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Italy: bonds

Italian Bond Market is represented by state, municipal and Italian corporate bonds. According to Cbonds as of 10.03.2019, there are more than 3 thousand Italian bonds in circulation with the total volume equivalent to 2,960 billion US dollars. Local bond market of the country is quite developed and occupies 76% of the total debt market (in terms of the number of issues) whereas Eurobonds accounts for 24%.

The Treasury department that is subordinate to the Ministry of economy and Finance is occupied with issue and management of Italian national debt. Within the structure of the treasury, Directorate II issues government bonds, conducts management of current debt and interacts with the market participants.

Government debt in Italy consists of government bonds of such types:
• BOT (Treasury Bills) – short-term Italian bonds with the maturity period of 3, 6, 12 months, issued at a discount par value.
• CTZ (Zero Coupon Treasury bonds) – treasury bonds with a zero coupon and the maturity of 24 months, issued at a discount par value.
• CCT/CCTeu (Treasury Certificates) – treasury bonds with floating interest rate and the maturity of 5-7 years. The coupon rate is tied to the 6-month BOT auction rate or the 6-month EURIBOR rate.
• BTP (Treasury Bonds / BTP Italian bonds) – classic coupon bonds, Italian treasury bonds with a maturity of 3, 5, 7, 10, 15, 20, 30 and 50 years. The main benchmark of the market is Italy 10 year bond.
• BTP€I (Treasury Bonds Indexed to European Inflation) – long-term treasury bonds tied to the Eurostat Harmonized Index of Consumer Prices (HICP).
• BTP Italia (Treasury Bonds Indexed to Italian Inflation) – Italian treasury bonds tied to inflation in Italy and created specifically for retail investors. Both coupon payment and nominal payment are tied to "The FOI national index", "Prezzi al consumo per le famiglie di operai e impiegati".

Italian government bonds are usually distributed as follows via a public auction, via underwriting syndicate and via electronic trading platforms. The Treasury usually distributes state bonds via Italy bond auctions with only occasional primary distributions via syndications. With the introduction of the BTP Italia type, the Treasury also began to conduct distributions via Italian exchange platform.

Concerning the distribution of Italian sovereign debt auctions are held in two types "a competitive yield auction" and "a marginal price auction". BOT are distributed via a competitive yield auction and long-term bonds are distributed via a marginal price auction. Annually Treasury publishes a calendar of bonds distribution for the next year.

The main indicators of the Italy debt market as of 10.03.2019:
• Italy debt to GDP ratio: 132.1%;
• Italy bond spread (BTP) to the German Treasury bonds: 241.98 bps;
• Italy 10 year bond yield: 2.5%. Current Italy yield curve and Italian bond yields are available at "Market maps" section of the Cbonds site.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
EUR 199 2 042 111 807 631
USD 6 13 000 000 000
GBP 2 2 612 258 757
JPY 1 175 000 000
municipal
EUR 32 13 234 744 089
USD 1 1 000 000 000
corporate
EUR 3203 606 441 677 460
USD 156 88 454 424 000
GBP 21 7 895 000 000
JPY 7 74 200 000 000
CHF 5 710 587 000
RUB 4 33 500 000 000
SKK 4 1 970 000 000
AUD 4 1 500 000 000
RON 3 371 500 000
NOK 2 1 050 650 000
CZK 2 762 000 000
CNY 2 2 250 000 000
NZD 2 650 000 000
CAD 1 350 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
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 ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
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
UniCredit, 0.502% 18oct2022, EUR - International bonds XS2066749461 0.502% 300 000 000  EUR 10/15/2019 10/18/2022
UBI Banca, 1.625% 21apr2025, EUR - International bonds XS2067213913 1.625% 500 000 000  EUR 10/14/2019 04/21/2025
Nexi Spa, 1.75% 31oct2024, EUR - International bonds XS2066703989 1.75% 825 000 000  EUR 10/11/2019 10/31/2024
Enel, 1.125% 17oct2034, EUR - International bonds XS2066706735 1.125% 500 000 000  EUR 10/10/2019 10/17/2034
Enel, 0.375% 17jun2027, EUR - International bonds XS2066706909 0.375% 1 000 000 000  EUR 10/10/2019 06/17/2027
Enel, 0% 17jun2024, EUR (1705D) - International bonds XS2066706818 0% 1 000 000 000  EUR 10/10/2019 06/17/2024
Italy, BOT 14oct2020 - Domestic bonds IT0005387078 0% 6 600 000 000  EUR 10/10/2019 10/14/2020
Brignole CO 2019-1 S.r.l., FRN 24mar2036, EUR (ABS) - Domestic bonds IT0005385841 1M EURIBOR + 0.7% until 24.03.2022, then 1M EURIBOR + 1.4% 139 600 000  EUR 10/09/2019 03/24/2036
Brignole CO 2019-1 S.r.l., FRN 24mar2036, EUR (ABS) - Domestic bonds IT0005385858 1M EURIBOR + 1.15% until 24.03.2022, then 1M EURIBOR + 2.15% 19 800 000  EUR 10/09/2019 03/24/2036
Brignole CO 2019-1 S.r.l., FRN 24mar2036, EUR (ABS) - Domestic bonds IT0005385866 1M EURIBOR + 1.50% until 24.03.2022, then 1M EURIBOR + 2.50% 7 800 000  EUR 10/09/2019 03/24/2036

GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Western Europe)
[15243] Government Debt to GDP(Italy) 134.80 131.80 132.60 132.70 132.00

Historical yields

Daily indices

Type: 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019
10Y Government Bond Yields, Western Europe
[24251] Italy 10Y YTM 1.027 1.049 1.024 1.039 1.058 0.989 0.948
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International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
DM international bonds outstanding volume
[11357] Italy sovereign international bonds, USD bln 36.871 33.913 38.661 36.305 35.812 37.118 37.331
[11361] Italy municipal international bonds, USD bln 9.925 9.859 10.875 9.938 9.800 9.862 10.157
[11359] Italy corporate international bonds, USD bln 353.387 344.175 355.339 355.235 343.818 347.302 346.609
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Inflation

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Inflation (Western Europe)
[15591] Inflation Rate (Italy) 0.40 0.40 0.40 0.70 0.80 1.10 0.98
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Historical yields (monthly)

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Yields for Western Europe long-term domestic bonds
[4273] Italy 10Y Government Bond Yield  1.40 1.40 1.65 2.28 2.64 2.62 2.69
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Yield spreads

Daily indices

Type: 10/15/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019 10/07/2019 10/04/2019
BTP / Bund Spread
[22281] 10Y Italy-Germany yield spread 134.75 138.76 142.01 141.51 143.53 142.29 141.57
[22283] 5Y Italy-Germany yield spread 94.93 99.73 102.10 102.35 105.41 103.69 102.13
[22285] 2Y Italy-Germany yield spread 42.72 49.32 49.20 50.11 52.55 51.41 50.80
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New international bonds volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
DM new international bonds volume
[14795] New issues of international bonds (Italy), USD bln 13.377 1.953 5.867 8.096 4.309 3.661 6.000
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Euro-Cbonds Corporate

Daily indices

Type: 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019 10/07/2019
Euro-Cbonds Corporate Italy (USD)
[23501] Euro-Cbonds Corporate Italy (USD)  139.45 139.38 139.11 139.61 140.17 140.34 140.23
[23503] Euro-Cbonds Corporate Italy (USD) PI 114.11 114.07 113.89 114.32 114.79 114.95 114.87
[23505] Euro-Cbonds Corporate Italy (USD) D 2 548.00 2 548.00 2 544.00 2 548.00 2 557.00 2 558.00 2 561.00
[23507] Euro-Cbonds Corporate Italy (USD) YTM 3.98 3.99 4.01 3.96 3.90 3.88 3.89
[23509] Euro-Cbonds Corporate Italy (USD) YTM eff 4.03 4.03 4.05 4.00 3.94 3.92 3.93
[23511] Euro-Cbonds Corporate Italy (USD) T-spread 211.90 194.53 213.67 216.54 218.36 218.50 220.20
Euro-Cbonds IG Corporate Italy (EUR)
[22287] Euro-Cbonds IG Corporate Italy (EUR)  109.23 109.32 109.28 109.30 109.50 109.62 109.52
[22289] Euro-Cbonds IG Corporate Italy (EUR) PI 99.02 99.10 99.08 99.11 99.30 99.42 99.33
[22291] Euro-Cbonds IG Corporate Italy (EUR) D 1 584.00 1 585.00 1 588.00 1 589.00 1 591.00 1 592.00 1 593.00
[22293] Euro-Cbonds IG Corporate Italy (EUR) YTM 0.48 0.47 0.47 0.47 0.42 0.40 0.42
[22295] Euro-Cbonds IG Corporate Italy (EUR) YTM eff 0.48 0.47 0.47 0.47 0.42 0.40 0.42
[22297] Euro-Cbonds IG Corporate Italy (EUR) T-spread 99.53 100.37 102.14 102.59 104.08 104.47 104.94
Euro-Cbonds NIG Corporate Italy (EUR)
[22327] Euro-Cbonds NIG Corporate (EUR) Italy   120.22 120.11 120.10 120.08 120.11 120.07 120.09
[22329] Euro-Cbonds NIG Corporate Italy (EUR) PI 103.92 103.84 103.86 103.85 103.89 103.86 103.89
[22331] Euro-Cbonds NIG Corporate Italy (EUR) D 1 725.00 1 725.00 1 725.00 1 728.00 1 731.00 1 732.00 1 734.00
[22333] Euro-Cbonds NIG Corporate Italy (EUR) YTM 2.24 2.26 2.26 2.26 2.26 2.26 2.26
[22335] Euro-Cbonds NIG Corporate Italy (EUR) YTM eff 2.24 2.26 2.26 2.26 2.26 2.26 2.26
[22337] Euro-Cbonds NIG Corporate Italy (EUR) T-spread 221.64 225.95 225.51 228.40 233.78 238.74 236.09
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New international bonds number

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
DM new international bonds number
[14797] Number of new international bond issues (Italy) 21 5 16 15 8 11 14
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