The Ministry of Economy and Finance announces that during the first quarter of 2014 the following new securities will be issued:
BTP 15th January 2014 – 15th December 2016 Minimum final outstanding: 9 billion Euros
BTP 3rd February 2014 – 1st May 2019 Minimum final outstanding: 10 billion Euros
BTP 1st March 2014 – 1st September 2024 Minimum final outstanding: 12 billion Euros
The minimum final outstanding refers to the overall issuance of the bond and therefore it relates to the minimum amount the bond shall reach before being replaced by a new benchmark.
The settlement date of the first auction of a new bond may not coincide with the interest accrual date.
New bonds, in addition to the above mentioned ones, could be issued during the first quarter, according to market conditions.
Further tranches of the following on-the-run securities will be issued too:
CTZ 29th November 2013 – 31st December 2015
BTP 2nd September 2013 – 1st December 2018 coupon 3.50%
BTP 16th October 2013 – 1st May 2021 coupon 3.75%
BTP 1st August 2013 – 1st March 2024 coupon 4.50%
CCTeu 1st May 2013 – 1st November 2018
Moreover, according to market conditions, the Ministry of Economy and Finance reserves the right to reopen medium and long-term instruments, nominal – fixed rate and floating (CCTeu) - and inflation linked, including off-the-run instruments, in order to ensure secondary market efficiency.
The Treasury will place medium and long term securities, nominal – fixed rate and floating (CCTeu) – and inflation linked (BTP€i), through the usual uniform-price (marginal) auction mechanism and it will discretionally set the price and the issuance amount.