Italian bond issues rise, government yields decrease in early 2026

Resident sectors in Italy recorded net bond issues of €4.4 billion in January.

General government net issues were positive at €3.0 billion, primarily from BTPs (€2.7 billion) and other central government securities (€0.8 billion), despite negative contributions from BOTs (€0.5 billion).

The remaining sectors showed positive net issues of €1.3 billion.

This was a result of significant contributions from non-financial corporations (€4.9 billion) and insurance corporations (€1.6 billion), which offset negative net issues from other financial intermediaries (€5.2 billion).

The overall positive trend in bond issuance reflects continued demand for Italian debt instruments in the new year.

In February, gross yields to maturity on Italian benchmark government securities decreased across all main maturities.

The 3-year BTPs saw a 9 basis point reduction, settling at 2.37 percent.

Yields on 10-year BTPs fell by 10 basis points to 3.39 percent, and 30-year BTPs decreased by 6 basis points to 4.33 percent.

Benchmark CCTs also recorded a 2 basis point drop, reaching 2.73 percent.

This broad decline in yields indicates a more favorable borrowing environment for the Italian government in early 2026.