New bonds to be issued
The Ministry of Economy and Finance announces that during the first quarter of 2022 the following new securities will be issued:
| BTP Short | maturity 11/29/2023 | Minimum final outstanding: 9 billion Euros |
|---|---|---|
| BTP 5 years | maturity 04/01/2027 | Minimum final outstanding: 10 billion Euros |
The minimum final outstanding refers to the overall issuance of the bond and therefore it relates to the minimum amount the bond shall reach before being replaced by a new benchmark.
New bonds, in addition to the above-mentioned ones, could be issued during the first quarter, according to market conditions.
Reopenings of outstanding bonds
Moreover, during the same quarter further tranches of the following on-the-run bonds will be issued too:
| BTP Short | 07/29/2021 – 01/30/2024 | coupon 0.00% |
|---|---|---|
| BTP | 12/16/2021 – 12/15/2024 | coupon 0.00% |
| BTP | 08/01/2021 – 08/01/2026 | coupon 0.00% |
| BTP | 11/15/2021 – 02/15/2029 | coupon 0.45% |
| BTP | 11/01/2021 – 06/01/2032 | coupon 0.95% |
In addition, according to market conditions, the Ministry of Economy and Finance 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.
Finally, the Ministry of Economy and Finance 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.
The Treasury will place medium and long term securities, nominal – fixed rate and floating (CCTeu) – and inflation linked (BTP€i), through the usual uniform-price (marginal) auction mechanism and it will discretionally set the price and the issuance amount.