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Contenuto principale

- CCTs and BTPs ISSUANCE

Press release N° 27 of 02/19/2010

The MEF announces the issue of the following state bonds on 25 February 2010, with settlement on 1 March 2010:

CCTs (Floating-Rate Treasury Certificate):

start date: 1 March 2010; first tranche

maturity: 1 March 2017

semi-annual 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 period, increased by a spread of 0.15 percentage points;

ISIN: to be assigned

- BTPs (Long-Term Treasury Bonds):

start date: 15 December 2009; fifth tranche

maturity: 15 December 2012

annual coupon: 2%

ISIN : IT0004564636

start date: 1 September 2009; eleventh tranche

maturity: 1 March 2020

annual coupon: 4.25%

ISIN : IT0004536949

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 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 by a different amount will be rounded upwards. The minimum sum that can be subscribed 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 accordance 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, 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, being:

- 0.30% for CCTs 1.3.2010/2017,

- 0.20% for BTPs 2% 15.12.2009/2012,

- 0.40% for BTPs 4.25% 1.9.2009/1.3.2020.

The bonds can be reserved by the public via the above-mentioned groups of dealers by the deadline shown 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 will 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 1.3.2017

BTPs maturity 15.12.2012

BTPs maturity 1.3.2020

Public to reserve by

24 February 2010

24 February 2010

24 February 2010

Submission of bids to auction: by 11.00am on

25 February 2010

25 February 2010

25 February 2010

Settlement of subscriptions

1 March 2010

1 March 2010

1 March 2010

Daily interest payable (days)

__

76

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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:

- 25% of the maximum nominal amount offered for CCTs 1.3.2017,

- 10% of the maximum nominal amount offered for BTPs 15.12.2012,

- 10% of the maximum nominal amount offered for BTPs 1.3.2020.

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 securities.

Rome 02/19/2010
IT

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