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ITALY AUCTION PREVIEW: Italy returns on Friday for the second time this week to
tap the 1.85% Jul-25 BTP, 0.95% Aug-30 BTP and the Dec-23 CCTeu for a combined
- BACKGROUND: Previous auction results (date, volume, average yield,
bid-to-cover): 1.85% Jul-25 BTP (21 April 2020, E10bn, 1.93%...synd), 0.95%
Aug-30 BTP (29 Apr 2020, E3.75bn, 1.78%, 1.31x), Dec-23 CCTeu (30 Jan 2020,
E2.75bn, 0.18%, 1.32x).
- RV/HISTORY: BTPs have rallied sharply over the past week and spreads over
bunds have narrowed. The joint France-German EU recovery fund initiative,
coupled with the European Commission's proposal announced this week, have
underpinned an improvement in perceived credit risk and contributed to a
narrowing of CDS spreads. There was robust demand for the BTPEI and CTZ
auctioned earlier in the week with the treasury selling at the top end of the
target range. GDP data will be published ahead of Friday's auction, but this
will be the final Q1 print and is unlikely to be market moving.
- TIMING: Results are due after the auction closes at 1000BST.