Families and businesses once again became protagonists in the purchase of government bonds, thereby redesigning the geography of Italian public debt. This is a photo captured by Fabi’s new Analysis & Research report, which states that domestic exposure to BOT and BTP has more than doubled compared to 2021: it is currently worth 442 billion euros, equivalent to 14.4% of the total, compared to a historical minimum of 7.9% recorded four years ago. The rebirth of national savings is explained by two main elements: more competitive returns, especially in retail placements, and increasing perceptions of political stability. The latter is a component that is the main focus of banking unions to understand family behavior. BTP Valore, which launched in 2023, has so far raised 93 billion, contributing significantly to the return of the retail audience.
At the same time, the report highlights the high profits obtained by foreign investors, who now own 33.8% of Italian government bonds: 1,039.9 billion, which is the highest level in the last six years. International demand again became one of the pillars of the market, while the Bank of Italy – with the end of ECB net purchases – reduced its presence to 19.2%. Italian banks remain decisive players, although with a relatively smaller weight: they maintain more than 620 billion BOTs and BTPs in their portfolios, but the incidence fell to 20% compared to 26% in the pre-pandemic period. This reduction is not related to debt relief, explained Fabi, but to the growth of overall public debt, which increased from 2.415 billion in 2019 to more than 3,080 in 2025.
Secretary General Fabi, Lando
Maria Sileoni interprets the rebirth of Bot humans as a strong signal. “Italy is currently considered more stable and credible than other major European countries. This is the real political key to the data,” he commented.
