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***Today, the Italian Treasury starts the......>

BTPS
BTPS: ***Today, the Italian Treasury starts the retail portion of the 6Y BTP
Italia. 
- The last time this bond was sold in May, orders closed Day 1 at E1.615bln and
Day 2 at 2.695bln and eventually closing at E8.6bln as institutional investors
asked for E5.4bln on the fourth and final day.
- Overall, this is the twelfth BTP Italia sale since the BTP Italia bond was
launched in Mar 2012. In previous sales, Italy sold E8.6bln of 6-Year in May
2017; E5.219bln 8-year BTP Italia bond in Oct 2016; E8.014bln of 8-year BTP
Italia bond in Apr 2016; E9.379bln in Apr 2015; E7.506bln 6-year BTP Italia bond
in Oct 2014; E20.565bln 6-year BTP Italia bond in Apr 2014; E22.27bln in Nov
2013; E17.06bln BTP Italia bonds in Apr 2013, E18.02bln sold in Oct 2012. These
sales dwarfed the original placements; E1.74bln in June 2012 and the inaugural
E7.3bln sale in Mar 2012. 
- BACKGROUND: The first 3-days of the placement period has been set aside for
individual investors only - may be reduced to two in the case of early closing.
The second phase is for institutional investors and scheduled for Thursday.

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