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On Friday, the Italian........>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: On Friday, the Italian Treasury will undertake an
exchange (concambio) in which they will sell the old 5.75% 01 Feb 2033 and
buyback:
- BTP 4.5% 01 Aug 2018
- BTP 3.5% 01 Dec 2018
- BTP 4.25% 01 Feb 2019
- BTP 2.5% 01 May 2019
- BTPei 2.35% 15 Sep 2019.
- The exchange transaction will take place from 0900GMT and finish no later than
1000GMT.
- This is designed to smooth out the redemption profile. 
- Recent exchange auction results:
* 7 July 2017. E1.8bln into BTP 5.75% 2033
* 17 Mar 2017. E1.4bln into BTP 5.0% 2034
* 4 Nov 2016. E1.5bln into BTP 5.75% 2033
* 7 Sep 2016. E2.0bln into BTP 4.75% 2028 

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