The Ministry of Economy and Finance announces the placement details of the new 30-year BTP, maturing on the 1st September 2044, with a 4.75% coupon.
More than 170 investors have taken part to the transaction with a total amount requested of around 12.7 billion Euros. Around 40% of the issuance has been allotted to long-term horizon investors, such as pension funds and insurance companies, while the amount allotted to fund managers has been just below 39%. The banks have been allotted about 13% of the transaction, while hedge funds have received about 4% of the placement. Moreover, also central banks/official institutions have taken part to the transaction, with an allotted share of 1.6% of the total issued.
The placement has seen a significant participation of Italian investors who were allocated more than 47% of the transaction. Meaningful has been also the participation of investors from UK and Ireland who have been allocated more than 26% of the issuance against a demand of around 36% of the total amount requested. The rest of issuance has been placed mainly in continental Europe, in particular in France (5.5%), Germany (5%), Scandinavian countries (4.1%) and Benelux (2.2%). Also relevant has been the presence of investors resident in the United States that have received around 9.4% of the amount issued, against a demand of around 13% of the total amount requested.
The bond has been placed through a syndicate structured with five lead managers, BNP Paribas, Citigroup Global Markets Ltd., Deutsche Bank A.G., UBS Ltd. and UniCredit S.p.A., while the remaining Specialists in Italian Government Bonds participated as co-lead managers.