Italian Treasury buys back BTPs and CCTeus worth 5 billion euros
Published
The Italian Treasury has bought back government bonds with a total value of five billion euros. The operations involve two instruments of public debt: BTPs, that is Buoni del Tesoro Poliennali with a fixed rate, and CCTeus, the Certificati di Credito del Tesoro with a coupon linked to Euribor.
The repurchase of government bonds, also known as a buyback, is an operation through which the State buys back from the market bonds it has already issued and that are still in circulation. In this way the Treasury can reduce the debt maturing in a given period and better spread future maturities, so as to limit the risk of having to refinance large sums all at once.
Buyback operations also serve to improve the liquidity of the government bond market. When there are more trades and more stable prices, investors can buy and sell these instruments more easily. For Italian citizens, public debt is important because it affects the State's accounts, interest rates and spending on interest payments.
The information available on the operation is still limited, and not all details have been provided, such as the average prices paid or the distribution of maturities of the repurchased bonds. To get a complete picture, it is useful to consult the official statements of the Ministry of Economy and Finance and of the Treasury Department (Agenzia del Tesoro).
Sources: MarketScreener Italia
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