SOGEI website background

2017 Public Debt Report

2017 Public Debt Report

The document illustrates: - The objectives assigned to the public debt management activity for 2017; - The performance of the Italian government bond market in the international context; - The results of the issuance and management of public debt in 2017.

In 2017, exceeding the expectations that were at the basis of the objectives, the average life of the stock of government bonds has lengthened further, reaching 6.90 years compared to 6.76 the previous year. As part of the objective of the extension of the average life, in 2017 the Treasury favored the nominal BTP segment, also using the 20 and 50 year benchmarks introduced the previous year. On the other hand, BTP Italia issuance decreased, as it occurred marginally to BOTs and to BTP€is.

The weighted average cost of the newly issued securities increased slightly in 2017 to 0.68% from the previous 0.55% (an historical minimum ever) but still remaining at an exceptionally low level. The overall weighted average cost of the debt, on the other hand, was further reduced in 2017, rising from 3.39% of the previous year to 3.07%, the lowest level of the last decade.

Compared to previous editions, the 2017 Public Debt Report has been published with the elimination of the chapter on public finance as this information are widely contained in the 2018 Economic and Financial Document (DEF).