The month of July 2026 brings with it a new cycle of auctions of Italian government bonds. The MEF program includes five events dedicated to BOTs, BTPs, BTP Short Term and BTP€i, with issues distributed between the first and last part of the month.
As usual, each placement will be preceded by the publication of official press releases with all the characteristics of the securities offered on offer, while the results of the auctions will subsequently be announced by the Bank of Italy. Below is the complete calendar, the main characteristics of the instruments being issued and the methods of participation.
The July 2026 auction calendar
The program of the Treasury Department, created together with the Bank of Italy, includes the following dates:
- 9 July – Bot auction;
- 10 July – medium-long term BTP auction;
- 28 July – Short Term BTP and BTP€i auction;
- 29 July – Bot auction;
- 30 July – medium-long term BTP auction.
These are the traditional monthly issues dedicated to the different types of Government Bonds, with instruments designed for different investment needs.
Bot, two auctions in July
The July calendar includes two auctions dedicated to Treasury Bills, set for 9 and 29 July.
Bots are securities without coupons: during their duration they do not distribute periodic interest and the return derives exclusively from the difference between the price paid at the time of purchase and the nominal value reimbursed at maturity. Issuances take place through competitive auctions. Typically, annual Bots are placed in the central part of the month, while those with a six-month duration are scheduled in the last days.
Btp Short Term and Btp€i
July 28th will be dedicated to two different issues. On the one hand there will be the Short Term BTPs, introduced in 2021 in place of the Ctz. They have a duration of between 18 and 36 months and provide fixed coupons paid every six months. Any difference between the purchase price and the value reimbursed at maturity may be added to the coupon yield.
And on the same day, Btp€i, Government bonds indexed to Eurozone inflation, will also be placed. In this case, both the coupons and the repaid capital are adjusted to the trend of the Harmonized Index of Consumer Prices (HICP) of the euro area, elaborated by Eurostat net of tobacco products. The goal is to preserve the purchasing power of the investment over time.
Two auctions also for medium-long term BTPs
The issues dedicated to medium and long-term BTPs are scheduled for 10 and 30 July. These bonds pay fixed rate coupons every six months and can have very different maturities, ranging from 3 to 50 years. The yield comes from periodic interest and any difference between the purchase price and the nominal value repaid at maturity. Generally, the mid-month auction mainly concerns BTPs with 3 and 7 year maturities, while the end-of-month auction mainly concerns 5 and 10 year bonds, with the possibility of also including longer durations depending on market conditions and demand.
When the communications from the Treasury arrive
Each auction is preceded by the publication of an official press release with the characteristics of the issue, including amounts, duration and expected conditions.
The communications calendar:
- 6 July – communication of the first Bot auction;
- 7 July – communication of the first medium-long term BTP auction;
- 23 July – announcement of the BTP Short Term and BTP€i auction;
- 24 July – communication of the second Bot auction;
- 27 July – communication of the second medium-long term BTP auction.
How to participate in auctions
Small savers do not take part directly in Treasury auctions: subscription takes place through authorized banks and intermediaries. It is also possible to do everything yourself, via your home banking.
Is it worth investing in BOTs and BTPs?
Government bonds are successful thanks to the idea of solidity and low risk. And also thanks to fixed coupons, where present. The mechanism is psychologically reassuring.
Some advantages are certainly represented by the preferential taxation of 12.5%, the exemption from inheritance taxes and the exclusion from the ISEE calculation up to the threshold of 50,000 euros.
Having said this, something needs to be clarified: BOTs and BTPs are not wealth building, they are rather capital protection. A Bot or a BTP certainly makes sense from the perspective of the defense or parking of capital while waiting for more favorable investments. Or in the context of tax planning or low risk appetite.
The critical point is that capital tied up for years loses purchasing power due to inflation. The coupons and the price difference between purchase and sale can stem the erosion of capital, or even guarantee a limited profit.
But those seeking greater profits, even at the cost of greater risks, will instead have to move their money elsewhere: shares, ETFs, the real estate market or something else.
