The Report – at its third annual release - is meant to provide investors and citizens with a thorough transparent and complete set of information about Italian public debt management. More specifically, the paper provides detailed information about the following issues: - Goals set to public debt management activities for 2016; - Evolution of the Italian Government securities market in the international context; - Debt management within the overall public finance outlook; - Results of public debt issuance and management activities in 2016.

In 2016, in line with the targets, the average life of the Government securities increased further, reaching 6.76 years from 6.52 of the previous year. In order also to achieve the extension of debt average life, in 2016 the Treasury launched two new BTP tenors, successfully placing on the market, for the first time, a 20- and a 50-yr benchmarks. The weighted average cost at issuance plunged further in 2016 to a new historic low of 0.55% from 0.70% in 2015.