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Ministry of Economy and FinanceISSUANCE OF CTZs

Press Release N° 111 of 07/23/2009

The Ministry for the Economy and Finance hereby announces the issuance of the following Zero-Coupon Treasury Bonds on 28 July, 2009, with a settlement date of 31 July, 2009:

- CTZ 24 months:

start date: 30 June 2009; third tranche

maturity: 30 June 2011

nominal amount of issue: 3,500 million euros

ISIN: IT0004509219

The above-mentioned bonds are subscribable at a minimum sum of one thousand euros. Issue shall be by way of the uniform price auction mechanism, without indicating a minimum allocation price and with bids at prices lower than the exclusion price being excluded. For the purposes of determining the exclusion price, bids submitted at prices in excess of the maximum admissible price, calculated following the procedure laid down in the issuance decree, shall not be admitted.

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

The said dealers may bid on their own account and on behalf of third parties.

Each bid submitted must state the relevant offer price. Dealers may submit up to a maximum of three bids, each at a different price and for a minimum sum of 500,000 euros of nominal capital; any bid below the minimum amount shall not be admitted. Each bid must not exceed the issuance amount; any bids in excess of the issuance amount shall be admitted only up to that amount.

Prices shall vary by a minimum of one euro cent; any variations by a different amount shall be rounded upwards.

Bids from dealers must be submitted by 11.00am on the day indicated below by means of electronic bid sent to the Banca d'Italia via the National Interbanking Network in accordance with the technical procedures established by the Banca d'Italia and with which the dealers are familiar.

Allocation of bonds on the day of the auctions shall be at the lowest price of those submitted by the highest bidders then participating.

In the event that not all bids at the uniform price can be accepted, allotment will be on a pro-rata basis, with rounding as required.

The allotment price and the exclusion price shall be announced by way of press release, which shall also state the amounts allocated to the specialists at the last three auctions.

Dealers participating at the auction shall arrange for the bonds allocated to be assigned to subscribers, without any further charges being added to the allotment price.

Settlement by the dealers of the bonds allocated shall be at the allotment price.

As payment for collecting bids from the public, commission shall be paid to dealers - commensurate with the nominal amount of bonds allocated - at 0.20%.

The public shall be able to reserve bonds via the above-mentioned groups of dealers on the day indicated below; brokers may request a payment on account of the nominal amount reserved as security against completion of subscription.

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

The calendar for subscriptions is as follows:

- Public to reserve by: 27 July 2009;

- Submission of bids to auction: by 11.00am on 28 July 2009;

- Settlement of subscriptions: 31 July 2009;

State bond specialist dealers are eligible to participate in the placing of state bonds that shall take place automatically in addition to the issuance auctions.

The amount of the additional tranche is set at a maximum of 10% of the nominal amount offered. Specialists who did not participate in the issuance auction shall not be eligible to participate in the additional placing.

The additional allocation shall be at the allotment price set at the auction for the currrent issuance.

The procedure and conditions for the partecipation of specialists in the additional allocations are set out in the relevant decrees authorising the issuance of the above mentioned bonds.

Rome 07/23/2009

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