BTPs: Treasury plans four new benchmark issues in the third quarter, with maturities of 2, 5, 7 and 10 years
Estimated gross emissions of 130–145 billion in the second half of the year
The Treasury plans to issue four new benchmark bonds in the third quarter of the year, comprising a Short-Term BTp (maturing 30 October 2028), a 5-year bond (1 February 2032), a 7-year bond (15 September 2033) and a 10-year bond (1 October 2036). New tranches of existing issues will also be offered, in particular the 3% BTp maturing on 15 September 2029, the 3.15% BTp maturing on 1 June 2031, the 3.30% BTp maturing on 15 June 2033, and the 3.80% BTp maturing on 1 July 2036. This is set out in the quarterly issuance programme of the Treasury Department of the Ministry of Economy and Finance (MEF).
Taking into account current cash holdings, the issues carried out in June and those already announced that are due to settle by 30 June, amounting to approximately
50 billion euros, for the remainder of 2026, from 1 July to 31 December, “gross issuance of medium- to long-term securities is therefore estimated to fall within a range of
"between 130 and 145 billion euros": this figure is net of the loans envisaged under the NGEU and SAFE packages for 2026, as well as cash management activities throughout the year, the statement clarifies. “Given the maturities, this implies an estimated net issuance of around 10–25 billion euros over the same period,” the statement reports.
