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Issuance Plans 2021 (1/3)

ITALY
  • 2021 redemptions (ex-bills) seen at E222bln, with state sector financing requirement of E145bln (some of which will be met by European funds including just over E10bln from SURE as well as some funding from NextGenEU and RRF).
  • A new "BTP Short Term" instrument will be introduced in 2021. The BTP Short Term will have a maturity of 18-30 months and will replace zero-coupon CTZs (which will be phased out during the year).
  • BTP Short Term: Issuance will be net zero or marginally net negative relative to the E29.5bln of maturing CTZs in 2021. Two new BTP Short Terms issues are expected in 2021.
  • BTP 3/5-year: Net positive issuance expected (E28.5bln of 3-year maturing, E30bln of 5-year maturing). Two new issues of each of 3 and 5 year BTPs in 2021.
  • 7-year BTP: Issuance expected in line with the E35bln seen in 2020. At least one new issue.
  • 10-year BTP: At least two new issues with positive net issuance but smaller gross issuance than in 2020 (hence issuance expected in a E47.5-64bln range).
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