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Contenuto principale

- BOTs ISSUE

Press release N° 104 of 07/07/2009

The MEF announces an auction of 12,500 million euro of BOTs for 10 July 2009, settlement date on 15 July 2009, broken down as follows:

  Amount (in million euro) Maturity Days
Three months 4,500 15.10.2009 92
Twelve months 8,000 15.07.2010 365

Please note that on 15 July 2009, 15,000 million euro of BOTs willreach maturity (of which 5,500 million euro are at three months, 6,000 millioneuro are at twelve months and 3,500 million euro are at 106 days).

BOTs are offered via a competitive auction and dealers' bids areexpressed in terms of yield.

Treasury bonds are subscribable for a minimum amount of one thousandeuro. For each issue of BOTs, the fiscal price of reference is the weightedaverage price of the first tranche, calculated on the basis of thecorresponding weighted average yield.

Yields indicated by dealers participating in the BOTs auctions,expressed in percentage terms, may vary, in respect of all types of securities,by 0.001% or multiple thereof. Bids without yield reference will not beadmitted to auction. Each bid will not be under one and a half million euro(1,500,000€).

Dealers set forth in the decrees authorising the issuance of theBOTs are eligible for participation in the auction.

In application of the provisions set forth in Sec.II - Title V ofLegislative Decree 24 June 1998, no. 213 and related implementation provisionson the dematerialization of Government bonds, BOTs are represented by accountregistrations entered in favour of the entitled. TheBanca d'Italia automatically enters the BOT amounts subscribed at auction andsettles them through the clearing and settlement facility for financialinstruments, entering the date of settlement as value date. On the basis of allocations,the broker allocatees will credit the related amounts to the subscribers'accounts.

Purchase bids - a maximum of three for each tranche - must besubmitted to the Banca d'Italia strictly by means of the national interbankingnetwork, within and no later than 11am of 10 July 2009, in compliance with the procedures and provisions set forth in the issuance decrees. Please notethat should there be a malfunctioning of the system, thereby preventing thetransmission of messages on the network, requests for participation in theauction must be sent via fax.

Bids received after the deadline set in the issuance decrees willnot be considered. Bids in replacement of previously submitted requests will betaken into consideration only if they arrive by the aforementioned deadline.Requests cannot be withdrawn after the aforementioned deadline.

Should any dealer's bids exceed, including as a whole, the amountoffered by the Treasury, they will be considered starting from the one with thelowest yield, up to the amount offered, unlessotherwise provided for in the issuance decrees.

State bond specialists are eligible for participation in theadditional placement of one-year BOTs, which is set to take place automaticallyon 13 July 2009.

The amount of the additional tranche is fixed at 10% of thenominal amount offered in the issuance auction. This percentage is the minimumamount offered in the additional placement, which the Treasury may increaseafter the closing of the issuance auction to satisfy the demand expressed bydealers. In that event, a specific press release will be published.

Specialists who did not participate in the issuance auction shallnot be eligible to participate in the additional placement. Allocation willtake place at the weighted average yield set in the issuance auction. The procedurefor the additional placement will be as set forth in the issuance decree.Specifically, purchase bids must be submitted within and no later than 3:30pm of 13 July 2009.

Outstanding BOTs at 30 June 2009 amounted to 175,050 million euro,of which 2,500 million euro at 94 days, 3,500 million euro at 106 days, 3.500 millioneuro at 214 days, 3,500 million euro at 276 days, 13,500 million euro at three months,63,900 million euro at six months and 84,650 million euro at twelve months.

07/07/2009
IT