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The Public Debt Report 2016 is online together with new data concerning debt risk indicators and the derivatives portfolio to be released on a quarterly basis.

Rome, October 31, 2017 – The Italian Treasury Department released today the Public Debt Report 2016, that is now available on its website and on the MEF web portal at the following link:

The Report – at its third annual release – is meant to provide investors and citizens with a thorough transparent and complete set of information about Italian public debt management.
The document is currently available in Italian only; the English version will be released in the coming weeks.

More specifically, the paper provides detailed information about the following issues:

  • Goals set to public debt management activities for 2016;
  • Evolution of the Italian Government securities market in the international context;
  • Debt management within the overall public finance outlook;
  • Results of public debt issuance and management activities in 2016.

In 2016, in line with the targets, the average life of the Government securities increased further, reaching 6.76 years from 6.52 of the previous year. In order also to achieve the extension of debt average life, in 2016 the Treasury launched two new BTP tenors, successfully placing on the market, for the first time, a 20- and a 50-yr benchmarks.
The weighted average cost at issuance plunged further in 2016 to a new historic low of 0.55% from 0.70% in 2015.

From now on, and on a quarterly basis, the Treasury also makes available on its website ( some tables featuring quantitative information about the Treasury derivative instruments portfolio and the main risk indicators related to the stock of Government securities.
More specifically, these tables include:

  • as regards the derivatives portfolio, the type of outstanding transactions, the notional amount and the market value ("mark-to-market");
  • as regards the risk indicators, the duration and the average refixing period (ARP) of the Government securities stock. The indicators are published both before and after derivatives. These indicators measure the exposure of the stock of Government securities to the interest rate risk: an increase of them means a decrease in risk, and vice versa.

The information published in these tables refers to the dates of March 31, June 30, and September 30, 2017 and will be updated on a quarterly basis. So far such tables have been included in the Public Debt Report and therefore they were updated only on an annual basis. Their availability on a quarterly basis will therefore provide the public with more recent and up-to-date information.

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