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Italy Q1-23 funding plan

EUROZONE ISSUANCE
  • The MEF announced the details of Italy's Q1-23 issuance plans yesterday:

New issues:

  • BTP Short Term maturing 28 March, 2025 (minimum E9bln outstanding)
  • 3-year BTP maturing 15 April 2026 (minimum E9bln outstanding)

Reopen:

  • 3-year 3.50% Jan-26 BTP (minimum E9bln already exceeded)
  • 5-year 3.40% Apr-28 BTP
  • 7-year 3.85% Dec-29 BTP (7.5bln of minimum E10bln outstanding)
  • 10-year 4.40% May-33 BTP (E6.75bln of minimum E10bln outstanding)
Other issues of BTPs with maturity of greater than 10-years, CCTeus and inflation-linked bonds will also be on offer.
  • The MEF has confirmed that it expects bond issuance for 2023 to be E310-320bln.
  • This takes into account just under E260bln of redemptions, a preliminary estimate of around E90bln in the Draft Budgetary Plan, NGEU loans and cash management activity.
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