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Free AccessRSEND/ The Italian............>
ITALY AUCTION PREVIEW: RSEND/ The Italian Dipartimento Del Tesoro will sell
E6.25-7.75bln on Thursday. On offer are the 0.05% Apr-21 BPT for E2.0-2.5bln,
3.45% Mar-48 BTP for E1.0-1.5bln and a new 2.50% Nov-25 BTP for E3.25-3.75bln.
- BACKGROUND: Italy has met 69% of planned issuance for 2018, slightly below the
EGB total of 75%.
- RV/HISTORY: Signs that the Italian government will rein in its budget plans
have contributed to a compression in BTP spreads since the beginning of
September. However, lingering concerns over both the stability of the coalition
and the direction of economic policy have prevented a full normalisation of
credit risk. The 0.05% Apr-21 BPT trades at 1.246%, down from 1.948% on August
31 and 125.2bps outside of the comparable EUR swap. The 3.45% Mar-48 BTP, which
is the 30-year benchmark, trades at 3.564% and near the top of the 2018 range.
- TIMING: Results are due shortly after the auction closes at 0920GMT
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.