New BTPs arriving in the first quarter of 2026. The news arrived today, Wednesday 24 December 2025, with the publication by the MEF Treasury Department of the program for the issuance of Italian government bonds relating to the first three months of next year.
After publishing the 2026 auction calendar, together with the document known as “Public debt management guidelines 2026”, the Treasury presented the new government bonds that will appear in the next quarter.
4 new BTPs arriving in the first quarter of 2026
It will all be about 4 new BTPswith minimum amounts included between 9 and 10 billion euros.
To be precise, the new ones Multi-year Treasury Bonds will be the following:
- A Short Term BTP expiring on 02/28/2028 issued for a value of 9 billion euros.
- A 3-year BTP expiring on 03/15/2029 for 9 billion euros.
- A 5-year BTP expiring on 01/06/2031 for 10 billion euros.
- A 7 year BTP expiring on 03/15/2033 for 10 billion euros.
On the minimum amounts that will be placed, the Treasury has done so the following clarification:
“The minimum amount refers to the value that the outstanding amount of the security must necessarily reach before being replaced by a new issue on the same maturity”.
The Treasury also specified that, in addition to these new 4 BTPs, during the first quarter of 2026 it will also be able to proceed with the issue of further new government bondsbased on financial market conditions.
The 4 new BTPs that the Treasury (MEF) will issue in the first quarter of 2026
Based on what emerges from the quarterly government bond issuance program relating to the first quarter announced by the MEF, the Treasury will issue 4 new BTPs: a Short Term BTP, a 3-year BTP, a 5-year BTP, a 7-year BTP. (MEF source)
The MEF also reopens outstanding securities
The announcements did not end with the new BTPs in the pipeline as, as usual, the MEF also communicated the reopenings of outstanding Securitiesor the offering of further tranches of the following securities currently being issued.
- BTP with maturity date of 07/15/2025 and maturity date 01/15/2029, with coupon at 2.35%.
- BTP with maturity date of 01/10/2025 and maturity date of 02/01/2031 with a coupon of 2.85%.
- BTP with maturity date 01/09/2025 and maturity date 02/01/2036 with a 3.45% coupon.
The MEF has announced the reopening of government bonds in circulation
With the publication of the quarterly government bond issuance program relating to the first quarter of 2026, the MEF also announced the reopening of the following BTPs in circulation (Source MEF).
The Ministry of Economy and Finance led by Giancarlo Giorgetti will also reserve the right to “the ability to offer further tranches of nominal securities being issued with a maturity exceeding 10 years, CCTeu and inflation-indexed also in order to take into account any dislocation on the secondary market of said securities”.
Furthermore, other tranches of medium and long-term bonds could be placed, nominal – at fixed and variable rates (CCTeu) – and indexed to inflation, which are no longer being issuedalways with the aim of ensuring the efficiency of the secondary market.
For all auctions of medium and long-term bonds, nominal – fixed and variable rate (CCTeu) – and inflation-indexed (BTP€i), the Treasury has specified that it will use to this marginal procedure with discretionary determination of the award price and quantity issued.
The gross issues of medium-term securities expected by the MEF in 2026
In line with what was anticipated with the publication of the document “Public debt management lines for 2026”, the MEF recalled that, over the course of next year, the Treasury’s overall emissions will be determined by maturities of outstanding securities which, net of BOTs, will be equal to approximately 256 billion euros.
The emissions will also take into account the new state sector requirement of the year which, based on preliminary estimates consistent with the public finance forecasts contained in the Public Finance Policy Document and in 2026 Budget Plan Documentit should settle around to 125 billion euros.
Consequently, considering the European loans expected for 2026 (of which NGEU will amount to approximately 23
billion euros) and the management of cash availability during the year, and based on the information currently available, the Treasury estimates total gross issues of medium-long term securities in a range between 350 and 365 billion euros.
The figure, it was pointed out, does not take into account any additional emissions to allow buyback operations.
GDP deficit and GDP debt, the Treasury explains the conditions facing public finances
As regards the conditions in which public finances find themselves, the MEF spoke of solid conditionand of a “ sustainability in the medium term ” That “does not appear compromised”, confirming the autumn forecasts.
Giorgetti’s Treasury therefore aims at return of the deficit-to-GDP ratio around the 3% threshold as early as 2025and to a further decline in 2026.
Regarding the Italy’s debt-GDPwhich is conditioned by the cash impact of tax credits linked to building bonuses, therefore still from Superbonus, and by the increase in interest expenditurethe ratio is expected to remain increasing until 2026, and then start to decrease again starting from 2027.
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