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ITALY T-BILL AUCTION PREVIEW
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new
12-month Dec 14, 2018 BOT for E4.5bln on Friday. 
- RV: The bid-yield on the current 12-month Nov 14, 2018 BOT is currently seen
at -0.373%, at the bottom of its mid Nov to mid Dec range of between -0.366%
seen on Dec 12 and -0.412% seen on Nov 30. As for the new Dec 14, 2018 BOT the
grey market is indicating a bid-yield of around -0.366%, representing a pick up
of 0.7bps versus the old 12-month BOT. 
- HISTORY: For comparison, at the last 12-month auction on Nov 10, the finance
ministry sold E5.5bln at an average yield of -0.395% and bid-to-cover of 2.46
times. Prior to this on Oct 11, E6bln was sold at an average yield of -0.334%
and cover of 1.96 times. 
- REDEMPTION: There will be a BOT redemption on Dec 14 totalling E4.75bln,
leaving net cash flow negative to the tune of E250mln which is seen underpinning
demand. 
- TIMING: Results are due to be announced at around 1005GMT.

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