP: Gross issuance similar to 2018, net positive issuance.
- BTPei: Flat net issuance, gross issuance around EUR19bn.
- CTZ: EUR23bn maturing in 2019. Given the strong demand for CTZs through the
last few months of 2018 it is noted that net issuance of CTZ could be net
positive in 2019.
- CCTeu: Only one bond to mature in 2019 with value of EUR12.5bn (roughly half
the amount that matured in 2018). To keep liquidity in the market, there is also
expected to be net positive issuance of CCTeu.
- BTP Italia: No redemptions, positive net issuance.

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