The Ministry of Economy and Finance has announced two new short -term emissions of government bonds: a Biennial BTP Short and a 6 -month -old reopening reopening. The double appointment concerns savers and institutional operators, with subscription between 25 and 28 August 2025 and the regulation set for 29.
BTP Short Term with fixed rate and 2.10% coupon
The first issue title is a BTP Short Term with expiry of 26 August 2027 (Isin IT0005657330), which will be offered in fifth tranche for an amount between 2.5 and 3 billion euros.
It is a fixed rate government bond, with an annual coupon of 2.10%, payable starting from February 26, 2026.
The placement will take place via marginal auction, reserved for specialists and aspiring specialists, with price and quantities defined as a discretionary way by the treasure.
The assignment will be carried out by excluding offers with prices deemed not convenient compared to market conditions.
For the retail public, the possibility of booking at the intermediaries by 25 August is provided, with a minimum signing cut of 1,000 euros.
The operators will receive an commission of 0.075% and will be able to participate in an additional placement for 20% of the amount offered, up to 600 million euros additional.
The regulation is set for August 28, 2025.
| BTP Short Term calendar (Isin IT0005657330) | |
|---|---|
| Public booking | 25 August 2025 |
| Presentation of applications in auction | August 26, 2025 (by 11:00) |
| Questions for additional auction | August 27, 2025 (by 15:30) |
| Regulation date | August 28, 2025 |
| Cedola payment date | February 26, 2026 |
Bot at 6 months: reopening at 154 days
The other title, on the other hand, concerns the half -yearly bots, reopened in the third tranche with a residual life of 154 days and deadline 30 January 2026 (Isin IT0005664484). The competitive placement is set for August 27, with an offer of 3 billion euros.
Also in this case, the subscription is reserved for specialist operators who will be able to submit up to 5 requests for auction, expressed in terms of performance.
Applications without indication of the performance will not be accepted.
The minimum amount for each request is 1.5 million euros, while the minimum cut subscribable for the public remains set in this case for 1,000 euros.
The additional placement will only be available for operators who have participated in the ordinary auction and will be 10% of the amount offered, or 300 million euros.
The regulation is set at 29 August 2025.
| Bot calendar 6 months (Isin IT0005664484) | |
|---|---|
| Public booking | August 26, 2025 |
| Presentation of applications in auction | August 27, 2025 (by 11:00) |
| Applications for additional placement | August 28, 2025 (by 15:30) |
| Regulation date | August 29, 2025 |
| Title deadline | January 30, 2026 |
To those who should invest in bots and btp
In an uncertain market context, with downhill rates but inflation that is not entirely returned, the short -term state securities continue to offer useful tools for the management of liquidity, both for small savers and for institutional investors.
The BTP Short Term, with its fixed coupon and the contained deadline, can represent an intermediate solution between the bots and the most long -term securities, offering a minimum of guaranteed performance and predictability in the cash flows.
The bots, on the other hand, are confirmed a classic liquidity parking tool for a few months, waiting for new investment opportunities.
