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Ministry of Economy and FinanceISSUE OF CTZS

Press Release N° 13 of 01/23/2009

The MEFannounces the issuance of the following zero-coupon treasury bonds, auctionedon 27th January 2009 and settled on 30th January 2009:

-24-month CTZs:

startingaccrual date: 30 September 2008; ninth tranche

maturitydate: 30 September 2010

nominal amountof issue : 2,000 million euro

Theaforementioned bonds are subscribable for a minimum amount of one thousandeuro; the issue takes place through marginal auction referred to the price,without any indication of the minimum price and excluding bids submitted atprices below the "exclusion price"; for the purposes of determiningthe exclusion price, bids submitted at prices exceeding the "maximumaccepted price", calculated as set forth in the issue decree, will not beconsidered.

Italian,EU and non EU banks as well as the brokerage companies and EU and non-EUinvestment businesses referred to in the decrees authorising the issuance ofthe above mentioned bonds are eligible to participate in the auction.

Thedealers referred to above may bid on their own account or on behalf of thirdparties.

Each bidsubmitted must state the relevant offer price. Each dealer may submit up to amaximum of three bids, each at a different price and for a minimum amount of500,000 euros nominal capital. Any bid below the minimum amount will not beconsidered. Each bid must not exceed the issuance amount; any bids in excess ofthe issuance amount will be admitted only up to that amount.

Theprices indicated will vary by a minimum amount of one-thousandth euro; anyvariations by a different amount will be rounded upwards.

Bids fromdealers must be submitted - by 11 am of the deadline set down in the calendarbelow - by means of electronic bid sent to the Banca d'Italia via the NationalInterbanking Network in accordance with the technical procedures established bythe Banca d'Italia and familiar to dealers.

Theallocation of bonds, on the day that auction operations are perfected, willtake place at the lower price of those offered by the remaining allottees.

In theevent that not all bids can be accepted at the marginal price, allotment willbe on a pro-quota basis, with rounding as required.

Theallotment price and the exclusion price shall be announced by way of a pressrelease, which shall also state the amounts allocated to the specialists at thelast three auctions.

Dealersparticipating in the auction shall arrange for the allocated bonds to beassigned to subscribers, without charging any fees in addition to the allotmentprice.

Settlementof the bonds allocated by dealers shall be at the allotment price.

Aspayment for collecting bids from the public, a commission shall be paid to thesaid dealers - commensurate with the nominal amount of bonds allocated -equivalent to 0.20%.

Thepublic shall be able to reserve bonds via the above mentioned groups of dealersby the deadline set down in the calendar; brokers shall be able to request apayment on account of the nominal amount reserved as security for completion ofsubscription.

On thesettlement date, subscribers shall pay the sum due for the bonds allocated, onthe basis of the allotment price. A receipt will be issued on payment.

Thecalendar for subscriptions is as follows:

- publicto reserve by: 26 January 2009;

-submission of bids to auction: by 11am of 27 January 2009;

-settlement of subscriptions: 30 January 2009.

Statebond specialist dealers are eligible to participate in the placing of statebonds that shall take place automatically in addition to the issuance auctions.

Theamount of the additional tranche is fixed at a maximum sum equivalent to 10% ofthe nominal amount offered. Specialists who did not participate in the issuanceauction shall not be eligible to participate in the additional placing.

Theadditional allocation shall be at the allotment price determined at the auctionfor the current issuance.

Theprocedures and conditions for the participation of specialists in theadditional allocations are set out in the decree authorising the issuance ofthe related bonds.

01/23/2009

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