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Contenuto principale

- Medium-Long Term Securities: Offering Announcement

Press release N° 139 of 10/08/2012


The Ministry of Economy and Finance disposes for 11th October 2012 and with settlement 15th October 2012, the issue of the following Government Securities:

 

- BTPs

Issue Date : 15thJuly 2012; 5^ tranche
Maturity Date : 15thJuly 2015
Coupon : 4,50%
ISIN : IT0004840788

nominal amount at issuance:
from a minimum of 2,750 millions of euro to a maximum of 3,750 millions of euro


The placement mechanism for the above mentioned bonds will be that of a uniform-price (marginal) auction with discretionary determination of allotment price and issued amount within the aforesaid issuance range.


Moreover the Ministry of Economy and Finance disposes for 11th October 2012 and with settlement 15th October 2012, the issue of the following additional Government Securities:

- Off the run BTPs

Issue Date : 15th September 2011; 9^ tranche
Maturity Date : 15th September 2016
Coupon : 4.75%
ISIN : IT0004761950


Issue Date : 1st February 2008; 19^ tranche
Maturity Date : 1st August 2018
Coupon : 4.50%
ISIN : IT0004361041

Issue Date : 1st March 2009; 18^ tranche
Maturity Date : 1st March 2025
Coupon : 5%
ISIN : IT0004513641

total amount for all off-the-run BTPs offered bonds:
from a minimum of 1,500 millions of euro to a maximum of 2,250 millions of euro

The placement mechanism will be that of a uniform-price (marginal) auction with discretionary determination of allotment price and issued amount within the issuance range referred altogether to the three above mentioned bonds.

The issued amount will be set excluding all the bids submitted at prices deemed not to be convenient given market conditions.

The following subjects are allowed to participate in the auction: Italian, EU and non-EU banks, financial brokers and EU and non-EU investment companies as indicated in each issuance decree. They submit bids for their own property or on their clients behalf.

Any bid submitted must contain the reference price. Every dealer can submit a maximum of five bids, which can differ from each other. The minimum bid is 500,000 euro. Any bid inferior to the minimum amount won't be considered. Any bid more than the whole amount offered will be allowed only up to that amount. Bid prices can vary by at least 1 cent of euro and different changes will be rounded up. Medium and long-term bonds can be subscribed for a minimum amount of 1,000 euro.

They are offered through a uniform-price (marginal) auction referred to the price, without any initial price reference.


Dealer’s bids have to be transmitted within the deadline described in the following “subscription calendar” to Bank of Italy, using the National Interbanking Network with the technical modalities indicated by Bank of Italy itself and well-known by the dealers.


Bonds are allotted soon after the auction procedure is over at the marginal price, that is the last price that can be accepted. If necessary, requests at that price will be satisfied proportionately (pro quota apportionment) with the rounding needed. The allotment price will be disseminated through press release, which will contain also the amount allocated to the Specialists in Government Bonds in the last three auctions.

Authorized dealers will credit the relative amounts in the subscribers accounts without further charging them in respect to the allotment price.

The settlement will be carried out at the allotment price adding any interest accrued from the day after the coupon first accrual date to the settlement one.

The following commissions, related to the amount allotted, will be awarded to dealers participating in the auction in order to compensate them for having collected bids from the public:

  • 0.20% for BTP 15.7.2015 and BTP 15.9.2016.
  • 0.30% for BTP 1.8.2018.
  • 0.40% for BTP 1.3.2025.


Everyone can book his requests through authorized dealers; dealers may ask for an advanced amount proportional to that requested to be deposited, in order to have the placement work out properly.

On the settlement date, subscribers will pay up both the allotment price and the accrued interest. A receipt will testify they have fulfilled this duty.

Subscription Calendar:


Underwriting Deadline Date for the Public 10 October 2012 Deadline date for Presentation of bids in auction (strictly prior 11.00 am) 11 October 2012
Settlement date 15 October 2012 Coupon accrued days:

for BTP 15.7.2015: 92
for BTP 15.9.2016: 30
for BTP 1.8.2018: 75
for BTP 1.3.2025: 44

Specialists in Government Bonds are allowed to participate in the additional reopening which occur after the auction, on the following business day.

The manners and conditions for the participation of the “Specialists” in the supplementary allotment, and the percentage apportionment among the “Specialists”, are indicated in the respective bond issuance decrees.

The additional reopening offering is set up for:

- an amount equal to 15% of the maximum amount offered for BTP 15.7.2015,
- an amount equal to 15% of the amount allocated for BTP 15.9.2016,
- an amount equal to 15% of the amount allocated for BTP 1.8.2018,
- an amount equal to 15% of the amount allocated for BTP 1.3.2025.

Only those Specialists who took part in the marginal auction are allowed to attend the additional reopening, where the allotment price is that set in the marginal auction.

 

10/08/2012
IT