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ITALY T-BILL AUCTION PREVIEW
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new
12-month Mar 14, 2019 BOT for E6.5bln on Monday. 
- RV: The bid-yield on the current 12-month Feb 14, 2019 BOT is currently seen
at -0.404%, towards the bottom end of its mid Feb to mid Mar range of between
-0.342% seen on Feb 21 and -0.412% seen on Mar 7. As for the new Mar 14, 2019
BOT the grey market is indicating a bid-yield of around -0.379%, representing a
pick up of 2.5bps versus the old 12-month BOT and is a spread of -5.1bp vs Eonia
according to Tradeweb. 
- HISTORY: For comparison, at the last 12-month auction on Feb 12, the finance
ministry sold E6.5bln at an average yield of -0.401% and bid-to-cover of 1.49
times. Prior to this on Jan 10, E7.5bln was sold at an average yield of -0.42%
and cover of 1.41 times. 
- REDEMPTION: There will be a BOT redemption on Mar 14 totalling E6.5bln,
leaving net cash flow flat which is seen underpinning demand. 
- TIMING: Results are due to be announced at around 1005GMT.

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