The BOT and BTP issuance calendar in October 2026 is being carefully observed by savers and investors.
The list of issues includes auctions of BOTs, medium-long term BTPs, Short Term BTPs and BTP€i, as well as the simultaneous placement of two Valore BTPs.
Inflation and spreads
But what is shaking the sleep of potential investors is inflation: according to preliminary estimates from Istat, in September Italian inflation rose to 4.2% on an annual basis, compared to 3.3% in August. In the month of September alone, prices increased by 0.7%.
For investors, this means that it is no longer enough to look at the nominal return: we must consider how much the interest actually protects the capital from the loss of purchasing power.
And then there is the issue of the spread, which has returned to mid-2025 levels: as is known, when the spread increases, the market requires higher returns to purchase Italian BTPs compared to German Bunds. This can reduce the price of BTPs already in circulation, potentially making them more convenient for those who purchase them on the secondary market. And new issues also tend to adapt to market conditions, offering returns in line with the rates requested by investors.
October BTP and BOT auctions, complete calendar
But let’s go back to government bonds: the Ministry of Economy and Finance has scheduled several issues during the month. Here are the dates to mark on your calendar:
- 9 October – Bot auction;
- 13 October – medium-long term BTP auction;
- 19-23 October – placement of Btp Valore and Btp Valore Insieme;
- 27 October – Short Term BTP and BTP€i auction;
- 28 October – Bot auction;
- 29 October – medium-long term BTP auction.
Here is the calendar of communications from the Treasury, which precede the individual auctions:
- 6 October – announcement of first Bot auction;
- 8 October – announcement of medium-long term BTP auction;
- 22 October – announcement of auction of Short Term BTPs and BTP€i;
- 23 October – announcement of second Bot auction;
- 26 October – announcement of second medium-long term BTP auction.
The official announcements will contain the amounts offered, the deadlines and the conditions of the issues. For securities whose rates have not yet been communicated, it is therefore not possible to establish the actual yield in advance.
Which government bond is worth it with inflation at 4.2%
There is no government bond suitable for all savers: the choice depends on the time horizon, the need to periodically collect interest, tolerance for price fluctuations and expectations on inflation and rates.
Bots
Ordinary Treasury bonds do not provide periodic coupons: the saver purchases them at a price lower than the nominal value and collects the entire amount upon maturity. The difference represents the gross return on the investment. Bots are mainly useful for those who want to park liquidity for a short period while exposing little to the price fluctuations that are typical of securities with longer maturities.
Btp Value and Btp Value Together
Both will have a duration of five years. The first BTP Valore will distribute quarterly coupons that increase over time, according to the step-up mechanism. The second, called Btp Valore Insieme, will instead recognize a single coupon at maturity.
The BTP Valore with increasing quarterly coupons may be of interest to those who wish to receive periodic cash flows and prefer to collect the interest during the life of the security. The BTP Valore Insieme is instead aimed at those who do not need to collect periodic coupons and prefer to receive the money all at maturity.
Short Term BTPs
The placement of Short Term BTPs is expected on 27 October, securities introduced in 2021 to replace zero coupon Treasury credit certificates. They have a duration of between 18 and 36 months and work in a similar way to traditional BTPs: they recognize fixed semi-annual coupons and can generate a further profit if the purchase price is lower than the nominal value reimbursed at maturity. They may be suitable for those looking for an intermediate solution between BOTs and longer-term BTPs.
Btp€i
Also on October 27, the Treasury will offer Btp€i, government bonds indexed to Eurozone inflation. Their peculiarity is the adjustment of the capital and coupons to the trend of the harmonized index of consumer prices in the euro area, developed by Eurostat net of tobacco products. Interest is paid every six months and is calculated on a capital revalued based on reference inflation. The capital repaid at maturity also takes into account indexation, according to the rules established by the security. It is designed for those who want to protect their purchasing power from rising prices in the euro area. It may be particularly interesting for those who fear a prolonged phase of high inflation. Attention: the reference index is that of the Eurozone, not Italian inflation.
Medium-long term BTPs
These are fixed rate government bonds with maturities ranging from three to 50 years. How it works: the saver receives semi-annual coupons and obtains a refund of the nominal value at maturity. Depending on the purchase price, you may also realize a capital gain or loss. They may be suitable for those who have a longer time horizon and want to secure a flow of periodic interest. Those who believe that market rates could fall could also benefit from an increase in the prices of securities already purchased. But if market yields rise, the value of fixed rate BTPs tends to fall.
How to participate in government bond auctions
Small savers cannot participate directly in government bond auctions. Requests must be submitted through authorized banks or intermediaries, including through home banking services.
