The Ministry of Economy and Finance ended the placement of the BTP Più started on the 17th of February, with 14,905.67 million euros collected and 451,831 contracts concluded.
The definitive coupon rates of the BTP Più, taking into consideration market conditions, are revised upwards from the levels announced on the 14th of February:
- 2.85% for the 1st, 2nd, 3rd and 4th year (instead of 2.80%)
- 3.70% for the 5th, 6th, 7th and 8th year (instead of 3.60%)
Details on the placement
The amount issued coincides with the total turnover of valid purchase contracts concluded at par on the MOT platform of Borsa Italiana during the placement period, through the three dealers, Intesa Sanpaolo S.p.A., UniCredit S.p.A. and Banca Monte dei Paschi di Siena S.p.A, and the two co-dealers, Banca Akros S.p.A. and Banca Sella Holding S.p.A.
The bond has first accrual date as of the 25th of February 2025 and maturity date as of the 25th of February 2033. Investors who will hold the bond until the end of the 4th year, will be guaranteed the option of early redemption of the entire invested capital or even only a portion of it. This option could be exercised by giving a notice to the bank or the postal office during the time window between the 29th of January and the 16th of February 2029.
The amount issued has been equal to 14,905.670 million Euros for an overall number of contracts equal to 451,831, with an average size of 32,989 Euros.
Below, the trend in demand during the placement period from the 17th to the 21st of February.
| Number of contracts | Total turnover demanded (€) | Total turnover allotted (€) | |
|---|---|---|---|
| 1° day | 160,734 | 5,604,208,000 | 5,604,208,000 |
| 2° day | 113,322 | 3,738,436,000 | 3,738,436,000 |
| 3° day | 82,007 | 2,758,653,000 | 2,758,653,000 |
| 4° day | 56,009 | 1,707,997,000 | 1,707,997,000 |
| 5° day | 39,759 | 1,096,376,000 | 1,096,376,000 |
During the placement period, out of 451,831contracts concluded on the MOT (the Borsa Italiana’s screen-based market for securities and government bonds) around 61.6 per cent of them had a size of less than 20,000 Euros, while considering contracts up to 50,000 Euros, they were around 89,2 per cent of the total.
From the data received from Dealers, Co-Dealers and other intermediaries, it can be estimated that retail investors predominantly participated with a share of 69 per cent, while private banking accounted for 31 percent, a higher level compared to previous BTP Valore issuances. Within the share allotted to retail investors, requests received through the banking networks and postal offices (both at the bank desk and through remote offers) were estimated to be around 53 per cent, while orders carried out via home banking were about 47 per cent. In this case, the share of purchases via home banking is remarkable compared to all previous issuances dedicated to individual investors. Looking at the geographical distribution of the orders received, it is estimated that domestic investors bought almost entirely the amount issued.