Q3 Issuance Plan Includes New 5Y BTP

Italy announced their Q3 issuance plans on Monday:

• New securities:
  • 5-year BTP, maturing 01/12/2027 (minimum amount: E10bln)
  • The MEF stated that any news securities may be issued based on financial market conditions.
• Reopenings:
  • Further tranches of the following securities may be offered:
  • 1.75% BTP Short (29/06/2022 - 30/05/2024)
  • 1.20% BTP (19/04/2022 – 15/08/2025)
  • 2.80% BTP (16/05/2022 – 15/06/2029)
  • 2.50% BTP (03/05/2022 – 01/12/2032)
  • The MEF stated that further tranches of nominal securities with a maturity of more than 10 years, CCTeu and linkers may be reopened if needed.
  • The MEF may also offer further tranches of medium and long-term securities, nominal, at fixed and floating rates (CCTeu), indexed to inflation and no longer being issued, to ensure the efficiency of the secondary market.
• Taking into account the collection of the second tranche of NGEU expected for the next few months and cash available in excess of the balance targets from the end of the year, 1 June to 31 December gross issues of medium/long-term securities are estimated to be approximately E150bln. Net of maturing securities, net issuance for the period is approx. E5bln.