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ITALY WILL OFFER E5.25-6.25BN OF BTPs ON THURSDAY

ITALY AUCTION PREVIEW
Italy will come to market on Thursday for a tap of E5.25-6.25bn. On offer are the 0.30% Aug-23 BTP and the 0.95% Sep-27 BTP.
  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0.30% Aug-23 BTP (13 Aug 2021, E2.75bn, 0.08%, 1.63x), 0.95% Sep-27 BTP (13 Aug 2020, E2.75bn, 0.72%, 1.43x) .
  • RV/HISTORY: BTPs have lacked direction in August as the market awaits further clarification on the trajectory of the economic recovery and the likelihood of further monetary easing. Little is expected from the ECB at this week's Governing Council meeting beyond some potential verbal intervention on the currency front and minor adjustments to staff macroeconomic projections. The market has shown robust appetite for the increase in BTP issuance this year and we expect this to remain the case at the Thursday auction.
  • TIMING: Results are due out shortly after the auction closes at 1000BST.
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