The document - now in its fourth edition - aims to provide the investor and the citizen, in an organic and transparent way, with all information relating to the management of the public debt. The Annual Public Debt Report is a part of the extensive information set that the Treasury Department makes available on its website and which also includes a very comprehensive section of constantly updated statistical data.
More specifically, the Report provides detailed information about:
- Public debt management objectives that had been set for 2017;
- Performance of the Italian government bond market in the international context;
- Outcomes of securities issuance and public debt management activities in 2017.
In 2017, exceeding the expectations that had underlaid the objectives set, average life of government bonds stock has lengthened further, reaching 6.90 years compared to 6.76 in the previous year. As part of the search for extension of the average life, in 2017 the Treasury favored issues in the nominal BTP segment, also using the 20 and 50 year benchmarks introduced the previous year. On the other hand, BTP Italia issues decreased, as well as - to a marginal extent - BOT and BTP€i.
Weighted average cost of the newly issued securities slightly increased in 2017 to 0.68% from the previous 0.55% (all-time low), while still remaining at an exceptionally low figure. On the other hand, overall weighted average debt cost further reduced in 2017, from 3.39% in the previous year to a 3.07% figure, i.e. the lowest in the last decade.
Compared to previous editions, the Public Debt Report has been streamlined by eliminating the chapter on public finance. Indeed, information about 2017 trends of Central government and General Government borrowing requirements is widely contained in the Economic and Financial Document (DEF) 2018.