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

ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new
6-month Nov 30, 2018 BOT for E5.5bln Tuesday.
- RV: The mid-yield on the old 6-month Oct 31, 2018 BOT is currently seen at
-0.09% according to Tradeweb, at the top end of its 1-month range of between
-0.409% to 0.08. As for the new Nov 30, 2018 BOT the grey market is indicating a
mid-yield of around 0.35% due to the political uncertainty and markets unsure of
how much demand there will be for the news BOT. 
- HISTORY: For comparison, at the last 6-month auction on Apr 26, the finance
ministry sold E6bln at an average yield of -0.421% and bid-to-cover of 1.65
times. Prior to this on Mar 27, E6bln was sold at an average yield of -0.426%
and cover of 1.63 times. 
- REDEMPTION: There will be a BOT redemption on Mar 29 totalling E6bln, leaving
net cash flow flat which is seen underpinning demand. 
- TIMING: Results are due to be announced at around 0905GMT.

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