5-Year BTP Auction reflects the average yield on Italian Treasury Bonds (Buoni del Tesoro Poliannuali) having maturities of five years. The Italian BTPs have a maturity of three, five, seven, ten and thirty years. The government issues securities to borrow money necessary to cover the gap between the amount received from the taxes and the amount to be spent to refinance the existing debt and/or create capital. The yield of the BTP represents the return that the investor will receive by holding the security for its entire duration. All participants in the auction receive the same rate as the highest accepted offer. Changes in returns must be closely monitored as they are indicators of the country's public debt situation.
BTPs or multi-year treasury bonds are government bonds in the form of debt certificates issued by the Italian state and have a maturity that exceeds one year. They are exchanged in the General Government Securities Market for amounts in excess of 2.5 million euros while for amounts below the MOT.
This title has a five-year duration with annual coupons paid every six months, so that a 5% BTP pays a coupon every 6 months at 2.5% and the other coupon at the end of the other 6 months at 2.5%, and the return is given by the fixed rate of the BTP and the issue price less the repayment price.
The security has a nominal value at maturity so it is considered a security with guaranteed capital. The BTP price is calculated based on the sum of the present value of a deferred annuity where the installments are given by the constant value of the coupon plus the current value of the nominal value that is received at maturity.
The BTPs can be exclusively Italian or European, in this last case they are indexed to the European inflation expressed with the harmonized index of consumer prices HICP (IAPC) without taking into consideration the tobacco, which Eurostat calculates every month, while the Italian ones are indexed to the Italian inflation.
The chart of the entire available history of the "Italy 5-Year BTP Auction" macroeconomic indicator.
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