Italy sells EUR 3bln vs exp. EUR 2.5–3bln 2.20% 2028 BTP & EUR 2bln vs exp. EUR 1.5–2bln 1.10% 2031, 2.55% 2056 BTPei

• 2.20% 2028: b/c 1.64x, average yield 2.26% (prev. 2.18%)
• 1.10% 2031: b/c 1.67x (prev. 1.80x), real yield 0.94% (prev. 1.08%)
• 2.55% 2056: b/c 1.62x, real yield 2.38%

Italy's recent bond auction saw stronger-than-expected demand, successfully selling EUR 3 billion in 2028 BTPs and EUR 2 billion in both 2031 and 2056 BTPei bonds. The bid-to-cover ratios indicate robust investor interest, though slightly lower on the 2031 issue, and the average yields reflect a modest increase, suggesting a cautious outlook on inflation within the fixed income market.