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Italy will come to market.....>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: Italy will come to market on Wednesday to raise
E5.0-6.25bln. On offer are the 0.35% Feb-25 BTP, 1.35% Apr-30 BTP and the Apr-25
CCTeu.
- BACKGROUND: Previous auction results (date, volume, average yield,
bid-to-cover): 0.35% Feb-25 BTP (27 Sep 2019, E3.75bln, 0.26%, 1.39x), 1.35%
Apr-30 BTP (27 Sep 2019, E3.0bln, 0.88%, 1.36x), Apr-25 CCTeu (30 Jul 2019,
E0.51bln, 1.11%, 2.2x). 
- RV/HISTORY: The BTP rally lost momentum in September with yields holding
around multi-year lows. Medium-term BTPs have been trading sideways with a very
marginal uptick in yields in October. There are decent sized redemptions this
week, including the Oct-19 CTZ, which will provide some support to this week's
auctions. Expectations of a further FOMC policy rate cut will also be mildly
supportive for EGBs.
- TIMING: Results are due out around 1000GMT.

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