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Italy Mulling Parameters Of New Retail BTP

EUROZONE ISSUANCE

A few details on a Reuters sources piece reporting Italy is eyeing a new retail BTP (which would be separate from the existing BTP Italia and BTP Futura):

  • Would be dedicated to small savers, intended to increase proportion of retail investment of total debt holders
  • Not an inflation or GDP-linked bond, though potentially would have a "loyalty premium". No coupon yet decided, but possibilities considered include a step-up
  • Probably be unveiled before the summer depending on market conditions (timing potentially influenced by BTP Italia maturities of E25bln in April, May, and November)
For context, earlier this year MNI's Policy team cited sources reporting Italy was considering selling a new partially inflation index-linked bond to retail investors this year, using tax breaks to boost demand.
  • It would incorporate features of BTP Italia and Futura, but MNI's sources said full indexation could be too expensive given high current rates of inflation.
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