From Eurostat data, in practice, Italy emerges as a peculiar case. Over the years banks and Italian intermediaries have distributed BTPs and other government bonds more widely among retail customers, thanks to a savings culture more oriented towards this type of investment. In other countries, however, the shares held by financial institutions have a greater impact, pension fundscentral banks and non-resident investors: different investment choices could lead families to prefer pension funds to direct holding.
Emissions and returns
There have been numerous issues dedicated to families recently. BTp Valore (including BTp Più), BTp Futura and BTp Italia often have durations of between five and eight years, more attractive for investors retail investors. The share of these types of government bonds rose to 6.48% of the total stock in circulation as of 31 December 2025, compared to 3.9% in 2019: based on the snapshot of the Ministry of Finance, the Italia BTp now represent 2.03% of the total, the Futura BTp 1% and the Valore BTp 3.67% (of which 0.57% is represented by the Più che BTp debuted in 2025). Among other things, there is a provision for these titles preferential taxation at 12.5% on coupons and extra final premiums, in addition to the exemption from inheritance taxes and the exclusion from the ISEE calculation of up to 50 thousand euros invested in government bonds.
The appeal of government bonds comes first and foremost from their returns: at the end of 2024 the ten-year BTp paid an interest rate of 3.52%, while at the end of 2025 they offered 3.51%, a stability that is worth its weight in gold in relation to other countries in the euro area. In this context, the lack of attractive return alternatives also plays a crucial role, which pushes many to move their savings towards BTp.
The critical issues
Yet the greater concentration of public debt in the hands of families has implications. In the event of a rise in rates (or possible volatility in the prices of securities), Italian private investors would see the market price of government bonds fall: those who hold BTp until maturity could ignore the movement by relying on the reimbursement of the nominal value (even if they would still find themselves owning securities that yield less than new issues); whoever needs to sell, would materialize the handicap.
Furthermore, with such a large domestic investor base, a considerable part of the interest paid by the State goes directly back into the pockets of investors Italian savers and it can be a reason for greater stability in turbulent periods, but it also means that any shocks on the internal market – today a remote risk, judging also by the ratings of the rating agencies – are transmitted more quickly to household budgets.
date:2026-02-10 11:47:00