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

ITALY T-BILL AUCTION PREVIEW
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro issue a new
6-month Jan 31, 2019 BOT for E6bln Friday. 
- RV: The mid-yield on the old 6-month Dec 31, 2018 BOT is currently seen at
0.043% according to Tradeweb, towards the top end of its wide 1-month range of
between 0.115% to -0.154%. As for the new Jan 31, 2018 BOT the grey market is
indicating a mid-yield of around 0.018%, representing a 2.5bp premium to the old
6-month BOT, which looks a little rich on the curve.
- HISTORY: For comparison, at the last 6-month auction on Jun 27, the finance
ministry sold E6.5bln at an average yield of 0.092% and bid-to-cover of 1.98
times. Prior to this on May 29, E5.5bln was sold at an average yield of 1.213%
and cover of 1.19 times. 
- REDEMPTION: There will be a BOT redemption on Jul 31 totalling E6.5bln,
leaving net cash flow negative to the tune of E500mln which is seen underpinning
demand. 
- TIMING: Results are due to be announced at around 0905GMT.
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