Italy sells EUR 5.25bln vs exp. EUR 5-5.75bln 3.00% 2029, 3.35% 2033 BTP & EUR 1.5bln vs exp. EUR 1-1.5bln 4.10% 2046 BTP Green

• 3.00% 2029: b/c 1.54x (prev. 1.56x) & average yield 3.58% (prev. 3.69%)
• 3.35% 2033: b/c 1.54x (prev. 1.59x) & average yield 4.04% (prev. 4.24%)
• 4.10% 2046: b/c 1.69x & average yield 4.73%

A routine Italian syndicated-style auction result: sizes landed mid-range on the conventional lines and at the top on the green, a standard pattern in which the Treasury leans on the longer, scarcer green line when demand allows. Bid-to-covers on the 2029 and 2033 tranches came in a touch below the prior outings while average yields fell materially versus the previous auctions, which is consistent with supply being absorbed into a rallying market rather than any softening in sponsorship; in past episodes the combination of slightly lower cover with lower clearing yields has tended to read as benign. The metric that matters for BTP auctions has historically been the tail versus secondary, which this summary omits, so the cleanest read on concession versus aftermarket behaviour awaits that detail. The green line clearing at its maximum allotment reflects the established pattern of Italian green issuance drawing a dedicated buyer base and pricing tighter than conventional equivalents. The broader tell for BTP supply has been the spread to Bunds around heavy auction weeks, with indigestion episodes showing up as spread widening into and after large tenders rather than in cover ratios alone. Follow-ons are the secondary market performance of the new lines and any residual concession unwind in the BTP-Bund spread through the session.