The Ministry of Economy and Finance has communicated the next emissions of government bonds scheduled for the end of July and has announced some variations to the calendar of August 2025 auctions. The news concerns both the technical details of the new BTP and CCTEU emissions, and the cancellation of two auctions scheduled in the middle of the month.
New emissions by BTP and CCTEU: the dates
Merf announced that Monday 29 July 2025 It will be the deadline for booking by the public of the following securities:
- BTP 5 years (Isin IT0005654642);
- BTP 10 years (Isin IT0005648149);
- BTP 10 years (Isin IT0005383309) – with 5 -year residual life;
- CCTEU 7 years (Isin IT0005652828).
The auctions will take place the July 30thwith any additional auctions provided for the July 31st. The regulation of subscriptions is set for the 1 August 2025.
The characteristics of the new government bonds
Below are the characteristics of government bonds.
| Title | Duration | Annual coupon | ISIN code | Amount offered (min/max) |
|---|---|---|---|---|
| BTP 5 years | until 2030 | 2.70% | IT0005654642 | 1.5 – 2 billion euros |
| BTP 10 years | until 2035 | 3.60% | IT0005648149 | 3 – 3.5 billion euros |
| BTP 10 years (resid.) | until 2030 | 1.35% | IT0005383309 | 1 – 1.5 billion euros |
| Ccteu 7 years | until 2034 | Variable rate (currently at 3.294%) | IT0005652828 | 1.5 – 2 billion euros |
The fixed coupon securities provide for the payment of interest each April 1st And October 1st. For the new BTP 5 and 10 years, a first short coupon will be applied proportional to the period of enjoyment (112 and 152 days respectively).
Auction and participation mechanism
The auctions will be held with the method of marginalthat is, at a single price, with discretionary determination by the treasure both of the price and the quantity issued.
The Specialists in government bonds and the Aspiring Specialistsalso on behalf of its customers. The subscriptions of the public must be carried out by 29 July at the intermediaries authorizedwith a minimum cut of 1,000 euros.
Additional auctions are also provided, reserved for specialist operators, for a further amount of 15% or 20% of the ordinary offer.
August auctions: two cancellations in the calendar
With a second press release, the MEF informed that two scheduled auctions will not be held for August 2025, in particular:
- the auction of medium-long term titles on 13 August;
- The Auction of the BTP € I (indexed to European inflation) of 26 August.
All other auctions remain confirmed, including that of the bots scheduled for August 12, 2025.
The cancellation was motivated by cash management needs. In periods of lower needs or greater liquidity, the treasure can decide to suspend some emissions, avoiding accumulate useless or not advantageous conditions.
How to participate in auctions and invest in BTP
For those interested in investing in government bonds, the window of the end of July offers four different tools, with duration from 5 to 10 years, both at a fixed and variable rate. The cancellations of mid -August are a technical choice and do not affect the overall availability of securities on the market.
Those who want to participate in the auction will have to contact their own bank or a intermediary enabled By Monday 29 July, taking into account that the minimum amount to invest is 1,000 euros.
