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- Details on the inaugural issuance of 7-year BTP

Press release N° 179 of 10/10/2013

The Ministry of Economy and Finance announces the details of the inaugural issuance of 7-year BTP, maturing on the 1st of May 2021, with a 3.75% coupon.

Around 260 investors took part to the transaction with a total amount requested of around 11 billion Euros, against an issued amount of 5 billion Euros. Banks have been allotted 38.6% of the issuance while about 23.5% has been allocated to asset and fund managers. Pension funds and insurance companies have received about 20% of the placement. Significant allocation has been attributed to central banks and non-financial corporations, respectively for 6% and about 4.5%. Finally the share allotted to hedge funds has been of 7.5%.

The placement saw a wide participation of investors in terms of geographical residence, with a balanced presence of Italian investors, who were allocated about 38.5% of the transaction, and foreign ones, who were allotted the remaining part. Among the latter, a relevant share of about 17% of the issuance - against a demand around 27.5% of the total amount requested - has been allotted to investors resident in the UK. Meaningful the share of issuance placed in continental Europe, in particular France (10.5%), Germany (more than 8%), Spain (around 7%) as well as Scandinavian countries and Benelux (around 7%). It’s worth mentioning the participation of North America investors, mainly form the U.S., who have been allocated more than 7% of the issuance against a demand around 11% of the total amount requested. Finally, to be noted also the presence of investors from the rest of the world, from North Africa to Asia, with an allotted share of 2% of the issuance.

The bond has been placed through a syndicate structured with four lead managers, Crédit Agricole Corp. Inv. Bank, Credit Suisse Securities (Europe) Ltd., HSBC France, UniCredit S.p.A., while the remaining Specialists in Italian Government Bonds participating as co-lead managers.
 

Rome 10/10/2013
IT