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ITALY AUCTION PREVIEW: Italy sells the Sep-25 CCTeu for E1.5-2.0bln, 0.95%
Mar-23 BTP for E1.50-2.0bln and 2.0% Feb-28 for E2.0-2.5bln on Thursday.
- BACKGROUND: Despite the recent political turbulence, auctions have been
reasonably well covered since the general election. As it stands, Italy has met
55% of planned issuance for 2018.
- RV/HISTORY: Italian bond yields have traded in a wide range over the last
month, with daily yield changes continuing to surpass activity in the core EGB
markets. The 0.95% Mar-23 is the benchmark 5-year BTP and its yield has traded
within a 1.44-3.03% range since the end of May. Having sold off to 2.013% on
June 26, the yield has pulled back to 1.879% and trades 157.8bps outside the
comparable EUR swap. The 2.0% Feb-28 is also a benchmark for the 10-year bucket,
and has traded in a relatively tighter 2.518-3.148% range over the past month.
It currently trades at 2.805% and 183bps outside the swap.
- TIMING: Auction results are due after the auction closes at 1100GMT