On Thursday, Italy will sell EUR 6.75-9bn of 3Y,7Y, 15Y and 30Y BTPs. The auction is relatively large but supply is spread across five bonds, which should contribute to keeping pressure subdued. This will likely be the last offer this year for these tenors. The BTP Sep26 is attractive relative to short-dated BTPs, such as the BTP Dec24, which trade at a negative Z-spread. The 15Y area has underperformed the wings (10Y and 30Y) and currently trades at its cheapest level over the past six months.