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Contenuto principale

- Medium-Long Term Securities: Offering Announcement

Press release N° 129 of 09/24/2012

The Ministry of Economy and Finance disposes for 27th September 2012 and with settlement 1st October 2012, the issue of the following Government Securities:

- CCT indexed to 6-month euribor ("CCTeu")

Issue Date : 15th December 2011; 5^ tranche

Maturity Date : 15th June 2017

Floating semi-annual coupon : 6-month euribor rate.

The spread of 2.50% is added.

The coupon of maturity on 15th December 2012 is 1.748% (the gross annual interest rate is 3.439%).

ISIN : IT0004809809

nominal amount at issuance:

from a minimum of 500 millions of euro to a maximum of 1,000 millions of euro

 

 

- BTPs

Issue Date : 1st June 2012; 9^ tranche

Maturity Date : 1st June 2017

Coupon : 4.75%

ISIN : IT0004820426

nominal amount at issuance:

from a minimum of 2,000 millions of euro to a maximum of 3,000 millions of euro

Issue Date : 1st May 2012; 3^ tranche

Maturity Date : 1st November 2022

Coupon : 5.50%

ISIN : IT0004848831

nominal amount at issuance:

from a minimum of 2,000 millions of euro to a maximum of 3,000 millions of euro

The placement mechanism for the above mentioned bonds will be that of a uniform-price (marginal) auction with discretionary determination of allotment price and issued amount within the aforesaid issuance ranges.

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 coupon first accrual 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:

ü 0.30% for CCTeu 15.12.2011/15.6.2017,

ü 0.30% for BTP 4.75% 1.6.2012/2017,

ü 0.40% for BTP 5.50% 1.5.2012/1.11.2022.

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:

Underwriting Deadline Date for the Public 26th September 2012

Deadline date for Presentation of bids in auction (strictly prior 11.00 am) 27th September 2012

Settlement date 1st October 2012

Coupon accrued days:

for CCTeu 15.6.2017: 108

for BTP 1.6.2017: 122

for BTP 1.11.2022: 153

Specialists in Government Bonds are allowed to participate in the additional reopening which occur after the auction, on the following business day.

The manners and conditions for the participation of the "Specialists" in the supplementary allotment, and the percentage apportionment among the "Specialists", are indicated in the respective bond issuance decrees.

 

 

The additional reopening offering is set up for:

- an amount equal to 15% of the maximum amount offered for CCTeu 15.6.2017,

- an amount equal to 15% of the maximum amount offered for BTP 1.6.2017,

- an amount equal to 15% of the maximum amount offered for BTP 1.11.2022.

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.

09/24/2012
IT