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The Dipartimento del Tesoro...>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: The Dipartimento del Tesoro will come to market on
Wednesday to tap the re-openings of the 2.30% Oct-21, and 2.50% Nov-25 BTPs for
a combined E3.5-4.5bln.  
- HISTORY: The results of the last auction of the above bonds are below:
2.30% Oct-21: average yield 1.07%, cover 1.49x, on 11/01/2019. 
2.50% Nov-25: average yield 2.35%, cover 1.64x, on 11/01/2019. 
- BACKGROUND: Italian BTPs have rallied this week as risk off sentiment has
helped the peripheries. 
The 2.30% Oct-21 BTP currently trades at 1.145%, down 15bps on the week. 
The 2.50% Nov-25 BTP currently trades at 2.351%, down 12bps on the week. 
- TIMING: Results will be due shortly after the auction closes at 1000GMT. 

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