Details on the new 10 year BTP€i placement
The Ministry of Economy and Finance announces the placement details of the new 10-year BTP€i, maturing on the 15th September 2021, with a real 2.1% coupon.
More than 120 investors have taken part to the transaction with a total amount requested of more than 4,1 billion Euros. About 53% of the issue has been allocated to banks, while asset and fund managers have been allotted around 26% of the issuance. Long-term horizon investors have received 17% of the total amount (pension funds and insurance companies accounting for 11% and central banks for 6.5%) while the share allotted to hedge funds has been of 2%.
The geographical distribution has been well diversified: besides the participation of Italian investors (almost 29%), it is worth noting the presence of investors resident in France (29%) and in the UK (28%). Significant interest has been shown also by the other European countries (11%), such as Benelux (6%) and Scandinavia (2%). Asian investors have been allocated 2%, while north American investors have been allocated 1%.
The bond has been placed through a syndicate structured with five lead managers, Barclays Bank PLC, Crédit Agricole Corp. Inv. Bank, Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A., Société Générale Inv. Banking, UBS Ltd., while the remaining Specialists in Italian Government Bonds participated as co-lead managers.