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Contenuto principale

- BOT ISSUE

Press release N° 95 of 06/22/2009

The MEF announces an auction of treasury bills (Buoni Ordinari del Tesoro - BOT) for 30 June 2009, settlement date on 30 June 2009:

  Amount (in million euro) Maturity Days
Six-month 10,500 31.12.2009 184
 

Please note that on 30 June 2009, BOTs for € 11,550 million will reach maturity.

BOTs are offered via a competitive auction and dealers' bids are expressed in terms of yield.

Treasury bonds may be subscribed for a minimum amount of one-thousand euro. For each issue of BOTs, the fiscal price of reference is the weighted average price of the first tranche, calculated on the basis of the corresponding weighted average yield.

Yields indicated by dealers participating in the BOTs auctions, expressed in percentage terms, may vary, with respect to all types of securities, by 0.001% or multiple thereof. Bids without yield reference will not be admitted to auction. Each bid will not be lower than one-and-a-half million euro (€ 1,500,000).

Dealers indicated in the decree authorising the issuance of the BOTs are eligible for participation in the auction.

In application of the provisions set forth in Sec. II - Title V of Legislative Decree n. 213 of 24 June 1998, and related implementation provisions, regulating the dematerialization of Government bonds, BOTs are represented by account registrations entered in favour of the entitled. Banca d'Italia automatically enters the BOT amounts subscribed at auction and settles them through the clearing and settlement facility for financial instruments, entering the date of settlement as value date. On the basis of allocations, the allocatee brokers will credit the related amounts to the subscribers' accounts.

Purchase bids - a maximum of three for each tranche - must be submitted to Banca d'Italia strictly by means of the national Interbanking network, within and no later than 11 AM of 25 June 2009, in compliance with the procedure and provisions set forth in the issuance decrees. Please note that should there be a malfunctioning of the system, thereby preventing the transmission of messages on the network, requests for participation in the auction must be sent via fax.

Bids received after the deadline set in the issuance decree will not be considered. Bids in replacement of previously submitted requests will be taken into consideration only if they arrive by the aforementioned deadline. Requests cannot be withdrawn after the aforementioned deadline.

Should any dealer's bids exceed, even as a total, the amount offered by the Treasury, they will be taken into consideration starting from the one with the lowest yield, up to the amount offered, unless otherwise stated on the in the issuance decree.

State bond specialists are eligible for participation in the additional placement of six-month BOTs, which is set to take place by automatic means on 26 June 2009.

The amount of the additional tranche is fixed at 10% of the nominal amount offered in the issuance auction. This percentage is the minimum amount offered in the additional placement, which the Treasury may increase after the closing of the issuance auction to satisfy the demand expressed by dealers. Should that event occur, a specific press release will be published.

Specialists who did not participate in the issuance auction shall not be eligible to participate in the additional placement. Allocation will take place at the weighted average yield set in the issuance auction. The additional placement procedure will follow the provisions set forth in the issuance decree. Specifically, purchase bids must be submitted within and no later than 3:30 PM of 26 June 2009.

Outstanding BOTs at 15 June 2009 amounted to € 176,050 million, of which € 2,500 million at 94 days; € 3,500 million at 106 days; € 3,500 million at 214 days; € 3,500 million at 276 days; € 13,500 million at three months; € 64,900 million at six months; and € 84,650 million at twelve months.

Rome 06/22/2009
IT