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

ITALY T-BILL AUCTION PREVIEW
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro sells E6.0bln
of the new 12-month Sep 13, 2019 BOT on Wednesday.
- RV/HISTORY: For comparison, the last auction of a 12-month BOT was the Aug 14,
2019 which was sold at an average yield of 0.679% and a bid-to-cover ratio of
1.79x. The Aug 14, 2019 currently trades at a yield of 0.316%, down from a
post-issuance high of 0.866% on September 3, and 55.5bps outside the comparable
EUR swap. Although uncertainty around the government's budget plans continues to
linger, comments from Finance Minister Giovanni Tria indicating that debt
reduction is key to calming markets has injected some optimism ahead of this
week's auction.
- REDEMPTIONS: There are no Italy-specific redemptions to support the auction
this week.
- TIMING: Results are due shortly after bidding finishes at 0905GMT

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