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- CCT AND BTP ISSUE

Press release N° 156 of 10/22/2009

The MEF announces the issuance of the following state bonds on 29 October with settlement date on 2 November 2009:

CCTs (Treasury Credit Certificates):

  • start date: 1 July 2009; seventh tranche
  • maturity: 1 July 2016
  • six-month coupon: equal to the yield on six-monthBOTs (Treasury Bonds) referring to the auction held at the end of themonth prior to the start date of the six-monthly payment, increased by a spreadof 0.15 percentage points; the current coupon, with maturity date on 1 January2010, stands at 0.53%.
  • ISIN: IT0004518715

BTPs (Long Term Treasury Bonds):

  • start date: 1 July 2009; ninth tranche
  • maturity: 1 July 2012
  • coupon: 2.50%
  • ISIN: IT0004508971
  • start date: 1 September 2009; third tranche
  • maturity: 1 March 2020
  • coupon: 4.25%
  • ISIN: IT0004536949

The above-mentioned bonds will be placed using theuniform-price auction mechanism, with allotment price and issuance amount beingset discretionally within an issuance interval to be announced in a subsequentpress release.

The amount placed will be determined by excluding bids atprices considered to be unfavourable on the basis of market conditions.

Italian, EU and non EU banks as well as the brokeragecompanies and EU and non-EU investment businesses indicated in the decreesauthorising the issuance of the above-mentioned bonds are eligible toparticipate in the auction.

The dealers referred to above may bid on their own accountor on behalf of third parties.

Each bid submitted must state the relevant offer price.Each dealer may submit up to a maximum of three bids, each at a different priceand for a minimum amount of € 500,000 of nominal capital; any bid below theminimum amount will not be considered. Each bid must not exceed the issuanceamount; any bids in excess of the issuance amount will be admitted only up tothat amount.

Prices will vary by a minimum of one euro cent; anyvariations by a different amount will be rounded upwards. The minimum sumsubscribable is one thousand euro.

Bids from dealers must be submitted by the deadlines setdown in the calendar below and by means of electronic bid sent to the Bancad'Italia via the National Interbanking Network in accordance with the technicalprocedures established by the Banca d'Italia that dealers are familiar with.

In the event that not all bids at the uniform price can beaccepted, allotment will be on a pro-rata basis, with rounding as required.

The allotment price shall be announced by way of a pressrelease, which shall also state the amounts allocated to the "specialists" atthe last three auctions.

Dealers participating in the auction shall arrange for thebonds allocated to be assigned to subscribers, without further charges beingadded to the allotment price.

Settlement of the bondsallocated by dealers shall be at the allotment price and with payment of dailyinterest from the day following the start date of the current coupon to the dayof settlement.

As payment for collecting bids from the public, commissionshall be paid to the said dealers, commensurate with the nominal amount ofbonds allocated, i.e.:

  • 0.30% for CCT 01.07.2009/2016
  • 0.20% for BTP 2.50% 01.07.2009/2012
  • 0.40% for BTP 4.25% 01.09.2009/01.03.2020.

The public may reserve from the above-mentioned groups ofdealers by the deadline set down in the calendar; brokers may request a paymenton account of the nominal amount reserved as security for completion ofsubscription.

On the settlement date, subscribers will pay the sum duefor the bonds allocated, on the basis of the allotment price, as well as dailyinterest due. A receipt will be issued on payment.

The calendar for subscription operations is as follows:

  CCTs maturity 01.07.2016 BTPs maturity 01.07.2012 BTPs maturity 01.03.2020
Public to reserve by 28 October 2009 28 October 2009 28 October 2009
Submission of bids to auction: by 11.00 AM on 29 October 2009 29 October 2009 29 October 2009
Settlement of subscriptions 2 November 2009 2 November 2009 2 November 2009
Daily interest payable (days) 124 124 62

"State bond specialist dealers" are eligible to participatein the placing of state bonds that shall take place automatically in additionto the issuance auctions.

The offer of the additional tranche is set at anamount not exceeding:

  • 10% of the maximum nominal amount offered forCCT 01.07.2016,
  • 10% of the maximum nominal amount offered forBTP 01.07.2012,
  • 10% of the maximum nominal amount offered forBTP 01.09.2020.

"Specialists" that did not participate in the issuanceauction shall not be eligible to participate in the additional placing.

The additional allocation shall be at the allotment priceset at the auction for the current issuance.

The procedures and conditions for the participation of "specialists"in the additional allocations are set forth in the relevant decrees authorisingthe issuance of the above-mentioned bonds.

Rome 10/22/2009
IT

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