The Ministry of Economy and Finance announces the placement details of the new 15-year BTP, maturing on the 1st March 2026, with a 4.5% coupon.
More than 180 investors have taken part to the transaction with a total amount requested of slightly less than 10 billion Euros. About 34% of the issue has been allocated to asset and fund managers, while banks have been allotted around 24% of the issuance. Long-term horizon investors have received 37% of the total amount (pension funds and insurance companies accounting for 29% and central banks/official institutions for 8%) while the share allotted to hedge funds has been of 4%.
The placement has seen a significant participation of Italian investors who were allocated the 37% of the transaction. Also relevant has been the presence of investors resident in the UK (30%). Most of the rest of the issuance has been placed in continental Europe, mainly in Germany (10%), France (6%) and Benelux (7%). Scandinavian investors were allotted the 5%. Non European investors have been allocated the 3%.
The bond has been placed through a syndicate structured with five lead managers, Banca IMI S.p.A, Citigroup Global Markets Ltd., Deutsche Bank A.G., Nomura Int. PLC e Royal Bank of Scotland PLC, while the remaining Specialists in Italian Government Bonds participated as co-lead managers.