The Ministry of Economy and Finance has announced a new issue of 12-month BOTs. The auction is scheduled for 9 October 2026 and concerns ordinary Treasury bills expiring on 14 October 2027. The amount offered will be equal to 8 billion euros. The settlement of the issue is set for 14 October 2026, the same date as the issue of the securities.
The MEF also reports that on the same date annual BOTs of 9.9 billion euros will expire. However, the quarterly BOT will not be offered, because there are no specific cash needs.
Details of the new BOT issue
The new auction concerns the first tranche of annual BOTs with ISIN code IT0005735094. The duration of the securities is 365 days, with issuance on 14 October 2026 and redemption expected on 14 October 2027.
The amount offered is 8 billion euros, while the additional amount reserved for specialists could reach 1.2 billion euros, equal to 15% of the amount offered.
The deadline for booking by the public is set for 8 October 2026. Applications for the auction must be submitted by 11am on 9 October, while the additional placement for BOTs will close on 12 October at 3.30pm.
How much can be invested
BOTs can be subscribed for a minimum amount of 1,000 euros. The auction takes place with the competitive auction system, with requests expressed by operators in terms of yield.
Each operator can submit up to five purchase requests. Applications without an indication of performance are not accepted. The amount of each request presented by operators cannot be less than 1.5 million euros.
For 365-day BOTs, the ministerial decree of 15 January 2015 sets the maximum commission applicable to customers by intermediaries at 0.15%. The reference tax price is calculated on the basis of the weighted average price of the first tranche, linked to the weighted average yield of the auction.
The returns indicated by participating operators may vary by a thousandth of a percentage point or multiples of this measure.
Who can participate in the auction
Direct participation in the auction is reserved for Specialist operators in Government bonds and Aspiring Specialists, according to the rules established by the Ministry. Savers do not participate directly in the auction, but can book the BOTs through their bank or an authorized intermediary within the scheduled deadline.
For the public, therefore, the main step is booking by 8 October 2026, checking the conditions, commissions applied and operating methods with the intermediary.
As of 14 October 2026, annual BOTs of 9.9 billion euros are maturing. According to MEF data, as of 30 September 2026, BOTs worth a total of 141.327 billion euros were in circulation. Of these, 109.15 billion concern 12-month BOTs and 32.177 billion 6-month BOTs.
