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Italy 2024 Funding Plan

  • 2024 redemptions (ex-bills) seen at slightly below E265bln, with state sector financing requirement of E130bln (some of which will be met by NGEU funds and cash reserves).
  • Expect E340-360bln of gross issuance in MT/LT issues (in line with almost E360bln in 2023, not netting off E16.5bln of exchanges in 2023).
  • Auction frequencies to be maintained (with off-the-run securities 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 BTP Short Term and BTPei in the first auction and CCTeu, 5-year BTPs and 10-year BTPs in the second end-of-month auction.
  • 6-month BOTs: End-month auction: Consisting of new issue and reopening of previous issue.
  • 12-month: Mid-month auction.
  • 3-month / Flexible BOTs: If cash requirements make necessary 3-month BOTs will be offered in mid-month. If further cash requirements, Flexible BOTs can be made available either at either mid / end-month auctions.

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