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ITALY WILL AUCTION E2.5-3.0BN OF THE MAY-22 SCHATZ ON WEDNESDAY

ITALY AUCTION PREVIEW

Italy will auction E2.5-3.0bn of the May-22 CTZ on Wednesday.

- BACKGROUND: At the last auction of the May-22 CTZ on 28 July, E3.25bn was sold at an average yield of -0.03% and bid-to-cover of 1.7x.

- RV/HISTORY: BTPs sold off sharply on Tuesday and the curve bear steepened in line with the broader risk-on tone in markets. Although there is heightened economic uncertainty, as well as concerns about a return to strict lockdowns in European states were Covid infections have risen sharply, broader optimism towards the global economy and the prospects of a vaccine have contributed to the sell off in European govies. The May-22 CTZ currently trades at a yield of 0.007%, up from a low of -0.083% on 19 August and 39bp outside the comparable EUR swap.

- TIMING: Results are due after the auction closes at 1000BST.,

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