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Italy is due to begin the.....>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: Italy is due to begin the first phase of book building on
Monday for the new 4-year BTP Italia bond. The placement period is from Nov 19
to Nov 22. The bond guarantees a minimum real coupon rate of 1.45% for this
fourteenth BTP Italia sale since it was first introduced in 2014.
- BTP Italia is a government bond indexed to domestic inflation with semi-annual
coupons.
- The first 3-days (first phase) have been set aside for individual investors
only.
- May be reduced to two in the case of early closing.
- The morning of Nov 22 (second phase) is reserved for institutional investors
only.
- "In case total orders coming from institutional investors are greater than the
final supply decided by the Ministry of Economy and Finance (MEF), an allotment
procedure will be activated. On the contrary, for individual investors and other
persons similarly classified there will not be any rationing, as incoming orders
will be fulfilled completely, as in all the previous issuances," said the MEF.

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