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Ministry of Economy and FinanceSecond Quarter 2020 Issuance Program

Press releases N° 60 of 03/26/2020

New bonds to be issued

 

The Ministry of Economy and Finance announces that during the second quarter of 2020 the following new securities will be issued:

 

BTP 5 years   - maturity 07/01/2025              Minimum final outstanding:    10 billion Euros

BTP 7 years   - maturity 07/15/2027             Minimum final outstanding:     10 billion Euros

CTZ                - maturity 05/30/2022             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.

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                 03/16/2020 - 06/15/2023        coupon 0.60%

BTP                10/01/2019 - 02/01/2025        coupon 0.35%

BTP                 11/15/2019 - 01/15/2027        coupon 0.85%

BTP                 03/01/2020 - 08/01/2030        coupon 0.95%

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, inflation-linked bonds and floating (CCTeu), 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 03/26/2020
IT

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