Italy: bonds

The Italian Government finances its expenditures in excess of tax revenues through the issue of debt securities. The Department of the Treasury is responsible for this task. Government securities is one of the largest and most active in Euroland.

Virtually all public debt is in the form of marketable securities. The maturities set in the regular issuance program range from 3-months to 30 years.

BOTs are Treasury-bills having a maturity of one year or less, now offered with a maturity of 3, 6 and 12 months, sell at a discount from their face value and do not pay interest before maturity. Investors get a return on BOTs from the increase in their price to face value at maturity.

CTZs sell at a discount from their face value and do not pay interest before maturity. Investors get a return on CTZs from the increase in their price to face value at maturity. They can have maturities of 18 and 24 months.

BTPs are fixed-rate bonds, now offered with a maturity of 3, 5, 10 or 30 years respectively. Finally CCTs are floating-rate notes with a maturity of 7 years.

The Italian Treasury has for many years preferred public auctions for domestic market issues. As of Q1 2013 total amount outstanding is EUR 1685 billion.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EUR 176 1 892 437 119 154
JPY 4 110 175 000 000
USD 4 7 500 000 000
CZK 3 271 636 365
GBP 2 2 612 258 757
CHF 1 633 738 775
municipal
EUR 23 13 283 233 089
USD 2 2 000 000 000
corporate
EUR 2936 540 797 779 717
USD 97 56 144 661 000
GBP 33 11 837 153 000
AUD 7 2 170 000 000
CHF 7 1 410 587 000
JPY 6 62 000 000 000
TRY 6 3 406 716 000
SKK 5 3 470 000 000
NOK 4 4 965 650 000
NZD 4 1 350 000 000
RUR 3 39 500 000 000
ITL 2 782 000 000 000
CAD 2 800 000 000
CZK 2 762 000 000
BRL 1 2 810 000
SGD 1 300 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Intesa Sanpaolo, FRN 30may2024, EUR - International bonds XS1623794457 3m EURIBOR + 1.1% 500 000 000  EUR 05/26/2017 05/30/2024
Italy, CTZ 0 30may2019 - Domestic bonds IT0005256471 0% 3 500 000 000  EUR 05/26/2017 05/30/2019
Banca Popolare Dell Emilia Romagna, 5.125% 31may2027, EUR - International bonds XS1619967182 5.125% 500 000 000  EUR 05/23/2017 05/31/2027
Enel, 2.875% 25may2022, USD - International bonds USN30707AD06 2.875% 2 000 000 000  USD 05/22/2017 05/25/2022
Enel, 3.625% 25may2027, USD - International bonds USN30707AC23 3.625% 2 000 000 000  USD 05/22/2017 05/25/2027
Enel, 4.75% 25may2047, USD - International bonds USN30707AE88 4.75% 1 000 000 000  USD 05/22/2017 05/25/2047
Banca IFIS, 1.75% 26may2020, EUR - International bonds XS1617701161 1.75% 300 000 000  EUR 05/18/2017 05/26/2020
Mediobanca, FRN 18may2022, EUR - International bonds XS1615501837 3M EURIBOR + 0.8% 1 000 000 000  EUR 05/11/2017 05/18/2022
Italy, BOT 14may2018 12m - Domestic bonds IT0005253106 0% 7 150 000 000  EUR 05/10/2017 05/14/2018
Mediobanca, FRN 25jun2022, EUR - International bonds XS1596024353 3m EURIBOR + 1.27% 200 000 000  EUR 05/02/2017 06/25/2022

World Bond Market Indicators

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
EU Long-term interest rates
Italy, % 2.26 2.40 2.35 1.99 1.89 1.94 1.45
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World Bond market statistics

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Domestic govt Bonds markets (Peripherial Europe)
Italian govt Bonds outst., EUR bln (without Bills) 1 833.35 1 833.50 1 814.38 1 801.21 1 787.47 1 795.80 1 768.01
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Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of developed countries
Italian international bonds, USD bln 725.100 764.700 771.000 777.300 764.100 790.100 799.100
BIS net issues of international-bond market of developed countries
International-bond net issue of Italy, USD bln 1.700 9.800 12.100 -18.700 -4.900 -9.400 -2.100

New issues of Developed markets International Bonds

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
Developed Market International Bonds (excl. USA)
New issues of international bonds (Italy), USD bln 4.629 3.014 2.222 10.712 1.600 1.966 7.929
Number of new international bond issues (Italy) 6 8 7 14 5 6 15
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Developed Markets International Bonds

Monthly indices

Type Apr 2017 Mar 2017 Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016
International bonds Developed Markets
Italy sovereign international bonds, USD bln 47.430 46.599 46.368 47.036 42.485 42.912 44.033
Italy municipal international bonds, USD bln 14.567 14.293 14.208 14.455 13.698 13.834 11.536
Italy corporate international bonds, USD bln 330.892 324.702 324.953 329.733 317.668 324.441 336.850
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Credit Risk Indicators

Daily indices

Type: 05/29/2017 05/26/2017 05/25/2017 05/24/2017 05/23/2017 05/22/2017 05/19/2017
CDS Developed markets (sov.) 
CDS 5Y Italy mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2017 Mar 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Italy) 1.90 1.60
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Italy) 132.60 132.70 132.00