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- Fourth Quarter 2012 Issuance Program

Press release of 09/25/2012

The Ministry of Economy and Finance announces that during the fourth quarter of 2012 the following new securities will be issued:

BTP 1st December 2012 - 1st December 2015 Minimum final outstanding: 9 billion Euros
BTP 1st November 2012 – 1st November 2017 Minimum final outstanding: 10 billion Euros

The minimum final outstanding refers to the overall issuance of the bond and therefore it relates to the minimum amount the bond shall reach before being replaced by a new benchmark.

The settlement date of the first auction of a new bond may not coincide with the interest accrual date.

New bonds, in addition to the above mentioned ones, could be issued during the fourth quarter, according to market conditions.

Further tranches of the following on-the-run securities will be issued too:

BTP 15st July 2012 – 15st July 2015 coupon 4.50%
BTP 1st June 2012 – 1st June 2017 coupon 4.75%
BTP 1st May 2012 – 1st November 2022 coupon 5.50%

Moreover, according to market conditions, the Ministry of Economy and Finance reserves the right to reopen medium and long-term instruments, nominal – fixed rate and floating (CCTeu) - and inflation linked, including off-the-run instruments, in order to ensure secondary market efficiency.

The Treasury will place medium and long term securities, nominal – fixed rate and floating (CCTeu) – and inflation linked, through the usual uniform-price (marginal) auction mechanism and it will discretionally set the price and the issuance amount.