Italy's end-of-month BTP offer may be smaller than usual, says UniCredit strategist Chiara Cremonesi. Expects Italy to sell EUR3.5B-EUR5B of Nov 2017 and Nov 2022, "a lower-than-usual amount." The Italian Treasury will announce Monday which bonds and with what volume it will auction on Nov 29. Judging from current levels, the cost of funding may decline at the five-year BTP and remain roughly stable at the 10-year BTP, Cremonesi says.
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