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Ministry of Economy and FinanceFirst Quarter 2019 Issuance Program

Press Release N° 219 of Thu Dec 20 18:27:00 CET 2018

New bonds to be issued
The Ministry of Economy and Finance announces that during the first quarter of 2019 the following new securities will be issued:

 BTP 3 years  - maturity 07/15/2022  Minimum final outstanding:    9 billion Euros

BTP 10 years - maturity 08/01/2029   Minimum final outstanding: 12 billion Euros

CCTeu   Minimum final outstanding:   9 billion Euros

With reference to the new CCTeu, the maturity will be set in the 5-7 year range. 

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.

New bonds, in addition to the above mentioned ones, could be issued during the first 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 10/15/2018 – 10/15/2021 coupon 2.30%

BTP 08/01/2018 – 10/01/2023 coupon 2.45%

BTP 09/17/2018 – 11/15/2025 coupon 2.50%

BTP 08/01/2018 – 12/01/2028 coupon 2.80%

CCTeu03/15/2018 – 09/15/2025

CTZ 10/30/2018 – 11/27/2020

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 Thu Dec 20 18:27:00 CET 2018

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