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Mixed Trade Pre/Post Data, Implied Vol Lower

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(H2) Key Support Still Intact

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Reversing Initial Bid Post-Data

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

ITALY T-BILL AUCTION PREVIEW
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new
6-month Dec 31, 2018 BOT for E6.5bln Wednesday. 
- RV: The mid-yield on the old 6-month Nov 30, 2018 BOT is currently seen at
-0.004% according to Tradeweb, towards the bottom end of its very wide 1-month
range of between 0.685% to -0.195%. As for the new Dec 31, 2018 BOT the grey
market is indicating a mid-yield of around 0.085%, representing a 9bp discount
to the old 6-month BOT, which looks very cheap on the curve. The markets will
also be looking at the tail, as at the last 6-month auction it had ballooned to
73.7bps from 0.4bp previously.
- HISTORY: For comparison, at the last 6-month auction on May 29, the finance
ministry sold E5.5bln at an average yield of -0.213% and bid-to-cover of 1.19
times. Prior to this on Apr 26, E6bln was sold at an average yield of -0.421%
and cover of 1.65 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.