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Ministry of Economy and FinanceFirst Quarter 2020 Issuance Program

Press Release N° 233 of 12/23/2019

New bonds to be issued 

The Ministry of Economy and Finance announces that during the first quarter of 2020 the following new securities will be issued:
BTP 3 years - maturity 06/15/2023             Minimum final outstanding:     9 billion Euros
BTP 10 years - maturity 08/01/2030           Minimum final outstanding:   12 billion Euros

With reference to the new CCTeu to be issued in the first quarter of 2020, the maturity will be set in the 3-7 year range, as announced in the Guidelines for public debt management for 2020.

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                 09/16/2019 – 01/15/2023       coupon 0.05%
BTP                 10/01/2019 – 02/01/2025       coupon 0.35%
BTP                 11/15/2019 – 01/15/2027       coupon 0.85%
BTP                 09/01/2019 – 04/01/2030       coupon 1.35%
CTZ                10/30/2019 – 11/29/2021

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 12/23/2019

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