The Italian government bond auction calendar for April 2026 enters its final phase with three close dates. After the first issues at the beginning of the month, attention is focused on the operations scheduled between 24 and 29 April, which involve different types of instruments. There are three dates to consider: 24 April Short Term BTP auction, 28 April BOT auction, 29 April medium-long term BTP auction. This is a calendar defined by the Ministry of Economy and Finance (MEF) as part of the monthly programming of issues, managed by the Treasury Department with the support of the Bank of Italy.
Short Term BTP auction, what to know
The first useful appointment is that of 24 April, dedicated to Short Term BTPs, instruments introduced in 2021 to replace the Ctz. These are securities with a limited duration, generally between 18 and 36 months, which provide for the payment of fixed coupons every six months. According to the official press release from the MEF, the auction concerns a tranche expiring on 28 February 2028 and an annual coupon of 2.20%. The amount offered is between a minimum of 2.25 billion and a maximum of 2.5 billion euros.
Public reservations are expected by April 23rd, while the submission of applications at the auction is scheduled for the following day, by 11 am. The settlement of subscriptions will take place on April 28th. The press release also specifies that “the auction of BTP€i securities scheduled for the same day will not take place”, due to a recent syndicated issue.
Bot Auction on April 28th
The second appointment concerns Bots, ordinary Treasury bonds, scheduled for auction on April 28th. These are short-term securities without coupons, whose yield derives from the difference between the purchase price and the redemption value at maturity. As indicated in the annual issuance calendar, the end-of-month auction is generally dedicated to securities with variable duration, often six-monthly or in any case defined from time to time by the Treasury. The procedures follow a consolidated scheme: communication to the market in the previous days, collection of applications through financial intermediaries and assignment through a competitive auction. Also for this issue, the settlement is expected a few days after the auction, according to the established deadlines.
Medium-long term BTPs, auction on 29 April
The end-of-month cycle ends on April 29th with the auction dedicated to medium-long term BTPs. These securities cover a broader time period than previous instruments and can have maturities ranging from 3 to 50 years. In detail, the issues usually include different types, such as 5 and 10 year BTPs and, in some cases, CCTeu. The securities provide for the payment of fixed semi-annual coupons and represent one of the main instruments for financing public debt.
The official document relating to this type of issue indicates, for example, BTPs with annual coupons of 2.95% and 3.60% for 5 and 10 year maturities. The amounts offered can vary between 3 and 4 billion euros depending on the type. Also in this case, participation in the auction is reserved for specialized operators, while small savers can access through authorized banks and intermediaries.
How government bond auctions work
Italian government bond auctions follow a standardized mechanism. The Treasury communicates in advance the characteristics of the securities offered, including duration, coupon and amounts, while the Bank of Italy subsequently publishes the results. The placement system used is that of the marginal auction, in which the award price is determined on the basis of the offers submitted by the operators. The requests are selected by excluding those considered not in line with market conditions. For savers, access takes place through financial intermediaries, who collect requests in the days preceding the auction. The minimum amount that can be subscribed is generally equal to 1,000 euros.
