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 174 1 869 986 167 154
JPY 5 110 894 424 460
USD 4 7 500 000 000
CZK 3 271 636 365
GBP 2 2 612 258 757
CHF 1 633 738 775
municipal
EUR 22 12 928 483 089
USD 2 2 000 000 000
corporate
EUR 3185 557 144 542 307
USD 94 46 911 753 000
GBP 32 11 812 153 000
JPY 7 65 000 000 000
AUD 7 2 170 000 000
CHF 6 1 185 587 000
TRY 5 2 606 716 000
SKK 5 3 470 000 000
NOK 4 4 965 650 000
NZD 3 1 050 000 000
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
Banca IMI, 8.5% 13jan2019, RUR - International bonds XS1546193308 8.5% 18 000 000 000  RUR 01/13/2017 01/13/2019
Telecom Italia, 2.5% 19jul2023, EUR - International bonds XS1551678409 2.5% 1 000 000 000  EUR 01/12/2017 07/19/2023
Prysmian, 0% 17jan2022, EUR (Conv.) - International bonds XS1551933010 0% 500 000 000  EUR 01/12/2017 01/17/2022
Italy, BOT 12jan2018 12m - Domestic bonds IT0005239030 0% 7 700 000 000  EUR 01/12/2017 01/12/2018
Intesa Sanpaolo, 1.375% 18jan2024, EUR - International bonds XS1551306951 1.375% 1 000 000 000  EUR 01/11/2017 01/18/2024
Mediobanca, 0.75% 17feb2020, EUR - International bonds XS1551000364 0.75% 750 000 000  EUR 01/10/2017 02/17/2020
Eni, 1.5% 17jan2027, EUR - International bonds XS1551068676 1.5% 750 000 000  EUR 01/10/2017 01/17/2027
Enel, 1% 16sep2024, EUR - International bonds XS1550149204 1% 1 250 000 000  EUR 01/09/2017 09/16/2024
Intesa Sanpaolo, 7.75% perp., EUR (Conv.) - International bonds XS1548475968 7.75% 1 250 000 000  EUR 01/04/2017
Banca Nazionale del Lavoro (BNL), FRN 30dec2019, EUR - Domestic bonds IT0005221020 3m EURIBOR + 0.55% 2 694 000  EUR 12/30/2016 12/30/2019

World Bond Market Indicators

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
EU Long-term interest rates
Italy, % 1.89 1.94 1.45 1.27 1.18 1.23 1.45
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World Bond market statistics

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Domestic govt Bonds markets (Peripherial Europe)
Italian govt Bonds outst., EUR bln (without Bills) 1 787.47 1 795.80 1 768.01 1 762.63 1 754.24 1 779.16 1 766.39
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Quarterly indices

Type III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015 I 2015
BIS volume of internetional-bond market of developed countries
Italian international bonds, USD bln 764.700 771.000 777.300 764.100 790.100 799.100 771.600
BIS net issues of internetional-bond market of developed countries
International-bond net issue of Italy, USD bln 9.800 12.100 -18.700 -4.900 -9.400 -2.100 1.394

New issues of Developed markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
Developed Market International Bonds (excl. USA)
New issues of international bonds (Italy), USD bln 1.600 1.966 6.939 5.283 0.000 2.177 1.436
Number of new international bond issues (Italy) 5 6 14 9 0 9 3
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Developed Markets International Bonds

Monthly indices

Type Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016 Jul 2016 Jun 2016
International bonds Developed Markets
Italy sovereign international bonds, USD bln 42.485 42.912 44.033 45.040 47.803 47.929 51.029
Italy municipal international bonds, USD bln 13.698 13.834 11.536 11.776 11.700 11.718 11.740
Italy corporate international bonds, USD bln 317.668 324.441 336.850 341.822 337.855 339.929 337.345
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Credit Risk Indicators

Daily indices

Type: 01/17/2017 01/16/2017 01/13/2017 01/12/2017 01/11/2017 01/10/2017 01/09/2017
CDS Developed markets (sov.) 
CDS 5Y Italy mid * * * * * * *
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