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Italy 2022 funding plans (2/3)

EUROZONE ISSUANCE
  • “BTP Short Term” with 18-30-month maturity: 2 new benchmarks. May be negative new issuance relative to the E29bln of maturing CTZs and E15bln of maturing BTP Short Term. CTZs/BTP Short Terms continue to be eligible for any swap/buybacks.
  • BTP 3/5-year: Less gross issuance expected than in 2021 (E41.5bln 3-year, E47bln 5-year), but positive net issuance expected for both (relative to redemptions of E13.55bln of 3-year maturing and E35bln of 5-year). Roughly equal gross volume of both 3-year and 5-year BTPs. At least two new issues of both 3-year and 5-year BTPs to be issued via auction.
  • 7-year BTP: Issuance expected in line with the E39bln seen in 2021 (so a greater portion of expected reduced issuance). This is net positive relative to the E34bln due to mature.
  • 10-year BTP: Less gross issuance expected than the E40bln of 2021, but similar weight in overall issuance. Net issuance expected to be negative given the E60bln maturing. Prefer to launch news issues via conventional auction but will keep this under review depending on market conditions.
  • 15-50-year BTPs: Gross issuance could be higher than the E33bln of 2021. With lower expected issuance overall, the weight of 15-50-year BTPs will be higher as a proportion of all issuance. At least one new issue.
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