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Ministry of Economy and FinanceFourth Quarter 2016 Issuance Program

Press Release N° 164 of 09/26/2016

New bonds to be issued

The Ministry of Economy and Finance announces that during the fourth quarter of 2016 the following new securities will be issued:

BTP      10/15/2016 - 10/15/2019  Minimum final outstanding: 9 billion Euros
BTP      10/03/2016 - 11/01/2021  Minimum final outstanding: 10 billion Euros
CCTeu 08/15/2016 - 02/15/2024  Minimum final outstanding: 9 billion Euros
CTZ      11/29/2016 - 12/28/2018  Minimum final outstanding: 9 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 fourth quarter, according to market conditions.

Reopenings of outstanding bonds

Moreover, during the same quarter further tranches of the following on-the-run bonds will be issued too:

BTP      09/15/2016 - 10/15/2023 coupon 0.65%
BTP      08/01/2016 - 12/01/2026 coupon 1.25%
CCTeu 01/15/2016 - 07/15/2023

In addition, according to market conditions, the Ministry of Economy and Finance reserves the right to offer further tranches of on-the-run nominal bonds with maturity above 10 years and inflation-linked bonds, also with the aim to tackle possible secondary market dislocations of these bonds.
Finally the Ministry of Economy and Finance could offer further tranches of off-the-run medium and long-term instruments, nominal – fixed rate and floating (CCTeu) - and inflation linked, 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 09/26/2016

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