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Contenuto principale

- Medium-Long Term Securities: Offering Announcement

Press release N° 203 of 12/21/2011

The Ministry of Economy and Finance disposes for 29th December 2011 and with settlement 2nd January 2012, the issue of the following Government Securities:

- CCT indexed to 6-month euribor ("CCTeu")
Issue Date: 15th April 2011; 11^ tranche
Maturity Date: 15th April 2018
Floating semi-annual coupon: 6-month euribor rate.
The spread of 1% is added.
The coupon of maturity on 15th April 2012 is 1.411% (the gross annual interest rate is 2.775%)
ISIN: IT0004716319

- BTPs
Issue Date: 15th November 2011; 3^ tranche
Maturity Date: 15th November 2014
Coupon: 6%
ISIN: IT0004780380

Issue Date: 1st September 2011; 9^ tranche
Maturity Date: 1st March 2022
Coupon: 5%
ISIN: IT0004759673

Moreover the Ministry of Economy and Finance disposes for 29th December 2011 and with settlement 2nd January 2012, the issue of the following additional Government Security:

Issue Date: 1st March 2011; 15^ tranche
Maturity Date: 1st September 2021
Coupon: 4.75%
ISIN: IT0004695075

The placement mechanism for the above mentioned bonds will be that of a uniform-price (marginal) auction with discretionary determination of price and issued amount within an issuance range to be communicated with the next press release.

The issued amount will be set excluding all the bids submitted at prices deemed not to be convenient given market conditions.

The following subjects are allowed to participate in the auction: Italian, EU and non-EU banks, financial brokers and EU and non-EU investment companies as indicated in each issuance decree. They submit bids for their own property or on their clients behalf.

Any bid submitted must contain the reference price. Every dealer can submit a maximum of five bids, which can differ from each other. The minimum bid is 500,000 euro. Any bid inferior to the minimum amount won't be considered. Any bid more than the whole amount offered will be allowed only up to that amount. Bid prices can vary by at least 1 cent of euro and different changes will be rounded up. Medium and long-term bonds can be subscribed for a minimum amount of 1,000 euro.

They are offered through a uniform-price (marginal) auction referred to the price, without any initial price reference.

Dealer's bids have to be transmitted within the deadline described in the following "subscription calendar" to Bank of Italy, using the National Interbanking Network with the technical modalities indicated by Bank of Italy itself and well-known by the dealers.

Bonds are allotted soon after the auction procedure is over at the marginal price, that is the last price that can be accepted. If necessary, requests at that price will be satisfied proportionately (pro quota apportionment) with the rounding needed. The allotment price will be disseminated through press release, which will contain also the amount allocated to the Specialists in Government Bonds in the last three auctions.

Authorized dealers will credit the relative amounts in the subscribers accounts without further charging them in respect to the allotment price.

The settlement will be carried out at the allotment price adding any interest accrued from the day after the starting date to the settlement one.

The following commissions, related to the amount allotted, will be awarded to dealers participating in the auction in order to compensate them for having collected bids from the public:
- 0.30% for CCTeu 15.4.2011/2018;
- 0.20% for BTP 15.11.2011/2014;
- 0.40% for BTP 1.9.2011/1.3.2022;
- 0.40% for BTP 1.3.2011/1.9.2021.

Everyone can book his requests through authorized dealers; dealers may ask for an advanced amount proportional to that requested to be deposited, in order to have the placement work out properly.

On the settlement date, subscribers will pay up both the allotment price and the accrued interest. A receipt will testify they have fulfilled this duty.

Subscription Calendar:

Public Subscription until 28 December 2011

Presentation of bids in auction (strictly prior 11.00 am) of the 29 December 2011

Settlement date 2 January 2012

Coupon accrued days:

for CCTeu 15.4.2018: 79

for BTP 15.11.2014: 48

for BTP 1.3.2022: 123

for BTP 1.9.2021: 123


Specialists in Government Bonds are allowed to participate in the additional reopening which occur after the auction, on the following business day. That reopening reserved to the Specialists are set up for:
- an amount equal to 10% of the amount offered for CCTeu 15.4.2018,
- an amount equal to 10% of the amount offered for BTP 15.11.2014,
- an amount equal to 10% of the amount offered for BTP 1.3.2022,
- an amount equal to 10% of the amount offered for BTP 1.9.2021.

Only those Specialists who took part in the marginal auction are allowed to attend the additional reopening, where the allotment price is that set in the marginal auction. The issuance decree will set rules for the Specialists to take part in the additional reopening.

Rome 12/21/2011