The Ministry of Economy and Finance has communicated the issue of a new tranche of ordinary vouchers of the Treasury (BOT) at 12 months for a total amount of 8 billion euros. The operation will be adjusted on August 14, 2025, with a deadline set at August 14, 2026.
The dates of the auction for the new bots
The issue, identified by an ISIN code which will be attributed in the placement, concerns securities with a duration of 365 days.
The calendar provides:
- on 11 August 2025 the deadline for booking by the public;
- on 12 August 2025 at 11.00 the deadline for submitting applications to auction;
- on August 13, 2025 at 15.30 the deadline for additional placement;
- On August 14, 2025 the date of regulation.
For the same date, the issue of quarterly bot issues due to the absence of particular cash needs is not foreseen.
Commissions and subscription methods
As established by the Ministerial Decree of 15 January 2015, the maximum commission applicable by the intermediaries for BOT at 12 months is 0.15%.
The securities can be signed for a minimum amount of 1,000 euros.
The auction will take place with the competitive system, in which requests must be expressed in terms of return (in percentage) and cannot be lower than 1.5 million euros for each admitted operator.
Who can participate
They can take part in the auction:
- specialists in government bonds;
- aspiring specialists.
The additional placement, equal to 10% of the nominal amount offered in the ordinary auction, will be reserved exclusively for operators who have participated in the first phase.
How the bots work
The ordinary vouchers of the treasure are short -term government bonds, issued by the Italian state to finance public debt. They do not provide for the payment of coupons: the income for the investor derives from the difference between the purchase price and the reimbursement value at expiry (equal to 100).
They can buy them:
- institutional investors and banks, directly to the MEF rods;
- Private savers, via bank, mail or trading platforms, during placement or secondary market.
How to buy
The small saver does not participate directly in the auction, but can book the titles at its intermediary, who will buy them on his behalf.
A minimum investment of 1,000 euros or multiple of this figure is required.
Pros and cons of bots
The advantages of the ordinary vouchers of the treasure are:
- low risk of insolvency, since they are guaranteed by the state;
- short duration, which reduces exposure to market oscillations;
- high liquidity, thanks to the possibility of selling them before the deadline.
But pay attention to risks. The main ones are:
- The performance linked to interest rates – if these fall, the gain will also be lower;
- The link with inflation – If the inflation rate is higher than the performance, the purchasing power of the capital can decrease;
- There are no periodic coupons, so the performance is made only at the deadline or with the sale.
