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Ministry of Economy and FinanceFirst Quarter 2014 Issuance Program

Press Release N° 259 of 12/23/2013

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.
 

Rome 12/23/2013

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