Benvenuto sul sito del Ministero dell’Economia e delle Finanze, conosciuto anche come Portale mef

Contenuto principale


Press release N° 50 of 04/08/2010

MEF announces the issuance of the following state bonds on 14 April 2010 with settlement date on 16 April 2010:

Buoni del Tesoro Poliennali (BTP - Long-Term Treasury Bonds):

start date: 15 January 2010; seventh tranche

maturity: 15 April 2015

coupon: 3%

ISIN: IT0004568272

start date: 1 March 2009; eigth tranche

maturity: 1 March 2025

coupon: 5%

ISIN: IT0004513641

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 by 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, indicated in the decrees authorising the issuance of the above-mentioned bonds, are eligible to participate in the auction.

Said dealers 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 up to an amount of not less than € 500,000 of nominal capital; any bid below the minimum amount will not be taken into consideration. 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 variation by a different amount will be rounded upwards. The minimum amount that can be subscribed is one-thousand euro.

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 accordance with the technical procedures established by the Banca d'Italia that dealers are familiar with.

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

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 further charges being added 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, i.e.:

- 0.30% for BTP 3% 15.01.2010 / 15.04.2015

- 0.40% for BTP 5% 01.03.2009 / 2025.

The public may reserve, from the above-mentioned groups of dealers, by the deadline set down in the calendar; brokers may 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:

Calendar for subscription operations

BTPs maturity 15.04.2015 BTPs maturity 01.03.2025
Public to reserve by 13 April 2010 13 April 2010
Submission of bids to auction by 11.00 AM on 14 April 2010 14 April 2010
Settlement of subscriptions 16 March 2010 16 March 2010
Daily interest payable (days) 1 46

"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 set at an amount not exceeding:

- 10% of the maximum nominal amount offered for BTP 15.04.2015

- 10% of the maximum nominal amount offered for BTP 01.03.2025.

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

The additional allocation will take place at the adjudication price defined in the present auction.

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 04/08/2010