Italian bond issues rise, yields increase in March-April

In March, resident sectors in Italy recorded net bond issues totaling €15.8 billion.

This was primarily driven by the general government, which saw positive net issues of €14.7 billion.

Within this, BTPs contributed €14.8 billion, international securities €0.5 billion, and CCTs €2.5 billion.

Conversely, BOTs, other central government securities, and local government securities recorded negative contributions of €2.5 billion, €0.5 billion, and €0.1 billion, respectively.

Banks, however, experienced net redemptions of €2.2 billion.

Other financial intermediaries, insurance corporations, and non-financial corporations collectively contributed €3.3 billion in positive net issues, with other financial intermediaries accounting for €3.1 billion, insurance corporations -€0.1 billion, and non-financial corporations €0.2 billion.

In April, gross yields to maturity on Italy's benchmark government securities saw increases across various maturities.

The 3-year BTP yield rose by 8 basis points to 2.90 percent, the 10-year BTP by 9 basis points to 3.82 percent, and the 30-year BTP by 7 basis points to 4.61 percent.

Benchmark CCTs also experienced a notable increase, with their gross yield rising by 23 basis points to 3.13 percent.

Additionally, the Banca d'Italia announced that its Statistical Database (BDS) now includes a new quarterly table, SHI0100, providing data on securities held by resident institutional sectors, with data available from December 2021.