Italy sells EUR 6.0bln vs exp. EUR 4.75-6.0bln 2.40% 2029, 3.15% 2033 and 3.25% 2038 BTP

• 2.40% 2029: b/c 1.61x (prev. 1.53x), average yield 2.75% (prev. 2.36%)
• 3.15% 2033: b/c 1.50x (prev. 1.69x), average yield 3.34% (prev. 3.02%)
• 3.25% 2038: b/c 1.77x (prev. 1.82x), average yield 3.85% (prev. 4.06%)

Italy's successful bond sale of EUR 6.0 billion exceeded expectations, indicating strong demand with decent bid-to-cover ratios across maturities. While yields on all tenors rose compared to previous auctions, the overall stronger demand may reflect investor appetite for Italian debt amid broader market conditions, suggesting a nuanced shift in risk sentiment toward longer-dated securities.