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- Details on the 4 year BTP Italia placement

Press release N° 146 of 10/19/2012

The Ministry of Economy and Finance announces some details regarding the third issuance of the BTP Italia, the 4-year government bond indexed to Italian inflation (FOI index, ex-tobacco - Indice dei prezzi al consumo per le famiglie di operai e impiegati al netto dei tabacchi).

During the placement period, 186,698 contracts were concluded on the MOT (the Borsa Italiana’s screen-based market for securities and government bonds) through Monte dei Paschi di Siena Capital Services Banca per le Imprese S.p.A and Unicredit Bank AG – dealers of the transaction. More than 173,000 (93%) contracts had a size of less than 100,000 euros, while about 157,000 (84%) had a size less than 50,000. Within the last group of contracts, about 106,000 (57% of the total) had an amount less than 20,000 euros.

During the 4-day placement the demand developed with an increasing trend, that clearly accelerated during the last day, but if we look at the turnover there was a strong growth since the third day of placement:

  number of contracts total turnover
1st day 40.929 2.483.339.000
2nd day 44.370 2.589.983.000
3rd day 45.141
4th day 56.258 7.840.391.000

Although the methodology of issuance does not allow to collect accurate information about the investors’ characteristics, the feedback received by the dealers of the placement shows that there is has been large participation of retail investors and a stronger demand of institutional investors with respect to the previous issuances. In addition, among institutional investors, there were foreign ones, estimated to be around 9% of the total.
Contracts carried out via home-banking represented about 26% of the total contracts received through the banking networks.

The information contained herein is not for publication or distribution, directly or indirectly, in or into the United States of America. The materials do not constitute an offer of securities for sale in the United States. The securities discussed herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “US Securities Act”) and the securities may not be offered or sold in the United States of America absent registration or an exemption from registration as provided in the U.S. Securities Act, and the rules and regulations thereunder. No public offering of securities is being or will be made in the United States of America. Accordingly, the securities are being offered, sold or delivered only to persons outside the United States in offshore transactions in reliance on Regulation S under the US Securities Act.

Roma 10/19/2012

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