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

ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro sells new
12-month Oct 14, 2019 BOT for E6bln on Wednesday.
- RV/HISTORY: For comparison, the last auction of a 12-month BOT was the Sep 12,
2019 which was sold at an average yield of 0.436% and a bid-to-cover ratio of
1.91x. The yield on that bill has doubled since last Thursday amid Italian
budget concerns, rising above 1.00%, last at 0.88%. The Oct 29 currently holds a
grey market bid/aslk yield of 0.899%/1.023% (mid: 0.961%) according to Tradeweb,
129.9bps outside equivalent EUR swap. 
- REDEMPTIONS: Maturing bills from Italy in the amount of this sale (E6bln) is
seen underpinning the re-opening.
- TIMING: Results are due shortly after bidding finishes at 0905GMT

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