Last quarter of Bot and BTP emissions for 2025. Pending the dates of September auctions with the new BTPs, the Ministry of Economy and Finance has released the program relating to the placements of the new state government bonds of the fourth quarter of the year, as well as the reopenings of those in circulation.
The Dicastery also anticipated, exceptionally, the calendar of next January, usually published in December, with the appointments for the purchase of Italian public debt for the rest of 2026
The new emissions of the IV quarter
The quarterly program of the last months of the year provides for the issue by the MEF of two new BTPs, one expiring at 5 and another expiring at 10 years, respectively on February 1, 2031 and February 1, 2036, both for an offer of the total value of 10 billion euros.
The Ministry recalled that before being replaced by a title with the same deadline, the minimum amount of the circulating one must be exhausted, and that the issue of new titles until December is not excluded.
In September, the issue of new BOT at six months and three types of BTP: BTP Short Term with two years, BTP € ia 5 years and BTP € ia 15 years was announced.
Pending the latest auctions of the month, the October calendar includes these appointments:
- 10 October – Bot rod
- October 14-Medium-long term auction
- October 28 – BTP Short auction – BTP € i
- October 29 – Bot rod
- October 30-Medium-long term auction
The reopenings of the titles in circulation
Also for the last quarter of the year, the MEF has communicated the reopening of titles already issued, for which further tranches may be offered:
- BTP 27/06/2025 – 26/08/2027, with a 2,10% coupon
- BTP 15/07/2025 – 15/01/2029, with a coupon at 2.35%
- BTP 09/09/2025 – 15/11/2032, with a coupon at 3.25%
- BTP 02/05/2025 – 01/10/2035, with 3.60% coupon
The numbers of 2025
The Ministry led by Giancarlo Giorgetti also made the picture on public debt in the previous placements of 2025, for the benefit of markets and savers.
According to what is read in the update on the progress of the emissions program, at the end of August the overall nominal amount of government bonds for medium-long term placed this year was approximately 260 billion.
The MEF communicated that the collection made in the first 8 months, in addition to covering the State needs, made it possible to finish other medium-long term securities expiring for a total amount of 174 billion euros.
From 1 September to the end of 2025, the Funding activity will have to take into account another 71 billion of government bonds for the medium-long term, in addition to the needs of the state machine and on the loans.
In consideration of the current availability of cash, of September emissions and those already announced (regulated by 30 September), equal to around 35 billion euros, from October 1 to 31st the Ministry therefore estimated gross emissions of medium-long term securities for about 55-65 billion euros.
