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Contenuto principale

- Second Quarter 2017 Issuance Program

New bonds to be issued

Press release N° 53 of 03/27/2017

The Ministry of Economy and Finance announces that during the second quarter of 2017 the following new securities will be issued:

BTP 04/18/2017 – 06/15/2020 Minimum final outstanding: 9 billion Euros
CCTeu 04/15/2017 – 10/15/2024 Minimum final outstanding: 9 billion Euros
CTZ 05/30/2017 – 05/30/2019 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 second 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 03/01/2017 – 04/01/2022 coupon 1.20%
BTP 03/15/2017 – 05/15/2024 coupon 1.85%
BTP 02/01/2017 – 06/01/2027 coupon 2.20%
CCTeu 08/15/2016 – 02/15/2024
CTZ 11/29/2016 – 12/28/2018


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 03/27/2017
IT