Introduction section"Tap" operations for Specialists
"Tap" operations for Specialists
The Tap operations reserved for Specialists in government bonds are transactions in which the Treasury reopens specific off-the-run bonds in order to further increase their liquidity. These transactions are extraordinary in the sense that they do not follow a predetermined calendar but they are executed if market needs arise. In fact, the issue decision is calibrated taking into account the specific needs expressed by the Specialists, to whom these operations are specifically dedicated. The placement method will take place through the MTS platform and will represent the ordinary one with which the Treasury will conduct such operations. However, the Treasury reserves the flexibility to be able to adopt, where deemed appropriate, the usual auction issuance mechanism carried out through the Bank of Italy.