Italian Treasury Plans Autumn BTP Issuances Targeting Sub‑4% Yields

The Italian Treasury is preparing to issue four new BTPs in the upcoming autumn window, each with an approximate size of €10 billion. The series includes a short‑term 2028 bond with a 2.2% coupon quoted just above €99 and yielding around 2.7%. Medium‑term issues are slated for 2031 or 2032, featuring coupons near 3.1%–3.25% and yields above 3.0%. A 2033 seven‑year bond is expected to carry a 3.3% coupon and trade near parity with a yield of about 3.35%, while a longer‑dated 2036 ten‑year issue is projected with a 3.45% coupon and a price below €99, implying a yield over 3.4%. The Treasury aims to keep the cost of new debt below 4% and, where possible, under 3%, reflecting caution amid ongoing geopolitical tensions between the United States and Iran. Average debt maturity has risen modestly to 6.96 years, and the overall weighted cost of issuance stands at roughly 2.91%, slightly up from the previous year.