With 3.18 billion subscriptions on the first day of the offering, the BTP Italy starts with solid demand, similar to last June’s placement. The government bond is designed to offer inflation protection. The real annual rate guaranteed minimum is set at 1.6%. The latest Istat data, relating to October, showed a cost of living that rose to 11.9%. Compared to the placement of 5 months ago, a strong participation of small savers emerges. The average order size has never been lower since the stock was launched over a decade ago. Orders were all over 103,077 with an average size of 30,899. More generally, the day ended with a spread (the difference between the yield of an Italian ten-year bond and the German equivalent) of 202 points, slightly down from the 204 points on Friday. A Ten-year BTP yields 4.16%.