Today the Italian Treasury will sell EUR 6.5bn of BOT 31Aug21. BOT redemptions will amount to EUR 7.5bn, therefore net supply will be negative. Roughly one month ago, BOT 30Jul21 was sold at an average yield of -0.448% and is now trading around 3bp cheaper. The 6M-9M area of the BOT curve is almost flat, at -0.42%. Therefore, we expect the new 6M BOT to be priced around that level.
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