Rendistato and Rendiob

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The Bank of Italy produces and publishes the Rendistato index, which is the weighted average yield on a basket of government securities. It also publishes a version of the indicator disaggregated by residual maturity and an indicator of the average gross yield on zero coupon bonds with residual maturity of less than 12 months.

Until 1 October 1995, the "Rendistato" consisted in the gross yield on a basket of securities comprising BTPs and bonds issued by autonomous government agencies, public bodies and local authorities, subject to taxation and with a residual maturity of more than one year. Since 1 October 1995 it comprises the average gross yield on BTPs subject to taxation and with a residual maturity of more than one year.

Until 31 December 2004, the Bank of Italy also produced and published the Rendiob, the weighted average yield on a basket of fixed-rate securities issued by banks. Until 1 October 1995, the Rendiob parameter was calculated as the average gross yield on a basket of securities subject to taxation issued by industrial credit institutes. From 1 October 1995 to 31 December 2004, it was calculated as the average gross yield on a basket of securities subject to taxation issued by banks (both former industrial credit institutes and former real-estate credit institutes) listed on the screen-based bond market (MOT) and with a residual maturity of more than one year.

For information on the calculation criteria, see The Yield on Government Securities (Rendistato). A Guide.

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