The BTP Index-Linked Auction involves the issuance of Italian government bonds (BTP€i) where both the principal and interest payments are indexed to the Eurozone Harmonized Index of Consumer Prices (HICP). These instruments are designed to protect investors from inflation by adjusting the bond's value based on changes in purchasing power. The results of these auctions reflect market expectations for future inflation within the Euro area.
The bonds are auctioned via a marginal price auction. The nominal value of the bond is multiplied by an indexation coefficient calculated daily based on the inflation rate, ensuring the real return remains stable.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Nov 26, 2024 | 1.51 | — | — |
| Oct 25, 2024 | 1.81 | — | — |
| Sep 25, 2024 | 1.17 | — | — |
| Jul 25, 2024 | 1.60 | — | — |
| Jun 25, 2024 | 1.68 | — | — |
| May 28, 2024 | 1.72 | — | — |
| Apr 23, 2024 | 1.35 | — | — |
| Feb 23, 2024 | 1.73 | — | — |
| Jan 25, 2024 | 1.61 | — | — |
