Il debito pubblico costa poco: come sfruttare l’occasione
di Giulio Gottardo
9 aprile 2021
Gli interessi che lo Stato italiano paga sulle nuove emissioni per finanziare il debito sono ai minimi storici: oggi un BTP a 30 anni rende meno di un BOT a 3 mesi emesso nel 2006. Lo Stato potrebbe ottenere dei risparmi di lungo periodo sulla spesa per interessi continuando ad allungare la scadenza media dei nuovi titoli emessi, in modo da “congelare” gli attuali interessi bassi. In linea con questo principio, la vita media del debito italiano si è allungata negli ultimi anni, ma non è ancora tornata al livello raggiunto prima della crisi dei debiti sovrani (2011). Di conseguenza, quest’anno il Ministero dell’Economia (MEF) dovrebbe continuare ad allungare la scadenza media delle nuove emissioni, come suggerito anche dal Fondo Monetario Internazionale (FMI).
* * *
Come fa lo Stato italiano, insieme a tanti altri, a indebitarsi così tanto per fronteggiare la pandemia? Nel 2011, allo scoppio della crisi dei debiti sovrani, il debito pubblico italiano era al di sotto del 120 per cento del Pil e il deficit attorno al 3,5 per cento. Nel 2021 questi dati potrebbero raggiungere rispettivamente il 160 e il 10 per cento del Pil. Nonostante ciò, oggi i mercati finanziari considerano le finanze pubbliche del nostro paese più sostenibili di 10 anni fa. Non a caso, il costo totale del debito pubblico è diminuito negli ultimi due anni, da 60 a 58 miliardi di euro annui circa.[1] La ragione principale dietro a questo fenomeno è la politica espansiva della Banca Centrale Europea (BCE), che dal 2015 e ancora di più dall’anno scorso effettua acquisti massici di titoli di Stato.
La curva dei rendimenti
La diminuzione dei tassi d’interesse sul debito, cioè sui titoli emessi dallo Stato italiano, ha interessato sia i titoli a breve sia quelli a lunga scadenza (tra 10 e 30 anni). Negli ultimi anni, la curva dei rendimenti dei titoli di Stato italiani, cioè l’insieme dei tassi d’interesse sul debito suddivisi per scadenze, si è considerevolmente abbassata e appiattita (Fig. 1).
![](data:image/png;base64,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)
Nel 2006 per esempio, prima della crisi finanziaria, la curva dei rendimenti era sì piatta, ma gli interessi pagati sui titoli emessi erano abbastanza elevati, generalmente al di sopra del 3 per cento. Con la crisi dei debiti sovrani del 2011, la curva dei rendimenti era diventata ripida, poiché gli investitori scontavano un maggior rischio di default o ristrutturazione del debito pubblico italiano nel medio-lungo periodo. In questa situazione, i titoli con scadenza superiore a 10 anni pagavano interessi superiori al 5 per cento. In seguito, la curva si è abbassata e appiattita, con rendimenti negativi per i titoli a breve già nel 2016. Questa situazione si è consolidata nel 2020 grazie all’intensificazione degli acquisti della BCE per fronteggiare la pandemia. Di conseguenza, oggi un titolo a scadenza 30 anni paga un tasso d’interesse minore rispetto a uno con scadenza 3 mesi nel 2006.
Come sfruttare la curva dei rendimenti?
Quando la curva dei rendimenti si appiattisce e si abbassa, potrebbe essere conveniente allungare la scadenza media dei titoli emessi. Perché emettere più titoli a lunga che costano allo Stato tra l’1 e il 2 per cento all’anno, invece di emettere titoli a breve con rendimenti negativi? In generale, la scelta più conveniente per le finanze pubbliche circa la scadenza dei titoli da emettere dipende dalle previsioni circa i tassi d’interesse futuri. Se i rendimenti sono considerati eccezionalmente bassi e la curva è piatta, conviene emettere più titoli a lunga scadenza, in modo da beneficiare per più tempo degli interessi bassi. Infatti, se nel futuro gli interessi sul debito aumentassero, i titoli a breve dovrebbero essere sostituiti da nuove e più costose emissioni. Invece, i titoli a lunga scadenza “congelerebbero” per più tempo il risparmio sugli interessi, anche se questo sarebbe minore nell’immediato.
Si considerino per esempio un BTP a 30 anni e uno a 5 anni, cioè due titoli rispettivamente a lunghissima e media scadenza. A marzo 2021 un BTP a 30 anni rendeva circa l’1,6 per cento, mentre uno a 5 anni aveva un rendimento leggermente negativo, circa nullo (0 per cento). Di conseguenza, se lo Stato emettesse il titolo a 30 anni al posto di quello a 5, per i primi 5 anni sosterrebbe un costo dell’1,6 per cento annuo, cioè la differenza tra i due rendimenti. Per i 25 anni successivi, se lo Stato avesse emesso il titolo a media scadenza dovrebbe rinnovarlo al tasso d’interesse vigente, mentre quello a 30 anni continuerebbe a costare l’1,6 per cento. Senza tener conto (per semplicità) che i risparmi futuri andrebbero scontati ad un tasso adeguato, il titolo a 30 anni risulterebbe quindi più conveniente se quello a 5 anni dovesse essere rinnovato a un tasso d’interesse superiore al 2 per cento.[2] I BTP a 5 anni sono stati collocati a rendimenti superiori a questa “soglia” fino al 2013, quando la crisi dei debiti sovrani era rientrata e il costo dell’indebitamento era già minimo rispetto al passato. Un simile calcolo eseguito sui titoli di Stato a 10 anni e 1 anno produce lo stesso risultato: se i rendimenti tornassero ai livelli precedenti al 2013, l’emissione oggi di un BTP a 10 anni sarebbe più conveniente nell’arco di 10 anni dell’emissione e del continuo rinnovo di un BOT a 1 anno.
In pratica, non si può sapere per certo quando e di quanto aumenteranno i tassi di interesse. Certamente, il fatto che dei rendimenti futuri simili a quelli di pochi anni fa renderebbero conveniente l’emissione oggi di titoli a lunga scadenza è un chiaro incentivo ad allungare la durata media delle nuove emissioni. Tuttavia, se la curva dei rendimenti rimanesse come oggi per un altro anno, allora al momento converrebbe emettere titoli a scadenza breve per beneficiare dei loro rendimenti negativi. Di contro, se si sapesse che la ripresa provocherà un aumento dell’inflazione e quindi dei tassi entro l’anno, converrebbe emettere immediatamente molti più titoli a scadenza lunghissima. Di conseguenza, in ogni momento è comunque preferibile diversificare il rischio emettendo titoli di ogni tipo, seppur sfruttando le caratteristiche della curva. Vale la pena ricordare che anche gli investitori preferiscono diversificare. Quindi, un eccesso considerevole di offerta per una certa scadenza – breve o lunga che sia – potrebbe provocare un aumento del rendimento corrispondente.
Detto questo, alla luce delle caratteristiche inedite della curva attuale, non sorprende che lo Staff Statement di marzo 2021 del Fondo Monetario Internazionale raccomandi all’Italia di allungare la scadenza media del debito.[3] In linea con lo spirito di questa raccomandazione, la vita media del debito pubblico è in aumento dal 2014, ovvero da quando la crisi dei debiti sovrani è rientrata e la politica monetaria della BCE ha favorito un appiattimento della curva dei rendimenti.[4] Se si guardano le scadenze e le emissioni si nuovi titoli di Stato suddivise per durata si può notare come nel 2020 sia stato favorito un mix di nuovi titoli a scadenza leggermente più lunga rispetto a quelli scaduti (Fig. 2).
![](data:image/png;base64,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)
Tuttavia, l’attuale vita media del debito pubblico (6,9 anni a fine 2020) rimane minore rispetto al livello raggiunto prima della crisi dei debiti sovrani (7,2 anni a fine 2010), quando i rendimenti dei titoli a lunga scadenza erano comunque molto maggiori di oggi. Per questo motivo potrebbe esserci ancora spazio per allungare la scadenza e la vita media del debito pubblico. Questo spazio potrebbe essere sfruttato nell’anno in corso, visto che la BCE ha annunciato di voler mantenere una politica monetaria molto espansiva almeno fino al 2022 e il fabbisogno di finanziamento dello Stato sarà elevato.
In conclusione, la curva dei rendimenti dei titoli di Stato italiani – bassa e piatta – è un chiaro incentivo ad aumentare la vita media del debito pubblico, in modo da “congelare” gli interessi bassi a vantaggio delle finanze pubbliche. Infatti, in futuro un aumento dell’inflazione e un conseguente irrigidimento della politica monetaria della BCE rialzerebbero inevitabilmente la curva. Questo aumento auspicato della scadenza media dei titoli emessi è già in corso se si guardano la vita media del debito pubblico e le emissioni del 2020, ma dovrebbe continuare. In ogni caso, la necessità di diversificare di fronte all’incertezza sui tassi e sull’inflazione futura impone comunque di continuare a emettere anche titoli a scadenza breve.
[2] Il calcolo per ricavare il 2 per cento come soglia sopra la quale conviene il titolo a 30 anni è il seguente: costo del titolo a lunga scadenza per i primi 5 anni = risparmio per i successivi 25 anni, cioè 5 • (1,6 - 0) = 25 • (x - 1,6)