In June, several auctions for government bonds are scheduled to be managed by the Treasury Department in collaboration with the Bank of Italy. The first on the calendar will take place on June 10th. The issue of ordinary Treasury bills with an annual duration is worth 8.5 billion euros.
The operations calendar is divided into four days. Let’s see the terms and conditions together.
Bot issues 12 months: the auction calendar
Among the June appointments, there is a wait for the issue of 12 month Bots. The issue is worth 8.5 billion euros.
As communicated by the Ministry of Economy and Finance, the operations will be divided into four days.
The calendar:
- June 9th, deadline for booking by the public;
- 10 June, deadline for submitting applications at auction (11:00:00);
- 11 June, additional placement deadline for BOT (3.00.30 pm);
- June 12th, settlement date.
The characteristics of the Bot 12 months and returns
From the Ministry’s note, we learn that the Bot being issued has a short expiry date. It has a duration of 367 days, which is why it is a “12 month Bot”, and has an expiry date of 14 June 2027.
This is the first tranche, with a minimum amount offered of 8.5 billion euros.
Attention: BOTs can be subscribed for a minimum amount of 1,000 euros.
In short:
- ISIN code IT0005716714;
- duration 367 days (12 months);
- issue date 12 June 2026;
- expiry date 14 June 2027;
- first tranche;
- minimum amount offered 8.5 billion euros.
The yield arises from the issue difference between the purchase price and the redemption.
Next issues in June 2026
The next auctions for Italian government bonds for June 2026, again managed by the Treasury Department in collaboration with the Bank of Italy, are scheduled to start from 11 June.
On the calendar we find:
- the auction of medium-long term bonds on 11 June 2026;
- from 15 to 19 June 2026 the auction for BTP Italia;
- the combined auction of BTP Short and BTP€i on 24 June 2026;
- the BOT auction on 25 June 2026;
- the auction of medium-long term bonds will take place on 26 June 2026.
How to participate in auctions?
As the Ministry note reminds us, to participate in the auctions there are conditions to be respected. In fact, small savers do not access the auctions directly, but can participate through the banking system and authorized financial intermediaries, who often use home banking services.
Therefore purchase requests are collected in the days preceding the auction date and only subsequently settled according to the calendar and operating methods established by the Treasury. In the case of 12-month Bots, therefore, it works like this: operators specializing in government bonds participate in the auction and then, on the basis of the assignments, the winning intermediaries credit the relevant amounts to the accounts held with the subscribers.
Alternatively, it is possible to buy or sell Bots already issued on the secondary market, in particular on the MOT (Telematic Bond Market). Be careful, however, because in this case the price is not the one set at auction, but depends on market conditions and the trend in interest rates.
