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Press release N° 158 of 10/23/2009

The MEF has scheduled a BOTs auction for 27 October, 2009, with settlement on 30 October 2009:

  Amount (Euro million) Maturity: Days
Half-yearly 9,500 30.04.2010 182

It should be noted that on 30 October, 2009, 10,450 million euro of BOTs will mature.

The BOTs are to be offered at auction using the competitive auction placing system, with dealers' bids being expressed in terms of yield.

Bonds may be subscribed to for a minimum sum of one thousand euros. For each BOT issue, the relevant fiscal price shall be the average weighted price of the first tranche, calculated on the basis of the corresponding average weighted yield.

Expressed in percentages, yields indicated by dealers participating in BOT auctions may, as regards all types of securities, vary by a 0.001 percentage point or a multiple of that sum. Bids failing to indicate yield shall not be admitted to auction. Each bid shall be of a minimum of one and a half million euros (€1,500,000).

The placing of BOTs shall be carried out as regards each dealer referred to in the decree of issuance.

In application of the provisions of Section II, Part V of legislative decree no. 213 of 24 June, 1998, and related implementation provisions, as regards uncertificated State bonds, ordinary Treasury bonds are represented by book entry in favour of those entitled thereto. Banca d'Italia automatically enters the BOT amounts subscribed at auction to be settled in the clearing and settlement facility for financial instruments, with the date of settlement being the value date. On the basis of the allocations made, the broker allocatees shall credit the relevant amounts to the subscribers' accounts.

Purchase bids - to a maximum of three - must reach Banca d'Italia strictly by means of the national interbanking network by and no later than 11.00am on 27 October, 2009, in compliance with the procedures established by the issuance decrees. It should be remembered that in the event of a system malfunction such that prevents messages being inputted on the network, bids for the auction must be sent by faxing the relevant form.

Bids received beyond the deadline established by the issuance decree shall not be considered. Any bids submitted as a substitute for bids already received shall be taken into consideration only if received within the deadline referred to above. Bids cannot be withdrawn after the deadline referred to above.

In the event that bids, including bids as a whole, by any dealer exceed the amount offered by the Treasury, such bids shall be considered starting with that bid with the lowest yield up to the amount offered, save where the issuance decree provides otherwise.

State bond specialists are eligible to participate in the additional placing of six-month BOTs scheduled automatically for 28 October, 2009.

The amount of the additional tranche is set at a maximum of 10% of the nominal amount offered at the issuance auction. Such percentage represents the minimum sum offered in the additional placing, which the Treasury reserves the right to increase following closure of the issuance auction, in order to meet dealers' demands. Should such circumstances arise, a press release will be issued.

Specialists who did not participate in the issuance auction shall not be eligible to participate in the additional placing. Allotment shall take place at the average weighted yield established at the issuance auction. The procedure for additional placing shall be in accordance with the provisions in the issuance decree. In particular, purchase bids shall be received by and no later than 15.30 on 28 October, 2009.

Outstanding BOTs as at 15 October, 2009, amounted to 164,075.595 million euro, comprising 3,500 million euro 214 day BOTs, 3,500 million euro 276 day BOTs, 4,000 million euro three-month BOTs, 63,003 million euro six-month BOTs and 90,072.595 million euro twelve-month BOTs.

Rome 10/23/2009