The Ministry of Economy and Finance announces the details of the placement of the $ 2.5 billion US Dollar SEC-Registered Global bond, maturing on the 17th October 2049, with a 4.00% annual coupon.
About 173 investors have taken part to the transaction with a total amount requested of more than USD 5.2 billion. The distribution by investor type has been: Pension Funds and Insurance Companies 42%, Asset Managers 33%, Banks 11%, Hedge Funds 10%, Central Banks and Official Institutions 2%, Others 2%.
In terms of geographical residence of investors, the placement has been extremely diversified with the involvement of investors coming from different geographical areas. In particular, the placement has been allotted in Asia with 40%, in Europe, Middle East and Africa (EMEA) with 36% (Italian investors have received 11%) and for the remaining amount (24%) in Americas.
The bond has been placed through a syndicate structured with three lead managers, Barclays Bank PLC, HSBC Bank plc and J.P. Morgan Securities plc, while the remaining Specialists in Italian Government Bonds participated as co-lead managers.
The proceeds of the bond offering will be used for general purposes of the issuer, including debt management purposes.
FCA/ICMA stabilization applies. Manufacturer target market (MIFID II product governance) is eligible counter-parties, professional and retail (all distribution channels). The Offering will be made only by means of prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the preliminary prospectus relating to the Offering, when available, may be obtained from Barclays Bank plc, 5 North Colonnade, Canary Wharf, London E14 4BB, United Kingdom, telephone 1-888-603-5847 or by emailing barclaysprospectus@broadridge.com. To obtain a copy of the prospectus free of charge, visit the SEC’s website, www.sec.gov, and search under the registrant’s name, “Republic of Italy.
A registration statement relating to this Offering was declared effective by the U.S. Securities and Exchange Commission, on October 7, 2019. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This announcement does not constitute an offer to subscribe to or a solicitation of an offer to subscribe to securities in any member state within EEA in which such offer or solicitation is unlawful, unless in reliance upon applicable EEA prospectus exceptions, whereby no EEA prospectus, registration or similar action would be required within EEA.