Following the 40% increase in 2022, the rush to buy government bonds by Italian companies and people has continued at an even faster pace this year, with a further 46.3% increase in the share of debt in the portfolios of domestic non-financial investors. The figures show that the Government's goal of tailor-made offers for small Italian savers (from BTp Italia to the new BTp Valore) has been met. The majority has often referred to this dynamic in political discourse as a form of vote of confidence conveyed with the portfolio, and there is little doubt that the enormous purchases are a statement of confidence in the sustainability of government bond management. Unquestionably, this pushback against BTPs, which has extended beyond retail products and has reached ordinary issues, has been aided by the sustained rate decline, which has rendered BTPs more than competitive in terms of risk-return ratio compared to alternative offerings on the bond market. However, it is unclear that consumers and businesses will be able to fill the void left by the European Central Bank's purchases on their own.
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