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The Dipartimento del Tesoro...>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: The Dipartimento del Tesoro comes to market on Dec 28 for
a combined E5.5-7.25bln. On offer are the re-openings of the: 
0.00% Sep-25 CCTeu for E0.5-0.75bln, 2.45% Oct-23 BTP for E1.5-2.0bln, 2.80%
Dec-28 BTP for E1.75-2.25bln, and 2.00% Feb-28 BTP for E1.75-2.25bln.  
- HISTORY: For comparison at the last auction of each of the bonds: 
0.00% Sep-25 CCTeu on Nov 29; E0.641bln sold, 2.31% average yield, 1.96x cover. 
2.45% Oct-23 BTP on Nov 29; E2.0bln sold, 2.35% average yield, 1.34x cover. 
2.80% Dec-28 BTP on Nov 29; E2.25bln sold, 3.36% average yield, 1.41x cover. 
2.00% Feb-28 BTP on Jun 28; E2.5bln sold, 2.77% average yield, 1.26x cover.  
- RV/BACKGROUND: Italian BTPs didn't trade from Dec 24 through to Dec 26. After
opening down on Thursday BTPs gained throughout the day and look set to continue
to gain into January as they recover from the sell off over previous uncertainty
around budget repercussions. The 5-yr yield is currently trading 1.2bps down on
the day at 1.28%, with the 10-yr trading down 5.3bps on the day at 2.77% (both
as of 1450GMT 27/12). 
- TIMING: Results will be due shortly after the auction closes at 1000GMT.

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