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ITALY T-BILL AUCTION PREVIEW
ITALY T-BILL AUCTION PREVIEW: The Italian Dipartimento Del Tesoro will tap the
market for E5.5bln on December 12. On offer is the new Dec 13, 2019 BOT.
- RV/HISTORY: For comparative purposes at the last auction of a 12-month BOT on
November 14, E5.5bln was allotted at an average yield of 0.630% and bid-to-cover
ratio of 1.67x. Italian BOT yields have broadly pushed lower since mid October,
with the current 12m benchmark currently trading at 0.325% down from an October
high of 0.989%.  
- REDEMPTIONS: There are 4.7bln in BOT redemptions this week which may support
the auction on Wednesday.
- TIMING: Results are due shortly after the auction finishes at 1005GMT.

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