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Contenuto principale

- BOTS ISSUE

Press release N° 118 of 08/06/2009

The MEF announces an auction of BOTs for 11 August 2009, settlement date on 14 August 2009:

BOTs auction

Amount (in million euro)

Maturity

Days

One-year

6,500

16.08.2010

367

Please note that since there are no specific cash-flow needs, on 11 August 2009 the three-month BOT will not be offered.

In addition, please note that on 14 August 2009, BOTs for 10,000 million euro will reach maturity (4,000 million euro at three months and 6,000 million euro at twelve months).

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

Treasury bonds are subscribable 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 BOTs auctions, expressed in percentage terms, may vary, in respect of 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 under one and a half million euro (1,500,000€).

Dealers set forth in the decrees 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 24 June 1998, no. 213 and related implementation provisions on the dematerialization of Government bonds, BOTs are represented by accounting entries in favour of the entitled. The 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 broker allocatees will credit the related amounts to the subscribers' accounts.

Purchase bids - a maximum of three - must be submitted to the Banca d'Italia strictly by means of the national interbanking network, within and no later than 11am of 11 August 2009, in compliance with the procedures 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 decrees 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, including as a whole, 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 provided for in the issuance decrees.

State bond specialists are eligible for participation in the additional placement of one-year BOTs, which is set to take place automatically on 12 August 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. In that event, 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 3:30pm of 12 August 2009.

Outstanding BOTs at 31 July 2009 amounted to 172,322 million euro, of which 2,500 million euro at 94 days, 3,500 million euro at 214 days, 3,500 million euro at 276 days, 12,500 million euro at three months, 63,202 million euro at six months and 87,120 million euro at twelve months.

Rome 08/06/2009
IT