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Issuance Plans 2021 (2/3)

ITALY
  • 15-50-year BTPs: Net positive issuance but smaller gross issuance in 2020 (hence issuance expected in a E25-60bln range). Announcement of new issues will be via press release rather than via the Quarterly Issuance Programme.
  • BTPei: Issuance expected to be above 2020 but net negative (so in a E12.5-19bln range). Will consider a new issue if market conditions and demand are favourable.
  • CCTeu: Net positive issuance in 2021 but less gross issuance than 2020. One new benchmark with a maturity of 3-7 years to be launched in 2021 with the final volume of the issue expected to be less than benchmarks launched over the last 3 years.
  • Green issuance: Treasury has a goal of issuing its first green bond in Q1 2021, with a priority for institutional investors vs retail.
  • Global/EMTN: The Treasury will seek to further diversify the investor base through both Global and EMTNs, with a particular focus on USD issuance and making the USD curve more complete in 2021.

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