In 2013 the Treasury aims to lengthen the average life of the debt and will return to issuing Btp Italia. These are some of the indications that emerge from the document on the "Guidelines for the management of the public debt" published on the via XX Settembre website. It will also resume issuing foreign currency on international markets after signs emerged of increased interest from global investors on cheaper terms.
The Btp Italia will still be indexed to Italian inflation and will have a four-year term. In terms of other BTPs, the issuance policy on 3, 5 and 10-year maturities will be based on "regularity and continuity and will constitute the majority share of nominal BTP issues, as well as all medium-long term issues". The launch of new securities will be decided in order to take into account the financing needs of the Treasury, the secondary market performance of securities with a similar residual maturity and, in any case, seeking to ensure that the final free float of securities being issued is such to leave the possibility that they can be reopened at a later time as off-the-run or in exchange operations.
However, we are moving towards a reduction in emissions: “During 2013, in consideration of the normalization process underway also on longer maturities – states the document – we will see, overall, an easing of gross issues on these three maturities, which will be more in line with the amounts due". With regard to issues with extra-long durations, the strategy "will focus on reconciling the commitment to a gradual return to regular issuance, with the aim of guaranteeing an efficient execution of the placements, also through a careful choice of securities to be issued".
Also for Treasuries in 2013, issues may be lower than in 2012. "In the light of the lower cash requirement expected for 2013 and the strategy of lengthening the average life of the debt pursued by the Treasury, overall Treasury issues may be lower than to those of 2012 – writes the Treasury – The annual and semi-annual BOTs will in any case be offered regularly, respectively in the middle and at the end of each month, and the amounts will be determined according to the aforementioned purposes, as well as
demand and market conditions. With reference to six-monthly BOTs, the Treasury will continue to pay particular attention to calibrating the quantities of issues that determine the indexing of traditional CCT coupons still in circulation, to ensure the efficiency of the relative market”.
