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Free AccessThe Italian............>
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new
12-month Sep 14, 2018 BOT for E6.5bln on Tuesday.
- RV: The mid-yield on the current 12-month Aug 14, 2018 BOT is currently seen
at -0.330%, close to the top end of its mid Aug to mid Sep range of between
-0.325% seen on Sep 11 and -0.352% seen on Sep 8. As for the new Sep 14, 2018
BOT the grey market is indicating a mid-yield of around -0.309%, representing a
pick up of 2.1bps versus the old 12-month BOT.
- HISTORY: For comparison, at the last 12-month auction on Aug 10, the finance
ministry sold E6.5bln at an average yield of -0.337% and bid-to-cover of 1.63
times. Prior to this on Jul 12, E6.75bln was sold at an average yield of -0.352%
and cover of 1.65 times.
- REDEMPTION: There will be a BOT redemption on Sep 14 totalling E6.75bln,
leaving net cash flow negative to the tune of E250mln which is seen underpinning
demand.
- TIMING: Results are due to be announced at around 0905GMT.
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Why MNI
MNI is the leading provider
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.