Overview

• The Treasury closed its 20th Btp Italia auction on May 30, 2025, securing €8.79 billion in seven-year inflation-linked debt.
• The bond offers a real annual yield of 1.85% plus a 1% gross bonus at maturity in May 2032.
• Retail investors drove demand, accounting for 65% of subscriptions with an average ticket of €34,000 and over 62% of contracts below €20,000.
• Italian inflation slowed to 1.7% in May from 1.9% in April while Euribor fell below 2% versus 3.8% a year earlier, reviving competitive variable-rate mortgages.
• Upgrades by Standard & Poor’s and Moody’s have enhanced Italy’s debt reliability, enabling the government to borrow on more favorable terms.