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

Contenuto principale

- ISSUE OF BTPs (Long Term Treasury Bonds)

Press release N° 109 of 07/07/2010

The MEF announces the issuance of the following BTPs to be auctioned on 14 July 2010 and settled on 16 July 2010:

- BTPs (long-term treasury bonds):

start date: 15 June 2010; third tranche

maturity: 15 June 2015;

coupon: 3%

ISIN: IT0004615917

start date: 1 September 2009; eighth tranche

maturity: 1 September 2040;

coupon: 5%

ISIN: IT0004532559

In addition, the MEF announces that on the same date of 14 July 2010, with settlement date on 16 July 2010, the following off-the-run bonds will be auctioned:

- off-the-run BTPs:

start date: 1 February 2008; fourteenth tranche

maturity: 1 August 2023

coupon: 4.75%

ISIN: IT0004356843

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 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 aforementioned 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 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 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 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 in the last three auctions.

Dealers participating in the auction shall arrange for the bonds allocated to be assigned to subscribers and no additional charges will be requested on top of the allotment price.

Settlement of the bonds allocated by dealers will 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 will be paid to the said dealers, commensurate with the nominal amount of bonds allocated, equal to:

- 0.30% for BTPs 3% 15.06.2010/2015,

- 0.40% for BTPs 5% 1.09.2009/2040 and for BTPs 4.75% 1.02.2008/1.08.2023.

Bonds will be reservable by the public via 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 settlement date, the 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:

  BTPs maturity 15.06.2015 BTPs maturity 1.09.2040 BTPs maturity 1.08.2023
Public to reserve by 13 July 2010 13 July 2010 13 July 2010
Submission of bids to auction: by 11.00am on 14 July 2010 14 July 2010 14 July 2010
Settlement of subscriptions 16 July 2010 16 July 2010 16 July 2010
Daily interest payable (days) 31 137 165

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

The offer of the additional tranche is fixed, with respect to each issue, at an amount not exceeding:

- 10% of the maximum nominal amount offered for BTPs 15.06.2015,

- 10% of the maximum nominal amount offered for BTPs 1.09.2040,

- 10% of the maximum nominal amount offered for BTPs 1.08.2023.

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

The additional allocation will be at the allotment price established at the auction for the current issuance.

The terms 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 07/07/2010
IT