The Ministry of Economy and Finance has announced one new issue of government bonds For March 2025, with a range of offers that includes both BTP and CCTEU. The auctions open on March 27 and close on April 1st, with yields which reach up to 4.16% per year.
What are the most interesting titles among those in auction and on which It is really better to invest? Let’s see the characteristics of each title, the coupons, the deadlines and the possible advantages for those who decide to participate.
New BTP and CCTEU emissions
With the new placement window expected between the end of March and the beginning of April, the MEF puts four different types of government bonds on the plate, between new tranches and securities already under issues. The goal is to offer suitable options to different investment profilesfrom the most prudent to the most dynamic.
In detail the emissions announced are:
| Title | Isin | Tranche | Original emission |
| BTP 5 years | IT0005637399 | 3rd | 03/03/2025 |
| BTP 10 years | IT0005631590 | 4th | 15/01/2025 |
| Ccteu 7 years | IT0005620460 | 7th | 15/10/2024 |
| Ccteu 7 years | IT000594467 | 13th | 15/04/2024 |
Emissions calendar
The new MEF emissions therefore include four government bonds, two BTP and two CCTEU, with a residual life between 5 and 10 years. The auctions will take place following the dates, as per calendar 2025:
- booking by the public by March 27, 2025;
- submission applications to auction by 11:00 on March 28, 2025;
- additional auction by 15:30 on 31 March 2025;
- Regulation of subscriptions on April 1, 2025.
Returns and coupon
It is on the returns that much of the interest is played for this new issue. If the BTPs guarantee fixed coupon, i Ccteu They adapt to the market, currently offering higher gross rates.
The emission titles have the following characteristics:
- BTP 5 years (Isin IT0005637399) with annual coupon of 2.95% (expiring 1 July 2030), an amount offered between 2,500 and 3,000 million euros;
- BTP 10 years (Isin IT0005631590) with annual coupon of 3.65% (expiring 1 August 2035), an amount offered between 2,500 and 3,250 million euros;
- CCTEU 7 years (Isin IT0005620460) at an annualized rate 4.164% (expiring April 15, 2033).
- CCTEU 7 years (Isin IT000594467) at an annualized rate 4.114% (expiring April 15, 2032).
Care: the placement will take place with marginal rod And the minimum amount subscribable for the public will be 1,000 euros.
What should you invest on?
The MEF issue of March 2025 offers four titles with different characteristics and different qualities on which it is better or not. BTPs are suitable for those looking for stability in cash flows; The CCTEU, on the other hand, have a variable rate and can be more interesting in inflation scenarios or rates of rates.
The yields of the CCTEUs are currently superior, but the risks related to the variability of the rate and duration must be considered. BTPs, on the other hand, offer greater predictability and can be more suitable for those who want one certain annuity in the medium-long period.
It is difficult to say on what it should be investing without knowing the objectives of the individual investor, but two profiles can be generalized:
- Who seeks a greater gain, paying the risk;
- Who instead prefers stability.
How to participate in the auction
Only qualified operators, or Specialists in government bonds And Aspiring specialistscan participate directly in the auctions, both on their own and for third parties. Each operator can present up to 5 offers at different priceswith a minimum of 500,000 euros per request.
The assignment will take place at the price determined by the auction and, in the case of offers at the marginal price not entirely welcomed, it will proceed with pro-quota allotment. The amount actually paid will include the award price and the dieticians of interest.
The MEF also provided for an additional auction for specialists who participated in the ordinary auction. Furthermore, from this issue, the 5 -year BTPs (Isin IT0005637399) are admitted to stripping.
