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The Dipartimento del...>

ITALY T-BILL AUCTION PREVIEW
ITALY T-BILL AUCTION PREVIEW: The Dipartimento del Tesoro will come to market
for E6.0bln on Tuesday. 
On offer is the 6-month Aug 30 2019 BOT. 
- HISTORY: The result of the last auction of the above bill is listed below: 
6-month BOT: average yield -0.025%, cover 1.82x, on 31/01/19.  
- BACKGROUND: Italian paper rallied alongside other peripheries on Monday as
risk-on sentiment from the Asian session carried into Europe. The initial
trigger being Trump's decision to delay further trade tariffs on China.
Fitch's decision to hold  Italian debt rating at BBB with 'negative outlook' on
Friday night added further support to BTPs. The rating is seen to lower the risk
of a downgrade from Moodys and S&P in the coming months.      
The 6-month BOT currently trades at a yield of 0.010%, 3.1bps than Friday's
close.  
- TIMING: Results are due shortly after the auction closes at 1000GMT. 

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