BTP vs BOT: What's the Difference?
Redakcja Financial World News · Opracowanie edukacyjne · Jak pozyskujemy rentowności
BOTs are Italian T-bills (zero coupon, short). BTPs are longer coupon bonds. Duration and income differ.
Pełny briefing tego przewodnika jest po angielsku. Tytuł, streszczenie i nawigacja są w Twoim języku, byś mógł zdecydować, czy czytać dalej.
BTP vs BOT — the mechanics
Buy a BOT if you need a short euro cash date. Buy a BTP if you want multi-year coupons and can live with price swings. BTP Italia and BTP Valore are separate retail-oriented lines.
BOT (Buoni Ordinari del Tesoro) are Italian bills: short, discount-style government paper. BTP are the coupon, multi-year bonds. One is cash management; the other is duration and spread.
A 12-month BOT is not a 10-year BTP with a smaller coupon. Credit is the same issuer; price risk is not.
When the spread blows out, long BTPs move far more than BOTs. If you wanted ‘Italy’ without duration, the bill end is the closer tool.
Official sources (Italy — BTPs)
Primary statistics and prospectuses for Italy — BTPs are published by the issuer, not by this newsroom. The labelled links at the end of this page go to those official sites (DMO, TreasuryDirect, Finanzagentur, MEF, AFT, SNB or ECB as relevant).
Our live board is a teaching overlay: dated prints, named sources, estimated ISIN lines. It is not a replacement for the issuer’s calendar.
Kluczowe wnioski
- BOT (Buoni Ordinari del Tesoro) are Italian bills: short, discount-style government paper.
- Prices and yields change. When this site quotes them, it dates them on the live board.
- Credit of a G7 government in its own currency is not the same as a stable screen price, and not the same as a bank deposit.
FAQ
- Do BOTs pay coupons?
- No. Like T-bills, they are typically discount instruments repaid at par.