The multi-year Treasury bills, BTPs, are long-term debt securities and can have a duration ranging from 3 to 30 years.
The interest rate is fixed at the time the investment is made and therefore the yield is constant.
During the period in which these securities are held, coupons will be issued and upon maturity of the security a sum of money equal to the par value of the security held.
BTP auctions are a way of analyzing the market and understanding how it is evolving.
