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2021 Issuance Plans Unveiled

BTP

Italy's public debt head Iacovoni (as reported by wires) and the Treasury's 2021 debt guidelines document released this morning give an outline of Italian issuance plans next year. Highlights:

  • A new "BTP short-term" instrument will be introduced in 2021, replacing zero-coupon CTZs (which will be phased out next year). They will be sold every month-end alongside BTPEi.
  • No change in auction cycles (in terms of offerings) otherwise in 2021.
  • Treasury has a goal of issuing its first green bond in Q1 2021, with a priority for institutional investors vs retail.
  • There will be at least one new BTP Futura, of minimum 8 year maturity.
  • Treasury still deciding whether they will issue new BTP Italia.
  • The Treasury will consider further USD issuance along the curve in 2021.
  • 2021 redemptions (ex-bills) seen at EUR222bln, with state sector financing requirement of EUR145bln (some of which will be met by European funds including >EUR10bn from SURE)
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