Among the events scheduled by the Treasury for the month of October 2026 are two auctions of Treasury Bills, scheduled for the 9th and 28th of the month. These are government bonds without coupons, which do not pay interest during their life but repay the nominal value in full at maturity. The return derives exclusively from the difference between the purchase price at auction and the amount collected upon reimbursement. The placement takes place through competitive auctions: generally annual issues are offered in the central part of the month, while those with a duration of six months are concentrated in the last days.
The MEF announced for the first time the simultaneous placement of two BTP Valore, which can be purchased separately or together, from Monday 19th to Friday 23rd October, with possible early closure no earlier than the third day. Both will have a duration of 5 years: the first provides for increasing quarterly coupons, while the BTP Valore Insieme will recognize a single coupon at maturity. The minimum rates and ISINs will be communicated on October 16th and may subsequently be revised upwards. The securities are reserved for small savers, with a minimum investment of one thousand euros, placement at par and without commissions during issuance. The refund will be made in full upon expiry. Preferential taxation of 12.5%, exemption from inheritance tax and exclusion from the ISEE calculation of up to 50 thousand euros are foreseen. The placement will take place on the MOT through Intesa Sanpaolo and UniCredit, with Mps and Banco BPM as co-dealers.
October 27, 2026 is the date set for the placement of Short Term BTPs, instruments introduced in 2021 to replace the Ctz. Their duration is between 18 and 36 months, but the operating mechanism essentially remains that of traditional BTPs. In fact, investors receive fixed coupons with semi-annual payment and can also benefit from any favorable difference between the subscription price and the value reimbursed at maturity. The auctions dedicated to BTPs, regardless of the duration of the securities, continue to record particularly high demand, often exceeding the available amount.
On the same day of October 27th, the placement of BTP€i, government bonds indexed to the Eurozone inflation trend and normally offered on a monthly basis, is also planned. Their main feature consists in the protection of the investor's purchasing power, thanks to the adjustment of both the semi-annual coupons and the capital repaid at maturity based on the evolution of prices. The indexation takes as reference the Harmonized Index of Consumer Prices (HICP) of the euro area, developed by Eurostat net of tobacco products.
The October 2026 program also includes two issues dedicated to medium and long-term BTPs, scheduled for the 13th and 29th of the month. These securities pay fixed rate coupons every six months and have very diversified maturities, ranging from 3 to 50 years. The return can be generated both by periodic interest and by any gain deriving from the difference between the purchase price and the nominal value repaid at maturity. Normally the Treasury organizes two monthly auctions: the one in the middle of the month mainly concerns 3 and 7 year BTPs, while the one at the end of the month is dedicated mainly to securities with a duration of 5 and 10 years, with the possibility of also including longer maturities based on market conditions and investor demand.
The official details relating to the BOT and BTP auctions scheduled for this month are released by the Ministry of Economy and Finance through specific press releases, updated regularly. These documents specify the amounts to be issued, the maturities and the main characteristics of the securities offered. Once the placement operations have been concluded, it is the Bank of Italy that makes the results of the auctions known, publishing data on yields, overall requests and degree of coverage: fundamental indicators for interpreting market trends and measuring investor confidence in national public debt.
Small lenders do not access the auctions directly, but participate through the banking system and authorized financial intermediaries, often using home banking services. Purchase requests are usually collected in the days preceding the auction date and subsequently settled according to the calendar and operating methods established by the Treasury.
