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The new 20-year BTP launched by the Treasury raises 7 billion euros, at a price of 99.606 which corresponds to an annual gross yield on issue of 4.529 percent. These are good numbers, which testify to a demand that has remained solid on the long maturities of Italian debt. To understand its value it is obviously necessary to refer to a profoundly changed market context, in which the bullish prospects of the ECB and above all the scenario of the progressive reduction of…