Mef, Bot auction of 9 October: characteristics and yield. All the details

The specifics related to the initiative

The Mef, in stating the details of the financial initiative, reports that "pursuant to the Ministerial Decree of 15 January 2015 on the maximum amounts of commissions applicable to customers by intermediaries, for 365-day BOTs, the maximum commission is set at 0.15%". Furthermore, it is reported that, following the absence of specific cash needs, "the quarterly BOT will not be offered on 9 October 2026". The BOTs, the Ministry further points out, "are auctioned using the competitive auction placement system, with operators' requests expressed in terms of yield". Those who participate in the auctions can submit "up to a maximum of five purchase requests" and the vouchers can "be subscribed for a minimum amount of one thousand euros". For each BOT issue, it is specified, "the reference fiscal price is the weighted average price of the first tranche, calculated on the basis of the corresponding weighted average yield. The yields indicated by operators participating in the BOT auctions, expressed in percentage terms, may vary, for all types of securities, by a thousandth of a percentage point or multiple of this figure". Among other things, requests "without indication of yield" will not be admitted to the auction. The amount of each request, the MEF further specifies, "cannot be less than one and a half million euros (€1,500,000)".

Who can participate in the auction

Only "Specialists in Government bonds" operators, identified pursuant to article 23 of Ministerial Decree no., can participate in the auction. 216 of 22 December 2009, as well as "Aspiring Specialists", pursuant to articles 5 and 6 of Executive Decree no. 993039 of 11 November 2011.