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

Contenuto principale

- Zero Coupon Bond (CTZ) and BTP€i indexed to euro-zone inflation: Offering Announcement

Press release N° 9 of 01/24/2012

The Ministry of Economy and Finance disposes for 26th January 2012 and with settlement 31st January 2012, the issue of the following Government Securities:

- CTZ

Issue Date : 31st January 2012; 1^ tranche

Maturity Date : 31st January 2014

ISIN : to be assigned

nominal amount at issuance:

from a minimum of 3,500 millions of euro to a maximum of 4,500 millions of euro

- BTP€i

Starting accrual date : 15th September 2003; 9^ tranche

Maturity Date : 15th September 2014

Real annual coupon : 2.15%

ISIN : IT0003625909

nominal amount at issuance:

from a minimum of 250 millions of euro to a maximum of 500 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 0,001% (one thousandth) of euro for CTZ and by 0,01% of euro (one cent) for BTP€i; 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 and, for BTP€i, together with the interest accrued from the day after the coupon first accrual date to the settlement date; the Bank of Italy, on the basis of the Indexation Coefficient referring to the settlement date, will carry out the calculation of the countervalues relating to the subscribed amount and the accrued interest, to be paid for the BTP€is subscribed at auction.

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:

- 0.20% for CTZ 31.1.2014;

- 0.20% for BTP€i 15.9.2014.

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 for BTP€i. A receipt will testify they have fulfilled this duty.

Subscription Calendar:

Underwriting Deadline Date for the Public 25 January 2012

Deadline date for Presentation of bids in auction (strictly prior 11.00 am) 26 January 2012

Settlement date 31 January 2012

Coupon accrued days:

for BTP€i 15.9.2014: 138

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 25% of the amount offered for CTZ 31.1.2014

- an amount equal to 10% of the amount offered for BTP€i 15.9.2014

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 01/24/2012
IT