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The negotiable debt consists of all public debt that is either traded on an exchange or another market. It consists mainly of Linear bonds and Treasury Certificates.
Linear Bonds (OLOs) are medium, long term and very long term securities with a fixed or floating interest rate. OLOs are issued by competitive auctions based on the prices offered by the bidders and by non-competitive subscriptions. OLOs can also be issued by syndication, especially when opening a new line. Treasury Certificates are short-term bills with maturities up to maximum one year. Treasury certificates are issued by competitive auctions based on the rates offered by the bidders and by non-competitive subscriptions. As of Q1 2013 total amount outstanding is EUR 376.1 billion. |
