The key development for the Italian public debt market in 2013 has clearly been a return to normal, as shown by various aspects of the market's performance. If one looks at the trend of market interest rates and the shape of the yield curve, the development of trading volumes and prices on the secondary market, the composition of the issuance activity as well as the transactions carried out by Treasury on the primary and secondary market (through buybacks and exchanges), it is possible to gauge a remarkably different overall picture with respect to that for the 2011-2012 period, with a gradual, but continuous, return to increasingly normal and ordinary conditions for market’s functioning and for Treasury's operations.