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Contenuto principale

- CCTS AND BTPS ISSUANCE

Press release N° 28 of 02/19/2009

CCTS AND BTPS ISSUANCE

The MEF announces the issuance of the following state bonds to take place on 26 February 2009, with settlement date on 2 March 2009:

CCTs (Treasury Credit Certificates):

start date: 1 September 2008; eleventh tranche

maturity: 1 September 2015

six-month coupon: equal to the yield on six-month BOTs (Treasury Bonds) referring to the auction held at the end of the month prior to the start date of the six-monthly payment, increased by a spread of 0.15 percentage points.

BTPs (Long Term Treasury Bonds):

start date: 1 March 2009; first tranche

maturity: 1 March 2012

coupon: 3%

start date: 1 September 2008; ninth tranche

maturity: 1 March 2019

coupon: 4.50%

In addition, the MEF announces for that same date of 26 February 2009 and with settlement on 2 March 2009, the issuance of the following off-the-run treasury credit certificates:

CCTs (Treasury Credit Certificates):

start date: 1 July 2006; fifteenth tranche

maturity: 1 July 2013

six-month coupon: equal to the yield on six-month BOTs (Treasury Bonds) referring to the auction held at the end of the month prior to the start date of the six-monthly payment, increased by a spread of 0.15 percentage points; the current coupon, with maturity on 1 July 2009, stands at 1.10%.

The above-mentioned bonds will be placed using the uniform-price auction mechanism, with allotment price and issuance amount being set discretionally within an issuance interval to be announced in a subsequent press release.

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

Italian, EU and non EU banks as well as the brokerage companies and EU and non-EU investment businesses referred to in the decrees authorising the issuance of the above mentioned bonds are eligible to participate in the auction.

The dealers referred to above may bid on their own account or 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 price and for a minimum amount of 500,000 euro of nominal capital. Any bid below the minimum amount will not be considered. Each bid must not exceed the issuance amount; any bids in excess of the issuance amount will be admitted only up to that amount.

Prices will vary by a minimum of one euro cent; any variations will be rounded up. The minimum sum subscribable is one thousand euros.

Bids from dealers must be submitted by the deadlines set down in the calendar below and by means of electronic bid sent to the Banca d'Italia via the National Interbanking Network, in compliance with the technical procedures established by the Banca d'Italia and familiar to dealers.

In the event that not all bids at the uniform price can be accepted, there shall be an allotment pro- rata, with rounding as necessary.

The allotment price shall be announced by way of a press release, which shall also state the amounts allocated to the specialists at the last three auctions.

Dealers participating in the auction shall arrange for the bonds allocated to be assigned to subscribers, without any charges being made in addition to the allotment price.

Settlement of the bonds allocated by dealers shall be at the allotment price and with payment of daily interest from the day following the start date of the current coupon to the day of settlement.

As payment for collecting bids from the public, commission shall be paid to the said dealers, commensurate with the nominal amount of bonds allocated, equivalent to:

- 0.30% for CCTs 1.9.2008/2015 and CCTs 1.7.2006/2013

- 0.20% for BTPs 3% 1.3.2009/2012

- 0.40% for BTPs 4.50% 1.9.2008/1.3.2019

The public shall be able to reserve bonds via the above mentioned groups of dealers by the deadline set down in the calendar; brokers shall be able to request a payment on account of the nominal amount reserved as security for completion of subscription.

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

The calendar for subscription operations is as follows:

CCTs maturity 1/9/2015

BTPs maturity 1/3/2012

BTPs maturity 1/3/2019

CCTs maturity 1/7/2013

Public to reserve by

25 February 2009

25 February 2009

25 February 2009

25 February 2009

Submission of bids to auction: by 11.00am on

26 February 2009

26 February 2009

26 February 2009

26 February 2009

Settlement of subscriptions

2 March 2009

2 March 2009

2 March 2009

2 March 2009

Daily interest payable

1

1

1

60

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

The offer of the additional tranche is fixed for a maximum amount not exceeding:

- 25% of the nominal amount offered for three-year BTPs,

- 10% of the nominal amount offered for seven-year CCTs and ten-year BTPs.

Specialists who did not participate in the issuance auction shall not be eligible to participate in the additional placing.

The additional allocation shall be at the allotment price set 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 authorising the issuance of the above mentioned bonds.

Rome 02/19/2009
IT