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Italy 4Q Issuance Plans Include New 3-/7-/10Y BTPs

BTP

The Italian Treasury has published its fourth quarter issuance program. Some highlights:

  • They plan to issue the following new BTPs this quarter:
    • BTP 3Y 01/15/2026, min E9bln
    • BTP 7Y 12/15/2029 min E10bln
    • BTP 10Y 05/01/2033 min E10bln
  • And could reopen:
    • BTP Short 1.75% May-24
    • BTP 2.65% Dec-27
    • BTP 2.80% Jun-29
    • BTP 2.50% Dec-32
    • And MEF "reserves the right to offer further tranches of on-the-run nominal bonds with maturity above 10 years, CCTeu and inflation-linked bonds, also with the aim to tackle possible secondary market dislocations of these bonds...could offer further tranches of off the-run medium and long-term instruments, nominal – fixed rate and floating (CCTeu) – and inflation linked, in order to ensure secondary market efficiency."

They have completed 76.5% of their annual funding as of Sept 30th; average debt maturity remains 7.12 years (same as end-2021), though the average cost of issuance has been 1.31% this year (vs 0.10% in 2021).

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The Italian Treasury has published its fourth quarter issuance program. Some highlights:

  • They plan to issue the following new BTPs this quarter:
    • BTP 3Y 01/15/2026, min E9bln
    • BTP 7Y 12/15/2029 min E10bln
    • BTP 10Y 05/01/2033 min E10bln
  • And could reopen:
    • BTP Short 1.75% May-24
    • BTP 2.65% Dec-27
    • BTP 2.80% Jun-29
    • BTP 2.50% Dec-32
    • And MEF "reserves the right to offer further tranches of on-the-run nominal bonds with maturity above 10 years, CCTeu and inflation-linked bonds, also with the aim to tackle possible secondary market dislocations of these bonds...could offer further tranches of off the-run medium and long-term instruments, nominal – fixed rate and floating (CCTeu) – and inflation linked, in order to ensure secondary market efficiency."

They have completed 76.5% of their annual funding as of Sept 30th; average debt maturity remains 7.12 years (same as end-2021), though the average cost of issuance has been 1.31% this year (vs 0.10% in 2021).