Italian Bond Issuance €22.4B, February 2026

Statistics The Financial Market

15 April 2026 For further information: statistiche@bancaditalia.it www.bancaditalia.it/statistiche/index.html

Figure 1

Net bond issues by issuer (billions of euros)

In February, resident sectors recorded net bond issues of C22.4 billion. General government net issues were positive at C20.1 billion, an outcome to which BTPs (C15.1 billion), BOTs (C5.1 billion), CCTs (C2.0 billion) and other central government securities (C0.4 billion) contributed positively, while international securities contributed negatively ( C2.5 billion). Banks recorded net issues of C0.9 billion. The net issues of the remaining sectors were positive at C1.4 billion, with other financial intermediaries, insurance corporations and non-financial corporations contributing -C0.5, -C0.3 and C2.2 billion, respectively.

Figure 2

Yields on benchmark government securities (per cent)

50 6 6 50 40 40 5 5 30 30

4 4 20 20

3 3 10 10 0 0 2 2 −10 −10 In March, gross yields to maturity on 3-year, 10-year and 30-year benchmark BTPs increased by 45, 34 and 21 basis 1 1 points, to 2.82, 3.73 and 4.54 per cent, respectively. The gross yield on benchmark CCTs increased by 17 basis points, to−20 −20 2.90 per cent.−30 −30 −40−1 −1 −40 Reference period: February - March 2026 2021 2022 2023 2024 2025 '26 2021 2022 2023 2024 2025 '26

CCTs 3 − year BTPs 10 − year BTPs 30 − year BTPsNon−financial corporations and other financial intermediaries Banks General government Total

General information

General information

I Unless indicated otherwise, figures have been computed by the Bank of Italy. II Symbols and Conventions:

• the phenomenon does not occur;

.... the phenomenon occurs but its value is not known;

.. the value is known but is nil or less than half the final digit shown. Figures in parentheses in roman type () are provisional. Those in parentheses in italics () are estimated. III The tables are identified both by a number and by an alphanumeric code that defines the content of the table in the electronic database holding the information to be released to the public. A similar code identifies the different aggregates shown in each table.

Contents The Financial Market

Contents

General information

Access to data in BDS:

Table 1 - Securities issued by residents VALM0100 Table 2 - Government securities: gross yields at issue by sector and maturity RTIT0100 Government securities listed on Borsa Italiana (MOT): yields to maturity, turnover and outstanding Table 3 - amounts QMOT0100 Table 4 - Government securities listed on MTS: turnover QMTS0100 Table 5 - Benchmark government securities: gross yields to maturity BMK0100 Table 6 - Portfolio management services: securities portfolios and total managed funds GESP0100 Table 7 - Open-end funds under Italian law: assets, liabilities and net assets BSFC0100 Table 8 - Open-end funds under Italian law: assets, liabilities and net subscriptions BSFC0200 Table 9 - Italian market of investments funds: net assets and net subscriptions BSFC0300

Tables available only on BDS

• Insurance corporations. Assets and liabilities BSIA0100
• Government securities: composition by type of security VALM0200
• Benchmark government securities: gross yields to maturity (daily data) BMK0200
• Features of Treasury bills (BOTs) TDEE0120
• Features of Treasury zero-coupon bonds (CTZs) TDEE0121
• Features of variable rate Treasury credit certificates (CCTs) TDEE0122
• Features of the main government securities: Treasury bonds (BTPs) TDEE0123
• Buy back of Treasury bonds (BTPs) TDEE0130
• Buy back of variable rate Treasury credit certificates (CCTs) TDEE0135
• BOT auctions BOT0100 Table 1 - (VALM0100) - Securities issued by residents

The Financial Market Table 1

VALM0100

Securities issued by residents

Debt securities issued by General government Central government Local government Total International BOTs CCTs BTPs Index-linked BTPs Total

Gross issues

2023 .......................... 156,164 24,632 314,501 29,038 1,520 526,354 .. 526,355

2024 .......................... 171,425 26,565 337,570 25,727 2,100 563,688 10 563,698

2025 .......................... 169,859 29,922 319,026 32,916 6,140 558,813 75 558,888

2025 - Aug................. 11,800 2,079 10,090 .. 300 24,269 .. 24,269

Sept................ 16,150 2,000 31,250 2,500 550 52,450 .. 52,450

Oct. ................ 14,100 1,725 38,132 1,725 700 56,382 .. 56,382

Nov................. 16,020 2,300 22,850 2,875 .. 44,045 50 44,095

Dec................. 9,900 4,699 11,977 .. .. 26,576 .. 26,576

2026 - Jan. ................ 17,050 .. 32,687 2,300 .. 52,787 .. 52,787

Feb................. 13,900 2,000 30,500 2,000 .. 49,300 .. 49,300

Redemptions

2023 .......................... 145,284 21,924 187,636 52,340 3,604 412,145 947 413,092

2024 .......................... 162,121 30,201 225,139 26,934 4,270 449,265 785 453,300

2025 .......................... 169,075 45,023 203,704 19,156 319 438,580 686 439,266

2025 - Aug................. 7,676 .. 13,426 .. .. 21,238 17 21,256

Sept................ 19,600 14,803 19,665 .. .. 54,068 39 54,107

Oct. ................ 9,000 .. .. .. .. 9,000 3 9,003

Nov................. 16,900 1,911 28,433 .. 200 47,444 19 47,463

Dec................. 11,436 754 24,954 720 119 38,008 276 38,285

2026 - Jan. ................ 17,510 .. 32,323 .. .. 49,833 19 49,852

Feb................. 8,800 .. 17,487 .. 2,537 29,324 3 29,327

Net issues

2023 .......................... 10,880 2,554 125,906 -24,605 -2,084 111,794 -947 110,847

2024 .......................... 9,304 -3,641 112,841 -1,399 -2,175 114,629 -775 110,605

2025 .......................... 784 -14,881 115,488 13,862 5,820 120,716 -610 120,106

2025 - Aug................. 4,124 2,105 -3,398 .. 299 2,995 -17 2,977

Sept................ -3,450 -12,787 11,610 2,537 550 -1,540 -39 -1,579

Oct. ................ 5,100 1,743 38,274 1,740 700 47,558 -3 47,555

Nov................. -880 458 -5,401 2,960 -200 -3,063 31 -3,032

Dec................. -1,536 3,967 -12,966 -720 -119 -11,399 -276 -11,675

2026 - Jan. ................ -460 .. 404 2,355 .. 3,047 -19 3,028

Feb................. 5,100 2,030 13,095 2,042 -2,537 20,122 -3 20,119

Outstanding amounts at end of period

2023 .......................... 122,056 139,341 1,883,505 219,755 40,745 2,405,403 11,674 2,424,777

2024 .......................... 131,360 135,706 1,995,936 218,548 39,148 2,520,699 10,928 2,536,076

2025 .......................... 132,145 120,605 2,111,258 232,308 43,173 2,639,488 10,286 2,654,224

2025 - Aug................. 132,910 127,349 2,080,100 225,928 42,362 2,608,649 10,575 2,623,674

Sept................ 129,460 114,546 2,091,685 228,428 42,824 2,606,943 10,536 2,621,929

Oct. ................ 134,560 116,271 2,129,817 230,153 43,671 2,654,472 10,535 2,669,457

Nov................. 133,680 116,660 2,124,234 233,028 43,475 2,651,077 10,565 2,666,093

Dec................. 132,145 120,605 2,111,258 232,308 43,173 2,63 9,488 10,286 2,654,224

2026 - Jan. ................ 131,685 120,605 2,111,622 234,608 43,793 2,642,313 10,263 2,657,026

Feb................. 136,785 122,605 2,124,635 236,608 41,726 2,662,359 10,263 2,677,072

(follow)

The Financial Market (follow)Table 1

VALM0100

Securities issued by residents

Debt securities issued by other issuers Total Listed shares debt securitiesNon-financial Insurance Other financial Banks intermediaries corporations corporations

Gross issues

2023 .......................... 85,915 62,119 1,175 59,854 735,418 2,251

2024 .......................... 91,345 77,076 3,235 65,025 800,379 4,509

2025 .......................... 82,143 76,797 2,065 71,259 791,153 21,903

2025 - Aug................. 1,143 1,905 .. 1,040 28,358 4,780

Sept................ 4,249 8,183 .. 4,283 69,165 13,655

Oct. ................ 5,384 5,995 545 2,415 70,721 27

Nov................. 5,946 3,125 .. 22,605 75,771 643

Dec................. 6,800 4,618 20 8,816 46,830 534

2026 - Jan. ................ 7,932 8,766 1,650 1,314 72,449 38

Feb................. 7,024 8,143 70 1,840 66,378 542

Redemptions

2023 .......................... 75,379 45,739 781 64,938 599,928 8,436

2024 .......................... 78,998 72,015 2,747 56,293 663,352 12,123

2025 .......................... 78,886 63,075 3,419 57,830 642,476 5,691

2025 - Aug................. 2,194 2,334 .. 2,931 28,716 377

Sept................ 4,788 8,649 500 3,689 71,734 292

Oct. ................ 5,930 4,181 .. 5,830 24,945 2,176

Nov................. 7,216 3,858 675 3,191 62,403 ..

Dec................. 11,278 4,464 108 3,510 57,645 27

2026 - Jan. ................ 8,051 3,934 .. 6,233 68,070 ..

Feb................. 6,104 5,969 402 2,304 44,106 3,600

Net issues

2023 .......................... 10,537 16,381 394 -5,084 133,075 -6,184

2024 .......................... 12,347 5,062 488 8,731 137,233 -7,613

2025 .......................... 3,258 13,723 -1,354 13,428 149,160 16,213

2025 - Aug................. -1,051 -429 .. -1,891 -394 4,403

Sept................ -539 -466 -500 594 -2,491 13,363

Oct. ................ -547 1,813 545 -3,415 45,952 -2,150

Nov................. -1,270 -733 -675 19,414 13,704 642

Dec................. -4,479 153 -88 5,307 -10,782 507

2026 - Jan. ................ -119 4,832 1,650 -4,920 4,472 38

Feb................. 920 2,175 -332 -464 22,417 -3,058

Outstanding amounts at end of period

2023 .......................... 402,084 191,719 15,654 245,991 3,280,225 606,270

2024 .......................... 415,754 199,909 18,662 249,835 3,420,237 684,764

2025 .......................... 415,365 219,623 17,287 255,014 3,561,514 947,541

2025 - Aug................. 422,361 217,230 18,008 234,824 3,516,097 863,809

Sept................ 421,757 217,827 17,505 234,313 3,513,332 888,474

Oct. ................ 421,441 219,730 18,047 230,944 3,559,619 908,617

Nov................. 420,191 219,334 17,373 250,024 3,573,014 914,946

Dec................. 415,365 219,623 17,287 255,014 3,561,514 947,541

2026 - Jan. ................ 414,856 224,964 18,940 249,355 3,565,140 967,025

Feb................. 416,063 227,303 18,606 248,929 3,587,972 994,629

Table 2 - (RTIT0100) - Government securities: gross yields at issue by sector and matu- rityThe Financial Market Table 2 RTIT0100

Government securities: gross yields at issue by sector and maturity

BOTs CCTs 6-month 12-month Average

2022 .......................... 0.60 0.95 0.88 1.12

2023 .......................... 3.58 3.61 3.59 4.09

2024 .......................... 3.45 3.22 3.30 4.82

2025 .......................... 2.15 2.13 2.13 3.36

2024 - Apr.................. - 3.53 3.63 5.10

May ................ 3.68 3.55 3.60 4.90

June ............... - 3.58 3.63 4.71

July................. 3.55 3.48 3.51 5.04

Aug................. - 3.11 3.20 4.89

Sept................ 3.14 2.89 3.02 4.94

Oct. ................ - 2.86 2.91 4.68

Nov................. 2.74 2.69 2.75 4.19

Dec................. - 2.41 2.41 4.08

2025 - Jan. ................ 2.55 2.52 2.53 -

Feb................. - 2.32 2.36 4.11

Mar. ................ 2.28 2.34 2.31 4.11

Apr.................. - 2.12 2.12 4.05

May ................ 1.99 1.96 1.97 3.27

June ............... - 1.98 1.98 3.28

July................. 2.00 1.96 1.98 3.16

Aug................. - 2.01 2.01 3.13

Sept................ 2.04 2.03 2.04 3.19

Oct. ................ - 2.05 2.03 3.16

Nov................. 2.04 2.06 2.05 2.67

Dec................. - 2.18 2.18 2.83

2026 - Jan. ................ 2.04 2.11 2.08 -

Feb................. - 2.07 2.06 2.71

Mar. ................ 2.48 2.37 2.43 2.71

(follow)

The Financial Market (follow) Table 2

RTIT0100

Government securities: gross yields at issue by sector and maturity

BTPs Index-linked BTPs

3-year 5-year 10-year 30-year Average 5-year 10-year 30-year Average

2022 .......................... 1.96 2.33 3.00 3.50 2.41 -0.54 1.08 0.74 0.47

2023 .......................... 3.58 3.82 4.18 4.63 3.94 1.89 2.02 2.59 2.05

2024 .......................... 2.98 3.17 3.66 4.24 3.33 1.44 1.54 2.19 1.74

2025 .......................... 2.49 2.83 3.50 4.50 2.94 1.13 - 2.60 1.60

2024 - Apr.................. 3.32 3.21 3.67 - 3.52 1.35 - - 1.61

May ................ 3.40 3.38 3.86 4.14 3.57 - 1.72 - 1.72

June ............... 3.47 3.54 3.97 4.39 3.73 - 1.68 - 2.01

July................. 3.24 3.44 3.86 - 3.56 1.60 - 2.19 1.88

Aug................. - 3.16 3.76 - 3.38 - - - -

Sept................ 2.62 3.08 3.55 4.36 3.00 1.17 - - 1.57

Oct. ................ 2.68 2.73 3.26 4.20 3.11 - 1.24 - 1.58

Nov................. 2.51 2.96 3.50 - 3.10 1.16 1.51 - 1.31

Dec................. 2.35 2.79 3.39 3.94 2.97 - - - -

2025 - Jan. ................ 2.85 - 3.73 - 2.98 1.17 - - 1.53

Feb................. 2.52 2.95 3.60 - 2.93 - - - 1.90

Mar. ................ 2.77 2.93 3.50 4.70 3.11 1.02 - - 1.02

Apr.................. 2.44 3.05 3.66 - 3.03 - - 2.60 2.60

May ................ 2.40 2.74 3.62 - 2.98 - - - 1.57

June ............... 2.24 2.76 3.57 4.26 2.86 1.21 - - 1.21

July................. 2.47 2.71 3.48 - 2.93 1.13 - - 1.13

Aug................. - 2.79 3.25 - 2.84 - - - -

Sept................ 2.44 2.80 3.56 4.73 2.79 1.17 - - 1.65

Oct. ................ 2.36 2.94 3.08 - 2.97 - - - 1.72

Nov................. 2.38 2.75 3.46 4.30 2.97 1.08 - - 1.63

Dec................. 2.58 2.76 3.44 - 2.89 - - - -

2026 - Jan. ................ 2.48 - - - 2.38 0.94 - 2.38 1.66

Feb................. 2.36 2.74 3.44 - 3.33 0.84 - - 1.18

Mar. ................ 2.75 2.62 3.31 - 3.10 0.97 - - 1.37

Table 3 - (QMOT0100)-Government securities listed on Borsa Italiana (MOT): yields to maturity, turnover and oustanding amounts

The Financial Market Table 3

QMOT0100

Government securities listed on Borsa Italiana (MOT): yields to maturity, turnover and oustanding amounts

Total Memo item: BOTs CCTs BTPsgovernmentRendistato

Gross yields to maturity

2023 ....................................... 3.451 4.010 3.882 3.910 3.885

2024 ....................................... 3.286 4.567 3.463 3.393 3.496

2025 ....................................... 2.056 3.123 3.297 3.050 3.285

2025 - Mar. ............................. 2.243 3.860 3.517 3.287 3.523

Apr............................... 2.030 3.394 3.366 3.072 3.361

May ............................. 1.934 2.964 3.295 2.997 3.278

June ............................ 1.916 2.921 3.198 2.929 3.183

July.............................. 1.907 2.906 3.243 2.969 3.226

Aug.............................. 1.934 2.908 3.271 3.008 3.253

Sept............................. 1.968 2.929 3.308 3.053 3.289

Oct. ............................. 1.961 2.776 3.213 2.962 3.192

Nov.............................. 1.987 2.608 3.209 2.969 3.183

Dec.............................. 2.041 2.561 3.300 3.077 3.266

2026 - Jan. ............................. 2.017 2.525 3.263 3.030 3.230

Feb.............................. 2.002 2.501 3.194 2.958 3.163

Mar. ............................. 2.278 2.656 3.473 3.345 3.436

Turnover (millions of euros)

2023 ....................................... 23,066 6,359 185,861 147,207 215,286

2024 ....................................... 24,536 7,510 227,857 188,627 259,903

2025 ....................................... 15,503 5,675 225,469 193,712 246,647

2025 - Mar. ............................. 1,342 699 21,938 18,720 23,979

Apr............................... 1,442 594 17,689 14,708 19,725

May ............................. 1,154 350 16,333 13,745 17,837

June ............................ 1,168 620 19,186 16,647 20,974

July.............................. 1,212 438 17,493 15,226 19,143

Aug.............................. 792 354 14,856 13,230 16,003

Sept............................. 1,253 469 18,213 16,013 19,935

Oct. ............................. 1,320 466 21,174 17,543 22,959

Nov.............................. 916 351 17,327 15,016 18,595

Dec.............................. 1,378 379 20,098 17,692 21,855

2026 - Jan. ............................. 1,226 424 24,876 22,100 26,526

Feb.............................. 915 418 20,135 16,764 21,469

Mar. ............................. 1,707 606 35,413 29,898 37,726

Outstanding amounts of listed securities at face value (millions of euros)

2023 ....................................... 112,789 139,341 2,088,789 1,620,873 2,340,919

2024 ....................................... 121,710 125,605 2,214,484 1,733,135 2,461,799

2025 ....................................... 124,145 120,605 2,312,172 1,783,380 2,556,922

2025 - Mar. ............................. 119,760 114,890 2,262,209 1,719,116 2,496,859

Apr............................... 123,203 117,640 2,278,313 1,732,793 2,519,156

May ............................. 120,900 119,750 2,261,654 1,733,389 2,502,304

June ............................ 121,450 124,279 2,293,403 1,768,839 2,539,132

July.............................. 121,110 125,270 2,295,937 1,750,458 2,542,317

Aug.............................. 123,210 113,381 2,306,027 1,746,292 2,542,618

Sept............................. 120,460 114,546 2,320,112 1,759,192 2,555,118

Oct. ............................. 126,310 116,271 2,324,120 1,780,752 2,566,701

Nov.............................. 122,245 116,660 2,321,484 1,791,179 2,560,389

Dec.............................. 124,145 120,605 2,312,172 1,783,380 2,556,922

2026 - Jan. ............................. 122,885 120,605 2,312,541 1,794,813 2,556,031

Feb.............................. 126,885 122,605 2,325,974 1,790,863 2,575,464

Mar. ............................. 126,545 112,375 2,315,341 1,806,663 2,554,261

Table 4 - (QMTS0100) - Government securities listed on MTS: turnover

The Financial Market Table 4

QMTS0100

Government securities listed on MTS: turnover

Total governmentBOTs CCTs BTPs

2022 ................................................ 784,240 172,003 1,809,217 2,845,323

2023 ................................................ 630,241 451,280 2,908,284 3,989,908

2024 ................................................ 889,175 769,165 5,622,917 7,281,377

2025 ................................................ 1,503,111 904,223 7,955,372 10,362,825

2024 - 1st qtr.................................... 199,066 199,170 1,256,761 1,655,025

2nd . " ................................... 211,186 250,683 1,305,429 1,767,331

3rd.. " ................................... 249,532 181,109 1,547,786 1,978,460

4th .. " ................................... 229,391 138,203 1,512,941 1,880,561

2025 - 1st qtr.................................... 356,816 272,656 2,166,489 2,795,991

2nd . " ................................... 440,931 246,508 2,119,240 2,806,708

3rd.. " ................................... 302,255 185,927 1,897,693 2,385,902

4th .. " ................................... 403,109 199,132 1,771,950 2,374,224

2026 - 1st qtr.................................... 655,232 183,550 1,633,595 2,472,410

2025 - Mar. ..................................... 144,325 117,584 727,685 989,603

Apr. ..................................... 138,920 77,258 636,846 853,033

May ..................................... 148,058 79,314 720,459 947,841

June ..................................... 153,953 89,936 761,935 1,005,834

July ..................................... 131,765 83,564 651,148 866,484

Aug. ..................................... 76,953 56,490 553,860 687,312

Sept...................................... 93,537 45,873 692,685 832,106

Oct. ..................................... 138,620 49,438 707,337 895,404

Nov. ..................................... 119,889 90,150 615,016 825,064

Dec. ..................................... 144,600 59,544 449,597 653,756

2026 - Jan. ..................................... 183,253 67,758 600,736 851,760

Feb. ..................................... 231,863 59,372 545,430 836,675

Mar. ..................................... 240,116 56,420 487,429 783,975

Table 5 - (BMK0100) - Benchmark government securities: gross yields to maturity

The Financial Market Table 5

BMK0100

Benchmark government securities: gross yields to maturity

BTPs CCTs 3-year 5-year 10-year 30-year

2022 ...................................... 1.960 2.408 3.157 3.426 1.188

2023 ...................................... 3.578 3.754 4.283 4.658 4.450

2024 ...................................... 2.988 3.167 3.707 4.303 4.949

2025 ...................................... 2.436 2.843 3.589 4.409 3.426

2024 - 1st qtr ......................... 3.116 3.264 3.793 4.377 5.354

2nd"............................ 3.364 3.438 3.880 4.395 5.070

3rd " ............................ 2.915 3.118 3.693 4.301 5.047

4th " ............................ 2.558 2.848 3.464 4.141 4.325

2025 - 1st qtr ......................... 2.584 2.987 3.713 4.362 4.227

2nd"............................ 2.299 2.797 3.614 4.418 3.431

3rd " ............................ 2.421 2.790 3.545 4.460 3.170

4th " ............................ 2.439 2.797 3.484 4.398 2.876

2026 - 1st qtr ......................... 2.550 2.859 3.538 4.418 2.793

2025 - Mar. ............................ 2.599 3.144 3.887 4.575 4.245

Apr.............................. 2.349 2.875 3.712 4.490 3.723

May ............................ 2.296 2.774 3.629 4.447 3.295

June ........................... 2.253 2.741 3.501 4.316 3.274

July............................. 2.346 2.780 3.537 4.399 3.222

Aug............................. 2.446 2.785 3.538 4.458 3.139

Sept............................ 2.471 2.806 3.559 4.525 3.148

Oct. ............................ 2.399 2.770 3.442 4.394 2.991

Nov............................. 2.405 2.761 3.459 4.362 2.848

Dec............................. 2.513 2.860 3.552 4.438 2.789

2026 - Jan. ............................ 2.459 2.792 3.492 4.388 2.752

Feb............................. 2.370 2.685 3.388 4.326 2.730

Mar. ............................ 2.822 3.099 3.733 4.539 2.899

Table 6 - (GESP0100) - Portfolio management services: securities portfolios and total managed

The Financial Market Table 6

GESP0100

Portfolio management services: securities portfolios and total managed funds

(end-of-period market values; millions of euros)

Italian government securities Bonds Shares of which: Total BOTs BTPs CCTs Italian Foreign Italian Foreign

Banks

2020 ................................... 311 11,402 1,196 14,045 6,637 16,234 917 5,568

2021 ................................... 320 10,155 1,374 12,189 6,056 15,615 1,077 6,593

2022 ................................... 1,281 10,804 899 13,025 5,313 19,158 953 6,844

2023 - 4th qtr....................... 1,292 15,024 1,128 17,467 6,425 25,839 1,008 8,095

2024 - 1st qtr....................... 1,340 16,093 1,097 18,553 6,378 26,689 1,159 9,371

2nd ..." ..................... 1,337 16,853 1,244 19,457 3,492 30,445 1,104 9,882

3rd...." ..................... 1,338 17,809 1,189 20,361 3,703 31,908 1,155 9,455

4th ...." ..................... 1,605 17,607 1,297 20,525 3,773 32,124 1,256 9,212

2025 - 1st qtr....................... 1,853 18,587 1,295 21,752 4,239 34,296 1,373 9,227

2nd ..." ..................... 1,975 19,839 1,429 23,260 4,356 35,310 1,442 9,685

3rd...." ..................... 3,073 26,801 1,268 31,161 5,906 47,977 1,964 15,383

4th ...." ..................... (3,456) (27,862) (1,591) (32,928) (6,025) (50,013) (2,143) (15,752)

Securities firms

2020 ................................... 64 515 63 832 716 2,589 282 1,538

2021 ................................... 22 664 55 759 828 4,138 277 2,130

2022 ................................... 80 474 21 577 793 3,413 260 1,398

2023 - 4th qtr....................... 203 510 31 745 782 3,964 290 1,591

2024 - 1st qtr....................... 142 588 28 759 844 4,126 359 1,788

2nd ..." ..................... 120 608 29 758 870 4,111 345 1,816

3rd...." ..................... 131 617 41 789 951 4,469 357 1,909

4th ...." ..................... 150 616 39 806 969 4,504 343 1,978

2025 - 1st qtr....................... 118 667 38 825 957 4,535 380 1,937

2nd ..." ..................... 120 744 31 897 976 4,317 424 1,988

3rd...." ..................... 158 751 41 953 955 4,526 399 2,084

4th ...." ..................... (78) (756) (37) (873) (943) (4,559) (458) (1,976)

Asset management corporations

2020 ................................... 5,564 288,263 9,122 310,537 26,153 277,091 18,177 40,912

2021 ................................... 3,826 278,399 9,439 297,029 25,100 281,142 20,580 44,525

2022 ................................... 2,679 218,010 5,649 229,013 21,101 236,503 20,981 46,006

2023 - 4th qtr....................... 9,071 220,023 5,267 237,072 20,130 252,040 19,169 50,306

2024 - 1st qtr....................... 7,165 221,033 5,239 236,167 20,281 256,240 19,383 54,278

2nd ..." ..................... 5,357 214,805 5,123 227,913 21,370 258,387 19,418 50,785

3rd...." ..................... 4,172 223,327 5,235 235,347 22,363 265,350 20,053 47,793

4th ...." ..................... 5,746 222,781 4,406 235,420 22,930 266,707 19,267 49,111

2025 - 1st qtr....................... 4,439 217,440 2,916 227,318 23,908 266,464 19,792 49,635

2nd ..." ..................... 3,485 225,292 2,186 233,588 24,097 276,010 17,900 49,982

3rd...." ..................... 3,188 219,664 2,191 227,733 22,530 267,656 17,954 47,921

4th...." ..................... (2,807) (219,639) (2,226) (227,326) (22,824) (275,898) (17,295) (47,918)

Total

2020 ................................... 5,938 300,180 10,382 325,415 33,505 295,914 19,376 48,017

2021 ................................... 4,168 289,218 10,867 309,978 31,984 300,894 21,933 53,248

2022 ................................... 4,040 229,288 6,569 242,616 27,207 259,075 22,194 54,248

2023 - 4th qtr....................... 10,567 235,557 6,426 255,284 27,336 281,843 20,467 59,992

2024 - 1st qtr....................... 8,648 237,714 6,365 255,479 27,503 287,055 20,900 65,437

2nd ..." ..................... 6,815 232,266 6,396 248,128 25,732 292,942 20,866 62,484

3rd...." ..................... 5,641 241,753 6,465 256,497 27,018 301,726 21,566 59,157

4th ...." ..................... 7,501 241,004 5,742 256,752 27,672 303,335 20,866 60,301

2025 - 1st qtr....................... 6,410 236,695 4,249 249,894 29,104 305,295 21,544 60,799

2nd ..." ..................... 5,580 245,875 3,646 257,745 29,429 315,637 19,766 61,656

3rd...." ..................... 6,418 247,216 3,500 259,848 29,391 320,159 20,318 65,389

4th ...." ..................... (6,340) (248,257) (3,854) (261,127) (29,793) (330,471) (19,896) (65,646)

(follow)

The Financial Market (follow) Table 6

GESP0100

Portfolio management services: securities portfolios and total managed funds

(end-of-period market values; millions of euros)

Investment fund units Memorandum items: Other financial Total Total managed assets portfolio fundsItalian Foreign Gross inflow Net inflow

Banks

2020 ................................... 1,639 68,383 397 113,819 119,463 23,568 -84

2021 ................................... 2,637 68,922 438 113,527 120,395 30,403 6,540

2022 ................................... 2,487 62,102 461 110,344 115,284 24,905 3,052

2023 - 4th qtr....................... 2,459 57,983 4 119,280 125,095 6,191 -505

2024 - 1st qtr....................... 2,401 58,720 31 123,303 129,379 10,362 1,047

2nd ..." ..................... 2,433 58,645 37 125,494 132,073 7,476 1,501

3rd...." ..................... 2,506 64,946 42 134,077 140,192 11,263 5,733

4th ...." ..................... 2,633 65,803 22 135,348 142,310 7,729 38

2025 - 1st qtr....................... 2,714 65,871 17 139,489 144,546 10,632 1,339

2nd ..." ..................... 2,885 67,051 39 144,029 148,777 8,394 1,695

3rd...." ..................... 3,021 121,807 79 227,298 233,311 11,592 887

4th ...." ..................... (3,012) (130,870) (69) (240,813) (247,537) (25,297) (10,982)

Securities firms

2020 ................................... 341 7,042 -34 13,306 14,687 2,308 24

2021 ................................... 321 7,891 857 17,201 18,914 6,639 3,931

2022 ................................... 49 3,210 893 10,592 11,600 2,706 824

2023 - 4th qtr....................... 69 3,126 921 11,487 12,137 482 -158

2024 - 1st qtr....................... 70 3,188 888 12,022 12,610 636 141

2nd ..." ..................... 69 3,239 794 12,000 12,554 562 112

3rd...." ..................... 68 3,354 913 12,811 13,363 668 400

4th ...." ..................... 69 3,478 768 12,915 13,465 653 118

2025 - 1st qtr....................... 71 3,480 745 12,929 13,542 579 152

2nd ..." ..................... 79 3,562 422 12,665 13,197 488 -242

3rd...." ..................... 83 3,758 440 13,202 13,829 767 305

4th ...." ..................... (104) (3,798) (618) (13,333) (14,126) (415) (-4)

Asset management corporations

2020 ................................... 19,899 173,521 -7,837 858,453 878,707 160,094 -18,455

2021 ................................... 24,952 205,805 -5,488 893,645 915,113 171,988 17,208

2022 ................................... 29,025 184,361 2,149 769,139 774,995 191,382 -8,955

2023 - 4th qtr....................... 32,054 215,570 1,654 827,995 835,133 46,180 -8,223

2024 - 1st qtr....................... 32,902 216,942 1,317 837,509 843,831 39,189 -6,037

2nd ..." ..................... 33,181 213,030 2,120 826,203 836,075 44,830 -3,212

3rd...." ..................... 33,791 217,372 1,282 843,353 852,465 66,216 -13,112

4th ...." ..................... 34,499 222,252 648 850,834 862,577 49,588 4,344

2025 - 1st qtr....................... 34,617 216,856 -2,901 835,690 849,710 59,336 -4,108

2nd ..." ..................... 35,551 219,585 -2,809 853,904 868,819 47,801 224

3rd...." ..................... 36,240 171,271 -2,980 788,328 802,409 38,860 -1,628

4th ...." ..................... (36,739) (167,250) (-4,591) (790,659) (810,656) (55,386) (1,855)

Total

2020 ................................... 21,879 248,945 -7,475 985,578 1,012,857 185,971 -18,515

2021 ................................... 27,910 282, 618 -4,193 1,024,373 1,054,421 209,031 27,677

2022 ................................... 31,561 249,673 3,503 890,076 901,878 218,992 -5,079

2023 - 4th qtr....................... 34,582 276,679 2,579 958,762 972,365 52,853 -8,886

2024 - 1st qtr....................... 35,373 278,850 2,236 972,834 985,820 50,187 -4,848

2nd ..." ..................... 35,682 274,914 2,950 963,697 980,702 52,868 -1,599

3rd...." ..................... 36,366 285,672 2,238 990,240 1,006,020 78,147 -6,979

4th ...." ..................... 37,202 291,533 1,438 999,097 1,018,352 57,969 4,499

2025 - 1st qtr....................... 37,402 286,207 -2,139 988,107 1,007,797 70,548 -2,617

2nd ..." ..................... 38,515 290,199 -2,348 1,010,599 1,030,793 56,683 1,678

3rd...." ..................... 39,344 296,836 -2,461 1,028,828 1,049,548 51,219 -437

4th ...." ..................... (39,856) (301,918) (-3,905) (1,044,805) (1,072,319) (81,098) (12,834)

Table 7 - (BSFC0100) -Open-end funds under Italian law: assets, liabilities and net assets

The Financial Market Table 7

BSFC0100

Open-end funds under Italian law: assets, liabilities and net assets

(end-of-period stocks at market value; millions of euros)

2022 2023 2024 2025 Aug. 2025 Sept. 2025 Oct. 2025 Nov. 2025 Dec. 2026 Jan. 2026 Feb.

Assets 15,656 15,636 16,151 17,140 17,796 15,476 15,906 14,411 14,579 (14,590)1. Deposits and loans ...........................

49,324 62,978 74,318 81,343 81,707 83,281 83,404 83,899 84,392 (86,470)2. Securities issued by residents.........

34,120 44,879 51,244 55,649 55,975 56,765 56,756 57,023 57,070 (58,961)2.1 General government.......................

7,931 7,418 6,836 9,090 8,739 8,719 9,141 8,539 8,659 (10,030)2.1a BOTs.....................................

.. .. .. .. .. .. .. .. .. (..)2.1b CTZs .....................................

440 525 931 825 779 816 824 835 873 (910)2.1c CCTs.....................................

24,969 35,062 41,904 44,657 45,436 46,201 45,809 46,716 46,575 (47,146)2.1d BTPs .....................................

780 1,874 1,574 1,077 1,021 1,029 982 932 963 (875)2.1e Other gov. securities .............

6,217 7,043 9,217 11,081 11,234 11,672 11,655 11,829 12,256 (12,339)2.2 Non-financial corporations..............

7,058 9,149 11,690 12,580 12,461 12,793 12,955 12,988 12,933 (13,000)2.3 Banks .............................................

1,928 1,907 2,167 2,033 2,038 2,051 2,039 2,059 2,133 (2,170)2.4 Other financial intermediaries............

65,083 75,274 115,799 118,519 118,827 120,889 119,389 119,034 120,937 (121,098)3. Securities issued by non-residents. 27,876 31,325 43,834 42,481 42,131 42,804 41,881 41,422 42,417 (42,378)3.1 of which: General government .......

51,479 55,021 59,820 55,558 57,595 59,117 59,083 59,941 60,124 (60,206)4. Shares ................................. ...............

9,405 9,592 9,766 11,614 11,696 12,082 12,181 12,515 12,793 (12,784)4.1 Issued by residents ........................

9,345 9,558 9,723 11,571 11,653 12,039 12,138 12,473 12,751 (12,742)4.1a of which: quoted ....................

42,073 45,429 50,054 43,943 45,899 47,035 46,902 47,426 47,331 (47,422)4.2 Issued by non-residents ..........

51,011 46,765 45,647 46,050 47,787 49,536 49,561 49,183 50,519 (51,459)5. Investment fund units .......................

10,780 10,741 9,497 10,072 10,272 10,557 10,260 10,206 10,129 (10,080)5.1 Issued by residents ........................

40,231 36,024 36,150 35,977 37,515 38,979 39,301 38,977 40,390 (41,378)5.2 Issued by non-residents .................

35,929 32,577 49,872 51,589 48,764 45,684 45,390 39,582 41,161 (42,415)6. Other financial assets.......................

268,481 288,253 361,607 370,198 372,477 373,982 372,734 366,050 371,711 (376,237)7. Total .......................................................

Liabilities 1,185 1,099 1,549 1,216 1,279 1,578 1,310 1,005 1,161 (1,123)8. Deposits and loans ...........................

34,133 31,238 48,606 49,785 48,251 44,151 44,890 37,728 40,096 (41,444)9. Other liabilities ..................................

233,164 255,916 311,451 319,197 322,947 328,253 326,533 327,317 330,454 (333,669)10. Net assets ........................................

268,481 288,253 361,607 370,198 372,477 373,982 372,734 366,050 371,711 (376,237)11. Total .....................................................

Table 8-(BSFC0200)-Open-end funds under Italian law: assets, liabilities and net subscriptions

The Financial Market Table 8

BSFC0200

Open-end funds under Italian law: assets, liabilities and net subscriptions

(transactions; millions of euros)

2023 2024 2025 2025 Aug. 2025 Sept. 2025 Oct. 2025 Nov. 2025 Dec. 2026 Jan. 2026 Feb.

Assets

1. Deposits and loans ........................... 77 452 -1,490 -217 675 -2,330 436 -1,468 183 (1)
2. Securities issued by residents......... 12,254 12,308 12,291 1,253 423 1,479 756 852 361 (1,994) 2.1 General government....................... 9,963 7,430 7,818 1,082 348 745 533 604 -149 (1,791)

2.1a BOTs..................................... 76 419 2,712 1,090 -315 112 827 -536 99 (1,421)

2.1b CTZs ..................................... .. .. .. .. .. .. .. .. .. (..)

2.1c CCTs..................................... 117 420 186 -43 -51 44 3 7 34 (36)

2.1d BTPs ..................................... 8,831 6,937 5,561 41 773 589 -251 1,177 -310 (424)

2.1e Other gov. securities ............. 939 -346 -644 -5 -59 .. -47 -45 28 (-90)

2.2 Non-financial corporations.............. 605 2,101 2,777 71 137 436 23 183 416 (74)

2.3 Banks ............................................. 1,666 2,527 1,445 74 -113 261 197 38 28 (95)

2.4 Other financial intermediaries ............ 20 250 253 26 51 38 3 27 66 (33)

1. Securities issued by non-residents. 9,225 40,412 9,940 651 336 1,898 381 302 1,729 (-462)
   3.1 of which: General government ....... 2,934 12,556 914 526 -463 502 459 -113 919 (-487)

2. Shares ................................. ............... -3,827 -3,798 -6,013 -852 709 -404 63 340 -825 (-918)
   4.1 Issued by residents ........................ -1,331 -935 -375 -102 -66 95 -43 5 -40 (-157)

4.1a of which: quoted .................... -1,349 -727 -369 -98 -66 95 -43 8 -39 (-157)

4.2 Issued by non-residents .......... -2,495 -2,862 -5,637 -750 775 -499 107 335 -785 (-761)

1. Investment fund units ....................... -6,935 -4,124 3,501 810 1,214 937 222 -577 922 (376) 5.1 Issued by residents ........................ -212 -1,790 420 155 137 130 -275 -80 -169 (-155)

5.2 Issued by non-residents ................. -6,724 -2,332 3,080 655 1,077 807 497 -497 1,091 (532)

1. Other financial assets....................... -6,744 11,370 -20,743 25 -3,272 -3,799 -705 -6,625 1,079 (865)

2. Total ....................................................... 4,049 56,626 -2,513 1,671 86 -2,221 1,153 -7,176 3,449 (1,855)
   Liabilities

3. Deposits and loans ........................... -76 432 -519 -6 64 296 -267 -302 161 (-41)

4. Other liabilities .................................. -1,136 17,875 -9,303 925 -432 -3,959 739 -7,195 2,568 (1,202)

5. Net subscriptions............................ 5,263 38,315 7,311 751 453 1,443 682 321 721 (693)

6. Total ..................................................... 4,049 56,626 -2,513 1,671 86 -2,221 1,153 -7,176 3,449 (1,855)
   Table 9 - (BSFC0300) -Italian market of investment funds: net assets and net subscriptions

The Financial Market Table 9

BSFC0300

Italian market of investment funds: net assets and net subscriptions

2023 2024 2025 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4

Net assets

1. Investment funds of resident intermediaries 605,727 679,407 (739,811) 622,378 661,223 679,407 677,111 687,211 703,117 (739,811)
2. Investment funds under Italian law 392,452 463,405 479,179 414,372 448,362 463,405 463,712 471,951 481,082 479,179 2.1 Open-end funds ..................... 259,449 318,018 337,215 276,009 309,999 318,018 318,325 322,845 331,977 337,215

2.1a monetary funds ................ 3,532 6,567 9,898 3,965 4,502 6,567 7,646 8,559 9,030 9,898

2.1b equity funds ..................... 34,991 40,036 44,594 38,168 38,825 40,036 39,093 40,289 43,002 44,594

2.1c bond funds ....................... 112,320 136,710 154,264 128,068 133,791 136,710 140,294 146,702 150,090 154,264

2.1d mixed funds ..................... 101,652 127,496 127,204 98,840 125,750 127,496 125,972 122,067 124,397 127,204

2.1e hedge funds ..................... 6,952 7,209 1,255 6,969 7,131 7,209 5,320 5,228 5,459 1,255

2.2 Close-end funds ..................... 133,004 145,387 141,964 138,363 138,363 145,387 145,387 149,105 149,105 141,964

2.2a real estate funds .............. 91,333 97,477 91,022 93,091 93,091 97,477 97,477 99,819 99,819 91,022

2.2b equity funds ..................... 27,205 31,694 30,299 30,162 30,162 31,694 31,694 32,177 32,177 30,299

2.2c hedge funds ..................... .. .. .. .. .. .. .. .. .. ..

2.2d others............................... 14,466 16,216 20,644 15,110 15,110 16,216 16,216 17,109 17,109 20,644

1. Investment funds under foreign law 213,275 216,002 (260,632) 208,006 212,861 216,002 213,399 215,260 222,035 (260,632)
2. Investment funds of non-resident intermediaries 722,929 828,891 (824,091) 781,635 810,777 828,891 819,408 829,877 854,995 (824,091)

3. Total.......................................................... 1,328,656 1,508,298 (1,563,902) 1,404,013 1,472,000 1,508,298 1,496,519 1,517,088 1,558,112 (1,563,902)
   Net subscriptions

4. Investment funds of resident intermediaries 4,863 41,849 (13,524) 7,083 26,800 9,629 4,073 -254 4,914 (4,791)

5. Investment funds under Italian law 12,353 50,024 14,883 11,347 27,698 8,157 4,510 1,082 2,917 6,374
   2.1 Open-end funds ..................... 5,665 41,351 10,641 5,447 27,698 5,384 4,510 -100 2,917 3,314

2.1a monetary funds ................ 402 3,033 3,333 252 537 2,064 1,079 914 472 868

2.1b equity funds ..................... 211 -923 1,362 20 -78 -100 -52 -70 395 1,089

2.1c bond funds ....................... 21,160 20,055 12,832 6,264 2,849 2,237 4,061 4,098 2,357 2,316

2.1d mixed funds ..................... -15,765 19,298 -7,129 -1,092 24,408 1,209 -563 -5,015 -462 -1,089

2.1e hedge funds ..................... -344 -115 245 4 -21 -26 -15 -26 155 131

2.2 Close-end funds ..................... 6,688 8,673 4,242 5,900 .. 2,773 .. 1,182 .. 3,060

2.2a real estate funds .............. 4,262 4,252 3,253 2,465 .. 1,787 .. 1,193 .. 2,060

2.2b equity funds ..................... 1,079 2,791 -77 2,495 .. 296 .. -469 .. 392

2.2c hedge funds ..................... .. .. .. .. .. .. .. .. .. ..

2.2d others............................... 1,347 1,630 1,066 940 .. 690 .. 458 .. 608

1. Investment funds under foreign law -7,490 -8,175 (-1,359) -4,264 -898 1,472 -437 -1,336 1,997 (-1,583)
2. Investment funds of non-resident intermediaries -15,313 14,893 (9,035) -1,814 7,991 7,682 3,794 957 2,954 (1,330)
3. Total.......................................................... -10,450 56,742 (22,559) 5,269 34,791 17,311 7,867 703 7,868 (6,121) 'Statistics' series publications are available on the Bank of Italy's site: http://www.bancaditalia.it/statistiche/ Requests for clarifications concerning data contained in this publication can be sent by e-mail to statistiche@bancaditalia.it

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