Government Bonds, the calendar of all BTPs and BOTs arriving in January 2026

Great anticipation among those who look with interest at Italy and its government bonds for the new auctions of BOTs, BTPs and other types of public debt which the Treasury-MEF is preparing to issue in January 2026.

The calendar of emissions for the entire new year has already been released, in conjunction with the Guidelines for the management of Public Debt for 2026the programmatic document that illustrates the main issuance and management strategies for the reference year.

The Ministry of Economy and Finance has also recently released another document, presenting the new BTPs and other news which concern the first quarter of the year.

Based on the information made known, it emerges the calendar of all Italian government bonds which will be offered at auction in January.

Year 2026, new calendar for Government Bond auctions following the new 2025 changes

It should be noted that the calendars that the Treasury Department publishes for the following year they are not written in stone.

In fact, the MEF reserves the right to replace the auctions already communicated with the placements of other sovereign bonds, which include issues that take place through syndicates, or new Government Bonds aimed exclusively at the retail public.

During this year 2025, the most illustrious examples concerned the issuance of BTP PlusItalian government bond belonging to the same family as the BTP Valore, having the characteristic further than the advance repayment – which made its debut in February – and the sixth edition of BTP Valorewhich took place in October.

2025 was also the year of the return of the BTP Italyi.e. the bond indexed to Italian inflation, which was placed by the MEF in May and which was aimed not only at the public of small savers, but also at that of institutional investors.

Let’s now come to calendar of Italian government bonds which will be placed in January 2026.

Government bonds, BTP, BOT, BTP Short, BTP€ auctions in January 2026

Right away the calendar of issues of BTP, BOT, BTP Short and BTP€i which the Treasury will launch in January 2026.

The first auction of the month will feature the issuance of BOTs (Ordinary Treasury Bills)scheduled for Friday, January 9, 2026.

The issuance round will end on Thursday, January 29, with the medium-long rod.

Right away all the dates to remember:

• Friday 9 January 2026: That BOT.
• Tuesday, January 13, 2026: Medium-Long Auction.
• Tuesday, January 27, 2026: Asta BTP Short-BTP€i.
• Wednesday, January 28, 2026: That BOT.
• Thursday, January 29, 2026: Medium-long shaft.

BOT auctions January 2026. How many BOT issues in 2025

The first BOT issue2026 Treasury Bills, will take place on Friday, January 9, 2026.

Communication to the market will arrive from the MEF on 7 Januarywhile the date for the submission of applications by the public has been established to January 8th.

The settlement date was set for January 14, 2026.

Per the other end-of-month BOT auction, scheduled for Wednesday 28 January 2026communication to the market by the MEF is scheduled for January 23While the date for submission of applications by the public has been set for January 27th.

The settlement date was set at Friday 30 January 2026.

I BOT, or Ordinary Treasury Billsit should be remembered, are short-term government bonds, with duration not exceeding 1 year, without coupons.

The yield is given by emission waste(i.e. from difference between the nominal value and the price paid).

The Guidelines for the management of Public Debt for 2026 recalled that, during 2025, BOT issues were just under 170 billion euros.

The MEF clarified that, “with reference to additional placements of BOTs, any changes to the 10% percentage will be assessed from time to time based on market conditionsdemand and debt management needs, with the aim of optimizing the overall volumes issued in this segment”.

Still within the document relating to the Guidelines for the management of public debt, the Treasury pointed out that, in 2026, the periodicity of the auction cycles of Italian government bonds will remain unchanged compared to previous years.

Specifically, as regards BOTs, and as already emerges from the calendar of these Government Bonds arriving in January, the securities with 12 month and 6 month maturity they will be offered monthly and in the mid- and end-of-month auctions respectively.

Also done the other clarification:

“I BOT a 3, the reopenings of BOTs in circulation and those with flexible deadlines can be proposed indifferently in both rounds, based on cash needs”.

Medium-long term BTP auctions January 2026

There are two medium-long auctionsor of BTP, Multi-year Treasury Bondswhich will be held in January 2026.

The first auction will take place Tuesday, January 13, 2026while the second dated Thursday, January 29, 2026.

BTPs are government bonds characterized by a fixed coupon paid semi-annuallyas the MEF recalls “Fixed rate nominal bonds with coupon”.

In general, during the year 2025, medium-long term securities were issued for an amount equal to 380 billion euros.

Saving to 2026, considering the loans from the NGEU package and the management of cash availability, overall gross issues of medium-long term securities are expected a range between 350 and 365 billion eurossubstantially in line with 2025.

Again from the Management Guidelines for the 2026 public debt it was found that, “on the medium-long term nominal segment, they will be offered regularly in the middle of the month the 3 and 7 year BTPs currently being issued (on-the-run). and, where applicable

the conditions, one or more long-term securities on maturities at 15, 20, 30 or 50 years old ”.

In the auctions at the end of the month, however, they will continue to be offered in BTP a 5 e 10 anniinsieme ai CCTeu.

BTP Short auction in January 2026

The Treasury-MEF will also issue a BTP Shortto be precise on Tuesday, January 27, 2026.

It should be remembered that i BTP Short they are Italian government bonds with fixed semi-annual couponswith a duration of between 18 and 36 months.

In the document relating to the Guidelines for the management of public debt we read that, in 2026, “the Treasury will continue to regularly offer Short Term BTPs in the ordinary auction cycle at the end of the month, together with indexed BTPs, and will presumably introduce two new benchmarks with timings that will be adequately communicated to the market through the publication of Quarterly Issuance Programmes ”.

“However”, it was underlined, “the Treasury’s strategy will continue to be oriented towards a gradual reduction of the weight of the short-term segments on the total issues, with consequent redistribution of the volumes on the medium-term maturities. From this perspective, the amounts placed in the Short Term segment in 2026 may be in line or slightly lower than those of the past year, while net emissions could be positive ”.

Still, “in continuity with what has already happened in recent years, Short Term BTPs may be subject to any repurchase operations (both directly and through exchanges), with the aim of containing the amount expiring in the next two years”.

BTP€ auction in January 2026

Also on Tuesday 27 January, together with the Short BTPs, the Treasury will issue Government bonds known as BTP€i.

In BTP€ithe Treasury recalled in publishing the calendar of all the Government Bonds that will be issued during 2026, are “Securities with coupons and principal indexed to Eurozone inflation”.

The public debt management guidelines have indicated that, regarding this category of BTPs, during 2026 “the Treasury plans to be present on the market with an amount substantially in line with the year just ended, also keeping the segment’s weight on total gross emissions unchanged”.

However, considering that two securities will expire in the sector for a revalued amount of approximately 28.8

billions, net negative emissions are estimated.

The MEF stated this:

“Next year too, the Treasury will offer inflation-indexed BTPs on a regular basisdistributing the volumes on the various maturities of the real yield curve on a monthly basis and taking into account the evolution of the macroeconomic context, the demand and the performance of this type of securities at a European level. The possibility of introducing new benchmarks will be evaluated taking into account the conditions of the individual securities already in circulation, both in terms of free float achieved and in terms of residual life. As usual, new securities with a duration of ten years or more will be placed via syndication. For the launch of new benchmarks, the Treasury, based on market feedback and the needs for optimal cash flow management, will evaluate the opportunity to adopt coupon cycles other than the current one of May-November”.