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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 187 2 006 556 497 307
USD 3 5 500 000 000
JPY 3 60 175 000 000
GBP 2 2 612 258 757
CZK 2 181 090 910
municipal
EUR 22 11 933 825 089
USD 2 2 000 000 000
corporate
EUR 3134 513 665 120 340
USD 124 68 651 577 000
GBP 28 9 633 271 000
AUD 7 2 370 000 000
JPY 7 66 000 000 000
RUB 5 51 500 000 000
CHF 5 810 587 000
NZD 4 1 350 000 000
SKK 4 1 970 000 000
NOK 4 3 300 650 000
TRY 3 1 900 000 000
CZK 2 762 000 000
BRL 1 750 000 000
CNY 1 1 250 000 000
ITL 1 320 000 000 000
CAD 1 350 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
RIA Rating *** Sovereign ratings ***
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** 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.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Italy, BOT 14aug2019 12m - Domestic bonds IT0005341109 0% 6 000 000 000  EUR 08/10/2018 08/14/2019
Banca Nazionale del Lavoro (BNL), FRN 28jul2021, EUR - Domestic bonds IT0005339988 3m EURIBOR +0.05% 3 500 000 000  EUR 07/30/2018 07/28/2021
Italy, BTP 2.8 01dec2028 - Domestic bonds IT0005340929 2.8% 4 998 796 000  EUR 07/30/2018 12/01/2028
Italy, BOT 31jan2019 6m - Domestic bonds IT0005338576 0% 6 450 000 000  EUR 07/27/2018 01/31/2019
Banca Popolare Valconca, FRN 28oct2060, EUR - Domestic bonds IT0005340325 3m EURIBOR + 0.5% 155 000 000  EUR 07/25/2018 10/28/2060
Terna SPA, 1% 23jul2023, EUR - International bonds XS1858912915 1% 750 000 000  EUR 07/16/2018 07/23/2023
Banca IMI, 1.65% 16jul2026, EUR - International bonds XS1854164024 1.65% 300 000 000  EUR 07/13/2018 07/16/2026
Banca IMI, 3.5% 16jul2024, USD - International bonds XS1854164370 3.5% 300 000 000  USD 07/13/2018 07/16/2024
Fabric BC, FRN 30nov2024, EUR - International bonds XS1816220328 3M EURIBOR + 4.125% 580 000 000  EUR 07/11/2018 11/30/2024
Intesa Sanpaolo, 1.125% 14jul2025, EUR (24) - Domestic bonds IT0005339210 1.125% 1 000 000 000  EUR 07/11/2018 07/14/2025

World Bond Market Indicators

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
EU Long-term interest rates
Italy, %   2.64 2.74 2.18 1.77 1.97 2.08 1.98
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World Bond market statistics

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Domestic govt Bonds markets (Peripherial Europe)
Italian govt Bonds outst., EUR bln (without Bills) 1 932.53 1 921.19 1 922.52 1 915.57 1 892.01 1 871.51 1 872.44
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Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of developed countries
Italian international bonds, USD bln 880.700 853.400 833.700 803.400 742.300 725.100 764.700
BIS net issues of international-bond market of developed countries
International-bond net issue of Italy, USD bln 4.900 7.100 3.600 11.200 7.100 1.700 9.800

New issues of Developed markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Developed Market International Bonds (excl. USA)
New issues of international bonds (Italy), USD bln 2.716 1.329 7.821 2.941 2.941 2.995 2.236
Number of new international bond issues (Italy) 6 3 10 7 7 6 4
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Developed Markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
International bonds Developed Markets
Italy sovereign international bonds, USD bln 40.379 40.290 39.814 41.258 42.467 49.063 50.005
Italy municipal international bonds, USD bln 14.111 14.078 14.099 14.528 14.903 14.767 15.212
Italy corporate international bonds, USD bln 358.088 357.738 364.322 373.479 382.619 381.658 387.126
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Credit Risk Indicators

Daily indices

Type: 08/10/2018 07/23/2018 07/18/2018 07/11/2018 06/29/2018 06/28/2018 06/22/2018
CDS Developed markets (sov.) 
CDS 5Y Italy mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Italy) 1.50 1.30 1.00 0.50 0.80 0.50 0.90
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Italy) 131.80 132.60 132.70 132.00
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