The auction for medium and long-term government bonds will be held on March 27, which will include two different BTPs and one CCTEU. Reservations will be completed as usual the previous day, while the subscription settlement will arrive on April 1st. In total, the ordinary issue is worth 8.5 billion euros, with a possible supplement of up to more than 10 billion.
Yields will be potentially high, also due to the increase in the spread brought about by the war in Iran, which in recent weeks has destabilized the bond markets, raising the yields of the government bond benchmark, the 10-year BTP, which is one of those auctioned in recent days.
The auction on March 27, which products will be issued
The issuance of medium and long-term BTPs and CctEu will take place over the course of four days in total:
- the deadline for booking by the public will expire on March 26;
- on March 27th, applications must be submitted for auction by 11:00 am;
- on March 28, by 3.30 pm, additional auction applications can be submitted;
- The subscription regulations will be published on April 1st.
The products made available will be three in total
- the eleventh tranche of the 5-year medium-term BTP;
- the ninth tranche of the 10-year long-term BTP;
- the seventh tranche of the CctEu.
In total, 8.5 billion euros of government bonds will be issued in the regular auction, with a possible supplement of 500 million for each BTP and 525 million for CctEu, which would bring the total to 10.02 billion euros.
Performance and specifications
The five-year BTP (ISIN code IT0005671273) was issued for the first time in October 2025 and will mature in February 2031. It has an annual coupon of 2.85%, with the next coupon payment date being 1 August 2026. A maximum of 2.5 billion euros in five-year BTPs will be put on the market.
The ten-year BTP (ISIN code IT0005676504) was issued for the first time in November 2025 and will mature in February 2036. It has an annual coupon of 3.45%, with first payment also in this case on 1 August 2026. Exactly as for the 5-year BTPs, a maximum of 2.5 billion of this government bond will also be issued euros in value.
| Typology | ISIN code | Expiration | Coupon/Yield | Max offer (mln) |
|---|---|---|---|---|
| 5 year BTP | IT0005671273 | 02/01/2031 | 2.85% | €2,500 |
| 10 year BTP | IT0005676504 | 01/01/2036 | 3.45% | €2,500 |
| CctEu | IT0005680753 | 04/15/2035 | 2.90% | €3,500 |
The CctEu (Isin code IT0005680753) was issued for the first time in mid-October 2025 and expires in April 2035. It has an annualized rate of 2.903%, with a spread of 0.8% and a semi-annual coupon rate of 1.486%. The issue will be a maximum of 3.5 billion euros.
Who can participate in the auction
Unlike the Valore BTP auction, this auction is reserved “exclusively for Specialist operators in Government bonds, identified pursuant to Article 23 of Ministerial Decree No. 216 of 22 December 2009, as well as Aspiring Specialists, pursuant to Articles 5 and 6 of Executive Decree No. 993039 of 11 November 2011” as indicated in the communications of the ministry.
The ministry then specified:
The placement mechanism used will be that of the marginal auction with discretionary determination of the allotment price and the quantity issued within the aforementioned issuance intervals.
