Italian auction results: Italy sold a total of Eur 4.884 bln of BTP’s out of a targeted Eur 5 bln

Sold Eur 2.884 bln of 2.5% 2015 BTP, yield 3.89 % (from 2.76%), cover 1.435 (from 1.565) out of a targeted Eur 2-3 bln

Sold Eur 395 mln of off-the-run 3% 2015 BTP, yield 3.92 % (from 3.77%), cover 3,26 ( from 2.37%)

Sold Eur 687 mln of off-the-run 4.5% 2020 BTP, yield 5.04%, cover 2.195

Sold Eur 918 mln of off-the-run 4.75% 2023 BTP, yield 5.57%, cover 1.75

Total target for the off-the-run BTP was Eur 2 bln

Not a brilliant auction, largely inline with expectations, with weaker yields, but almost a full take up

EUR’s unfazed around 1.3120