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Italy Will Sell E6.5-8.0bn of BTPs on Thursday

ITALY AUCTION PREVIEW
Italy returns for a second time this week for a combined tap of E6.5-8.0bn. On offer are the 0.50% Feb-26 BTP, 0.90% Apr-31 BTP and the Apr-26 CCTeu.
  • BACKGROUND: Previous auction results (date, volume, average yield, bid-to-cover): 0.50% Feb-26 BTP (29 Oct 2020, EUR2.5bn, 0.23%, 1.46x), 0.90% Apr-31 BTP (29 Oct 2020, EUR3bn, 0.79%, 1.33x).
  • RV/HISTORY: Italian BTPs inched higher Wednesday morning with the 10-year benchmark at one point hitting a fresh record low yield of 0.5888% before reversing. There was good takeup of the BTPEi/CTZ on offer at the Wednesday auction with EUR3.25bn sold at the top end of the range and with bid-to-cover ratios north of 1.5x. There are no significant Italian/European data releases ahead of the Thursday tap.
  • TIMING: Results are due out shortly after the auction closes at 1000GMT.
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