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Free AccessThe Italian............>
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new
12-month Aug 14, 2018 BOT for E6.5bln on Monday.
- RV: The mid-yield on the current 12-month Jul 13, 2018 BOT is currently seen
at -0.347%, in the middle of its mid July to mid Aug range of between -0.358%
seen on Jul 10 and -0.34% seen on Jul 13. As for the new Aug 14, 2018 BOT the
grey market is indicating a mid-yield of around -0.331%, representing a pick up
of 1.6bps versus the old 12-month BOT.
- HISTORY: For comparison, at the last 12-month auction on Jun 12, the finance
ministry sold E6.75bln at an average yield of -0.352% and bid-to-cover of 1.65
times. Generally, a good bid-cover is 1.75, a low one is 1.6. Usually, August
auctions do better than average.
- REDEMPTION: There will be a BOT redemption on Aug 14 totalling E6.6bln,
leaving net cash flow positive to the tune of E100mln, slightly helping demand.
- TIMING: Results are due to be announced at around 0905GMT.
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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.