The MEFannounces the issuance of the following treasury bonds, to be auctioned on 13February 2009 and settled on 17 February 2009, consisting of:
- BTPs(Long Term Treasury Bonds):
startdate: 15 December 2008; third tranche
maturity:15 December 2013
coupon:3.75%
startdate: 1st February 2008; eighth tranche
maturity:1st August 2023
coupon:4.75%
Theabove-mentioned bonds will be placed using the uniform-price auction mechanism,with allotment price and issuance amount being set discretionally within anissuance interval to be announced in a subsequent press release.
Inaddition, the MEF announces, for the same date of 13th February 2009, withsettlement on 17th February 2009, the issuance of the following off-the-runtreasury bonds:
- BTPs(Long Term Treasury Bonds):
startdate: 1st February 2006; fourteenth tranche
maturity:1st August 2021
coupon:3.75%
startdate: 1st November 1998; thirty-fourth tranche
maturity:1st November 2029
coupon:5.25%
Thissecurity, too, will be placed by using the uniform-price auction mechanism,with allotment price and issuance amount being set discretionally within anissuance interval referring to the two aforementioned bonds as a whole.
Theamount placed will be determined excluding bids at prices considered to be unfavourableon the basis of market conditions.
Italian,EU and non-EU banks as well as brokerage companies and EU and non-EU investmentbusinesses referred to in the decrees authorising the issuance of theabove-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 euro of 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.
Pricesmay vary by a minimum of one euro cent; any variations of a different amountwill be rounded up. The minimum sum subscribable is 1,000 euro.
Bids fromdealers must be submitted by the deadlines set down in the calendar below andby 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.
In theevent that not all bids at the uniform price can be accepted, there shall be anallotment pro rata, with rounding as necessary.
Theallotment price shall be announced by way of a press release, which shall alsostate the amounts allocated to the specialists at the last three auctions.
Dealersparticipating in the auction shall arrange for the bonds allocated to beassigned to subscribers, without any charges being made in addition to theallotment price.
Settlementof the bonds allocated by dealers shall be at the allotment price and withpayment of daily interest from the day following the start date of the currentcoupon to the day of settlement.
Aspayment for collecting bids from the public, commission shall be paid to thesaid dealers, commensurate with the nominal amount of bonds allocated, being:
- 0.30%for BTPs 3.75% 15.12.2008/2013
- 0.40%for BTPs 4.75% 1.2.2008/1.8.2023
- 0.40%for BTPs 3.75% 1.2.2006/1.8.2021
- 0.40%for BTPs 5.25% 1.11.1998/2029
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, as well as daily interest due. A receipt willbe issued on payment.
Thecalendar for subscriptions is as follows:
| BTPs maturity 15/12/2013 | BTPs maturity 1/8/2023 | BTPs maturity 1/8/2021 | BTPs maturity 1/11/2029 | |
| Public to reserve by | 12 February 2009 | 12 February 2009 | 12 February 2009 | 12 February 2009 |
| Submission of bids to auction: by 11.00am on | 13 February 2009 | 13 February 2009 | 13 February 2009 | 13 February 2009 |
| Settlement of subscriptions | 17 February 2009 | 17 February 2009 | 17 February 2009 | 17 February 2009 |
| Daily interest payable | 64 | 16 | 16 | 108 |
Statebond specialist dealers are eligible to participate in the placing of statebonds that shall take place automatically in addition to the issuance auctions.
The offerof the additional tranche is set for each issuance at a maximum amount not exceedingnon 10% of the nominal amount offered.
Specialistswho did not participate in the issuance auction shall not be eligible toparticipate in the additional placement.
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 relevant decrees authorising theissuance of the above mentioned bonds.