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Italy Will Sell BTPEi/CTZ On Wednesday

ITALY AUCTION PREVIEW
Italy will re-open the 0.10% May-23 BTPEi and Sep-22 CTZ on Wednesday for a combined tap of EUR 2.25-3.25bn.
  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0.10% May-23 BTPEi (26 Jul 2019, EUR0.44bn, -0.02%, 4.39x), Sep-22 CTZ (27 Oct 2020, EUR 2.5bn, -0.27%, 1.56%).
  • RV/HISTORY: The recent individual announcements on the development of a Covid vaccine from Pfizer, Moderna and Oxford-AstraZeneca have underpinned a recovery in risk sentiment, which is balanced against the negative economic impact from fresh lockdowns in Europe. At the same time, ECB GC members have become more vocal on further monetary stimulus in recent weeks, which will be particularly supportive of periphery bonds. Italian BTPs have rallied over the last week with yields now making fresh lows. Demand has been relatively robust at recent auctions and we expect Wednesday's offering to be similarly well received.
  • TIMING: Results are due out shortly after the auction closes at 1000GMT.
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