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On Dec 27 the Dipartimento....>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: On Dec 27 the Dipartimento del Tesoro will tap the market
for E1.5bln-E2.0bln selling the 0.00% Nov-20 CTZ. 
HISTORY: For comparison, at the last auction of the 0.00% Nov-20 CTZ on Nov 27: 
E2.25bln was sold, average yield 1.00%, cover 1.56x. 
RV/BACKGROUND: BTP markets have been closed over the Christmas period. Prior to
this the 2-Yr benchmark was trading at price of $9.43 with a yield of 0.52%. 
Recent news of Italy avoiding an excessive deficit procedure order from the EU
has seen BTPs steadily gain across December, however they remain way off levels
prior to the coalition government forming in May. 
TIMING: Results will be due shortly after the auction has closed at 10000GMT.

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