Introduction section Special Operations
Special operations are public debt management instruments aimed at containing refinancing risk, smoothing the redemption profile as well as fostering the liquidity and efficiency of the secondary market of the Government bonds. These operations consist in buyback and exchange transactions.
Unlike regular issuance activity, the execution of extraordinary operations is not subject to a fixed calendar, since it depends on specific Treasury needs and market conditions. Only Specialists in Government Bonds are allowed to participate in these operations.