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Free AccessThe Italian............>
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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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.