The Ministry of Economy and Finance has announced the issuance of new Treasury Bills (BOT), with an auction set for November 2025. The operation is part of the usual planning of issues of short-term government bonds, intended to finance public needs. The total amount offered amounts to 8.5 billion euros for 12-month securities. This is the first tranche of the issue, with maturity set for 13 November 2026.
Operations calendar
The MEF has precisely defined the calendar for the subscription operations. Here are the key dates to remember:
- deadline for booking by the public 11 November 2025;
- deadline for submitting applications at auction 12 November 2025, 11:00 am;
- deadline for additional placement November 13, 2025, 3.30 pm;
- settlement date 14 November 2025.
As usual, the additional placement will be reserved for operators specializing in government bonds who participated in the ordinary auction.
Technical characteristics of BOTs
The new security has a duration of 364 days, with an issue date of 14 November 2025 and a maturity date of 13 November 2026. The amount offered at auction is equal to 8,500 million euros, with an ISIN code to be assigned at the time of issue. The MEF press release specifies that, as of 31 October 2025, the total amount of BOTs in circulation amounts to 134.56 billion euros, broken down as follows:
- bot 6 months 27.42 billion euros
- bot 12 months 107.13 billion euros
There are no flexible or 3-month securities in circulation.
Commissions and placement methods
As required by the MEF Decree of 15 January 2015, the maximum commission applicable to customers for 364-day BOTs is set at 0.15%. The placement of the securities will take place through a competitive auction, with requests expressed in terms of yield. Each operator will be able to submit up to five purchase proposals, for amounts of no less than 1.5 million euros each. Yields must be indicated in percentage points, with minimum variations of one thousandth of a point.
Only “Specialists in Government bonds” and “Aspiring Specialists”, recognized pursuant to Ministerial Decree no., will be able to participate. 216 of 22 December 2009 and Managerial Decree no. 993039 of 11 November 2011.
Regulation and subscription
The BOTs will be dematerialized and represented by accounting entries in favor of the entitled parties, as established by Legislative Decree 213 of 1998. The Bank of Italy will take care of the clearing and settlement operations of the securities, ensuring the automatic registration of subscriptions.
The minimum amount that can be subscribed is equal to 1,000 euros, while the reference tax price will be determined based on the weighted average price of the first tranche, calculated on the weighted average yield of the auction.
The successful intermediaries will credit the securities to the subscribers’ accounts, following the technical methods established by the agreement with the Bank of Italy.
The additional placement will be equal to 10% of the nominal amount offered in the ordinary auction, at the weighted average yield determined at the auction. Only specialist operators who participated in the first phase will be able to join.
No quarterly BOTs in issue
The MEF also communicated that, due to the absence of specific cash needs, no quarterly BOT will be offered on 12 November 2025. The current issue concerns exclusively the 12-month bond. With this new operation, the Treasury continues its orderly management of public debt, offering investors short-term instruments with high safety and returns in line with market conditions.
