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The Dipartimento del Tesoro...>

ITALY AUCTION PREVIEW
ITALY AUCTION PREVIEW: The Dipartimento del Tesoro will come to market on
Wednesday for a combined E5.5bln-E7.25bln. On offer are the 2.45% Oct-23 BTPs
for E3.25bln-E4.0bln, the new 3.00% Aug-29 BTPs for E1.5bln-E2.0bln, and the
0.00% Jan-25 CCTeus for E0.75bln-E1.25bln. 
- HISTORY: The results of the last auction of the above bonds are listed below:
2.45% Oct-23   BTP: average yield 1.49%, cover 1.33x, on 30/01/19.
0.00% Jan-25 CCTeu: average yield 1.65%, cover 1.29x, on 30/01/19. 
- BACKGROUND: BTPs have rallied this week following the Fitch affirmation on
Friday. The rally has gained further support from an improvement in risk
appetite, and a huge E24bln in BTP redemptions scheduled for Friday. 
The BTP 5yr benchmark currently trades at a yield of 1.644%, with the 10yr
benchmark at 2.724%.     
- TIMING: Results are due shortly after the auction closes at 1000GMT. 

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