Between BOTs, BTPs and BTPs indexed to European inflation, April 2026 is a month full of events for those interested in Italian government bonds. Below is the calendar of the April 2026 auctions, with a summary of past appointments and upcoming opportunities.
Please remember that the global context which is marked by the war in Iran and tensions in the Strait of Hormuz is already influencing markets, energy and inflation. And this, inevitably, is also reflected in the yields of government bonds. Below we will see the calendar, differences between government bonds and indications on who could theoretically have an advantage and who not.
April 2026 auction calendar
The April auction calendar:
- 9 April – Bot auction;
- 10 April – medium-long term securities auction;
- 24 April – Short Term BTP and BTP€i auction;
- 28 April – Bot auction;
- 29 April – medium-long term securities auction.
The April communications calendar:
- 7 April communication of first Bot auction;
- 8 April communication of first medium-long term BTP auction:
- 21 April Btp Short Term and Btp€i communication;
- 23 April communication of second Bot auction;
- 24 April communication of second medium-long term BTP auction.
Given international tensions, government bond yields could rise, but with strong volatility.
Translation:
- if oil rises, inflation rises;
- if inflation rises, yields rise;
- if yields rise, bond prices fall.
Differences between government bonds
Bots are Treasury Bills that guarantee a profit due to the difference between the purchase price and redemption, all with a low risk. They are for those who want to park liquidity and fear shocks in the markets. This product has a limit: earnings are limited and often eroded by inflation. They are tools generally considered “boring” but in uncertain phases they suddenly become intelligent.
BTPs are medium-long term products with periodic coupons and a rate-sensitive price. They are for those looking for a stable income believing that rates will drop in the future. There is a risk: if rates rise the price will fall. If yields rise, those who buy today could find themselves at a loss for months.
Short Term BTPs are a shorter version of BTPs and are less sensitive to rates than long term BTPs. They are a compromise between Bot and BTP for those who want returns but without exposing themselves too much. They don’t work miracles, but they reduce shocks in times of uncertainty.
Btp€i are indexed to European inflation and therefore have capital and coupons linked to inflation. This is a real protection of purchasing power. The product is for those who fear out-of-control inflation. If inflation drops, they yield less. In a scenario of systemic crisis this is a rather interesting product. In summary: if energy and prices continue to rise, they are the ones that will hold up best.
The common mistake is that, since they are government bonds, they are safe by definition. In reality, they are generally safe products only if they expire. While those who sell them first can lose a lot.
What is worth buying today?
Which government bond is best to buy today? The choice is solely up to the investor, who will decide based on his or her objectives and risk appetite. Here we simply remind you that the market is currently nervous and given the situation, yields can rise rapidly while BTP prices can fall.
BOTs are a defensive choice more suitable for those who do not have a clear vision, long BTPs are suitable for those who believe that rates will fall in the coming years and that inflation will be contained. Btp€, on paper, are a potentially interesting choice: if the scenario worsens and energy and inflation continue to rise, this product offers protected real returns. But be careful: nothing prevents Trump, in his unpredictability, from ceasing hostilities in Iran overnight, giving oxygen back to the world economy and changing the scenario.
One last aside: the unpredictable scenario could cause sudden price increases or collapses in yields. Those who buy long-term BTPs today must be ready to see the minus sign on their securities account for months before seeing a profit. In a world where a tweet or yet another drone can burn billions of euros in a few minutes, the best strategy in 2026 may not be the classic “buy everything immediately and forget”, but perhaps move in small steps depending on the direction of the economy and finance, taking advantage of the different windows offered by the Treasury.
