The Public Debt Management Guidelines, the Auction Calendar for 2025 and the Quarterly Issuance Programme for the first quarter of 2025 are now available online.
The Public Debt Guidelines present the public debt management strategy for the coming year.
The 2025 Public Debt Auction calendar contains dates of auctions, announcements and settlements for all government securities for the coming year.
The Quarterly Issuance Program contains all the details on the bonds to be issued in the first quarter of 2025 together with the overall volume of medium-long term debt issuance expected for the next year and a summary of the most recent developments on the macroeconomic and public finance side.
In 2024, Italy issued medium-long term bonds for an amount of 361 billion euros (without including those issued in exchange transactions for 16 billion euros), and 171 billion euros of BOTs (T-bills).
The average cost at issuance, at the end of the 2024 consistently with global interest rates scenario, has been 3.40%, down from 3.76% of 2023.
The average life at the end of 2024 remains stable at around 7 years (compared to 6.97 years of 2023). This data improves further if also SURE and NGEU European loans are considered. In the latter case the average life moved from 7.25 years of 2023 to 7.35 years of 2024.
The above-mentioned documents are available on the section of the Department of the Treasury devoted to Public Debt at: www.dt.mef.gov.it/en/debito_pubblico.