2014 is off to a good start for the Treasury, with the spread below 200 points and the BTP yield below 4%: the Treasury is now preparing to face a fiery January. In fact, during the month, according to Citi forecasts, Italy will lead the list of issuers with an overall offer of 20 billion bonds divided as follows: 7,5 billion Ctz and 3-year BTPs; 4,3 billion of 5-year Cct and Btp; 2 billion for the new seven-year BTP; 3,5 billion Btp 10 plus 1,8 billion Btp 15 or 30 years and 1,2 billion bonds indexed to EU inflation.
Over the next 12 months, between 840-880 billion of securities will be issued in the euro area, a slight decrease compared to 2013. Italy will raise at least 250 billion against maturing issues of 194 billion. In addition to the deficit and payment of outstanding securities, the Treasury will have to pay the public administration's outstanding debts (20 billion) and the last tranche of funds for the ESM (2,85 billion).
