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Italy 2022 funding plans (1/3)

EUROZONE ISSUANCE
  • 2022 redemptions (ex-bills) seen at E230bln, with state sector financing requirement of E100bln (some of which will be met by European funds including the RRF portion of NGEU funding). The MEF notes that it expected the E100bln number to be revised lower.
  • Note that E312.3bln gross was issued in 2021 in cash terms.
  • Auction frequencies to be maintained (with off-the-run sercurities also available to be auctioned):
  • Mid-month auction will consist of 3-year BTPs, 7-year BTPs, and one or more long-term BTP (15, 20, 30 or 50-year BTPs).
  • End-month auctions will consist of CCTeu, 5-year BTPs and 10-year BTPs in the first auction and BTP Short Term and BTPei in the second auction.
  • BOTs: 6-month and 12-month to be regularly issued with optional off-the-run / 3-month / Flexible BOTs if liquidity management needs arise.
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