The Italian............>

ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new

12-month Nov 14, 2018 BOT for E5.5bln on Friday. 

- RV: The mid-yield on the current 12-month Oct 12, 2018 BOT is currently seen

at -0.386%, at the bottom of its mid Oct to mid Nov range of between -0.305%

seen on Oct 18 and -0.386% seen on Nov 1. As for the new Nov 14, 2018 BOT the

grey market is indicating a mid-yield of around -0.369%, representing a pick up

of 1.7bps versus the old 12-month BOT. 

- HISTORY: For comparison, at the last 12-month auction on Oct 11, the finance

ministry sold E6bln at an average yield of -0.334% and bid-to-cover of 1.96

times. Prior to this on Sep 12, E6.5bln was sold at an average yield of -0.326%

and cover of 1.86 times. 

- REDEMPTION: There will be a BOT redemption on Nov 14 totalling E6bln, leaving

net cash flow negative to the tune of E500mln which is seen underpinning demand.

- TIMING: Results are due to be announced at around 1005GMT